E19 - Balancing Risk and Reward in Research Programs

CLICK HERE to view captioning for this session! 

Achieving a balanced approach to managing risks in research programs demands a comprehensive strategy that includes assessing and mitigating risks, strategic planning, engaging stakeholders, ongoing monitoring, and fostering a culture of risk awareness and innovation, including consideration of financial risks, regulatory compliance, ethical considerations, and reputational harm. Institutional leadership should foster an environment of transparency and accountability, ensuring that all constituents are informed and involved in decision-making processes related to risk management. This session will provide a framework for assessing the risk environment and setting tolerance levels for individual research projects, and review common risk management approaches (e.g., risk avoidance, reduction, mitigation, aversion, acceptance, sharing, and retention).