Do you like being right as much as I do?

I admit: I like being right 😳

As analyst or investment manager it felt good to get some forecasts right.

As risk manager it felt like I am good at my job when my recommendations or findings were proven right. In the early days I can even say that I acted as if risk identification is about findings things on which I am right about and others are not😳😬

Maybe it's just the consequence of being educated in a system that promoted competition from a young age all the way to adulthood.

Whatever it is I learnt to control it so that it doesn't control me😬

Why?

👉Because it can feed my confirmation bias

👉 Because things are not always black and white. Focusing on what we commonly consider to be right might cause us to overlook how things can be different. When I am convinced of something I ask myself what would have to happen for it not to be true or appropriate.

👉Because it can stop me from really listening to others who might have valuable input

👉Because it translates in attitudes that hurt relationships and team cooperation

👉Because it keeps the focus on the problem and doesn't help with solutions

👉Because good risk management starts with "what if" and this requires an open mind

👉Because it is bad for the psychological safety of the work environment which in turn leads to poor accountability and engagement

👉Because we all make mistakes and...I am ok with not being always right

👉Because it makes people act defensively which is usually not the best course of action

👉Because I learnt that when we are less preocupied with showing off we can really help others and empower them

✅To do what is right we have to let go of our need to be right.

✅To get better results consistently over time we need to focus on knowing what we do not know.

😬Otherwise chances are that we will be right sometimes, draw the wrong conclusions from that and become victims of our unknowns.

Next time when you find yourself saying "I told you so" or "No, let me tell you.." I hope you'll ask yourself if you are doing the right thing. I know I will.