8.0
Principal competency: manage uncertainty and risk
8.1 Taking calculated risks
Sub-competency description:
To identify, understand and accept the implications of risk of a situation or decision
8.2 Apply the principle of affordable loss
Sub-competency description:
Focus on investing in what they are willing to lose rather than in what can be achieved if the project succeeds
8.3 Be adaptable and flexible in the face of uncertainty
Sub-competency description:
Able to recognise where uncertainty requires adaptability and flexibility and implement such a strategy
8.4 Use systems thinking and scenario planning
Sub-competency description:
Understand how to use systems thinking and scenario planning to assess and manage risk and uncertainty
8.5 Take decisions under uncertainty
Sub-competency description:
Able to make multi-criteria-based decisions even in the face of uncertainty and limited data.
8.6 Risk Identification and assessment
Sub-competency description:
Able to identify and assess the risks associated with the business venture including analysis of internal and external factors that may have an impact
8.7 Building a diverse network
Sub-competency description:
To build a diverse network of contacts and information sources that inform situation of risk and uncertainty and offer valuable insights
8.8 Emotional resilience in the face of risk and uncertainty
Sub-competency description:
Develop emotional resilience to manage the stress produced when dealing with uncertainty and risk