For public sector risk managers here’s a poignant example of the difficulty of assessing risk, either threats or opportunities, on their own merit, stripped of the context. Context, while important, can make us blind.

The example below challenges our idea of what’s great versus what’s just … ho-hum. How do we know that something is great.

The story is based on a “stunt” that the Washington Post and Joshua Bell played on DC Metro commuters. Bell performed for commuters as might any street musician; not withstanding his reputation as a renowned virtuoso violinist, nor the fact that he was playing the world’s greatest music that few people can perform convincingly, nor that his instrument was a handcrafted Strad, made in 1713 by Antonio Stradivari.

A onetime child prodigy, at 39 Joshua Bell has arrived as an internationally acclaimed virtuoso. Three days before he appeared at the Metro station, Bell had filled the house at Boston’s stately Symphony Hall, where merely pretty good seats went for $100. Two weeks later, at the Music Center at Strathmore, in North Bethesda, he would play to a standing-room-only audience so respectful of his artistry that they stifled their coughs until the silence between movements. But on that Friday in January, Joshua Bell was just another mendicant, competing for the attention of busy people on their way to work.

The above passage is from the Washington Post article. It’s a great read. What happened? There was lots of great music making. You can listen to it! However, very few people that passed him on their commute recognized that they were hearing truly great music. Indeed, far fewer than the Post or Bell expected.

How does this apply to risk management?

• Context adds or subtracts significantly to our appreciation of an event or situation; we may need to strip the context away to reveal the heart of the matter
• The elements of the risk framework need to be in place: training, perceptiveness, interest or motivation and a supportive structure are needed to identify opportunties and threats, or to really hear the music

Curious to hear your thoughts.