10 Movies Risk Managers Should Watch to Understand Risk-Based Decision-Making

When you think of movies, the genres of action, romance, or perhaps drama might come to mind. But what if I told you that some of the most compelling tales of risk management, decision science, and behavioural economics come packaged in the very films we cherish? This isn’t just about Wall Street dramas or high-stakes heist thrillers.

Sometimes, the most profound lessons about risk lurk in unsuspected corners, from a romantic comedy to a sci-fi classic. In this article, I’ve created a list of movies that, knowingly or not, offer a masterclass on risk-based decision-making or what I call RM2. Movies hit us all differently, just like risks do. Check out my list and let me know which ones speak to you or if there’s a film that’s got you thinking about risk-based decision-making in a whole new light. I’d love to hear your thoughts!

Margin Call (Business/Drama)

Set in the high-stakes world of Wall Street, "Margin Call" is a riveting drama that takes place over a 24-hour period in a large investment bank during the initial stages of the 2008 financial crisis. The film focuses on the actions taken by key personnel as they discover the firm’s exposure to toxic assets.

Lesson: The consequences of inadequate risk assessment. The film provides an intense examination of the financial crisis and the ethical challenges faced by those at the centre of it.

Moneyball (Sports/Drama)

Based on a true story, "Moneyball" follows Oakland A's general manager, Billy Beane, as he reinvents his baseball team on a limited budget. By using statistical analysis to recruit undervalued players, he challenges traditional scouting methods and transforms the team’s fortunes.

Lesson: The power of data-driven decision-making and challenging conventional wisdom. Billy Beane’s approach to assembling a team teaches us to question established norms and make decisions based on empirical evidence.

Dr. Strangelove (War/Comedy)

A dark comedy that satirizes the Cold War fears of a nuclear conflict, "Dr. Strangelove" revolves around a deranged general who orders a nuclear attack on the Soviet Union and the frantic efforts of political and military leaders to prevent a catastrophe.

Lesson: The catastrophic consequences of poor communication and decision-making in high-stakes environments. It’s a satirical take on the risks of nuclear conflict during the Cold War.

The Big Short (Business/Comedy)

This film delves into the 2008 financial crisis, focusing on the few who saw it coming and decided to bet against the housing market. It narrates the stories of various individuals who uncover the imminent collapse and take strategic, albeit risky, positions.

Lesson: A deep dive into the complexities of the financial market and the perils of groupthink. This film elucidates the subprime mortgage crisis and offers a critical perspective on risk assessment.

A Quiet Place (Horror)

The film focuses on a family’s strategies for survival in an environment where the slightest sound can lead to their demise.

Lesson: Every action, or lack thereof, has consequences. This survival horror film demonstrates the importance of situational awareness and the consequences of poor risk assessment in a high-stakes environment.

Silver Linings Playbook (Romantic/Comedy)

The story of a man struggling with bipolar disorder who, after spending time in a mental institution, moves back in with his parents and aims to reconcile with his estranged wife. Along the way, he meets a woman with her own set of challenges, and they form an unlikely bond.

Lesson: Personal risk management and the unpredictability of human behaviour. The story underscores the challenges of personal relationships and mental health, and how our decisions, even in love, require a certain assessment of risks and rewards.

The Hurt Locker (War/Drama)

This film provides a gripping portrayal of soldiers who risk their lives daily to defuse bombs in Iraq. The film dives into the psychology of those who thrive in high-risk situations.

Lesson: Decision-making under extreme stress. As a bomb disposal technician in Iraq, the protagonist constantly weighs the immediate physical risks against the broader strategic goals.

WarGames (Sci-Fi)

A teenage hacker accidentally accesses a U.S. military supercomputer programmed to simulate nuclear war and innocently starts the countdown to World War III. The film centers on his race against time to avert a global catastrophe.

Lesson: The unintended consequences of automated decision-making systems. It showcases how reliance on technology without human judgment can lead to unforeseen and disastrous outcomes.

Trading Places (Comedy)

This classic comedy follows a snobbish investor and a streetwise con artist whose lives cross paths when they are unwittingly made part of an elaborate bet by two wealthy and unscrupulous brothers. The pair must navigate the world of high finance and commodities trading.

Lesson: Behavioural economics at play in the real world. A bet between two wealthy men results in a social experiment, highlighting how environment influences decision-making and behaviour.

Serendipity (Romantic/Comedy)

"Serendipity" is a romantic comedy that centers on two individuals who meet by chance and then spend years apart, believing fate will bring them back together if they're meant to be. Their journey involves a series of risky decisions influenced by their belief in destiny.

Lesson: The role of chance in life decisions and the inherent risks in relying on fate. The protagonists’ decision to leave their future to destiny poses questions about how much of our lives we leave to chance versus how much we control.

Transform Your Approach to Risk Management

Movies can be a powerful tool for learning and reflection. Each of these films provides unique insights into the complex world of risk management, from financial crises and market manipulation to personal risks and cybersecurity threats. By watching these movies, risk managers can gain a broader perspective on the multifaceted nature of risks and enhance their ability to make informed, strategic decisions.

Level up your risk management skills with expert insights and hands-on workshops from industry-leading companies. Register for Risk Awareness Week 2024 (RAW2024) now to benefit from our early-bird discount! Don't miss this opportunity to stay ahead in an evolving landscape.