Development and Reliability Review of an Assessment Tool to Measure Competency in the Seven Elements of the Risk Management Process: Part Three—Evaluation of the Group Results from the RISK Tool

Abstract

This study used ratings to form teams of participants with different risk management competence levels to determine if a collectively optimised team performed a risk management exercise better than a marginally or a sub-optimised team. This paper also determined whether team performance was better than individual performance on a risk management exercise. An experimental group was split into three teams of six participants based on their individual risk scenario exercise outcomes. The collectively optimised team had at least one member rated as having some high-level or expert competency in one of the seven risk management process elements. So, jointly, the group had this competency level in all elements. Similarly, the marginally optimised team’s members were rated as having just above average or high-level competency in the seven elements. Likewise, the sub-optimised team’s members were rated as having just above average competency, just below average, or no competency in the seven elements. Each team undertook the risk scenario exercise, and two observers rated their performances, as recorded on a video camera. The results were that the collectively optimised team performed better in each of the seven risk management elements than the other teams (the marginally optimised or the sub-optimised team). However, a significant difference was only evident between the collectively optimised and sub-optimised teams across all elements. Also, the teams performed better in each of the seven elements than individuals. These results imply that a team collectively optimised in the seven elements of the risk management process can better perform a risk management process than a sub-optimised team. These competency outcomes could be used to assemble risk management teams that are collectively optimised, leading to better results from the risk management process.