Are the choices we make the same in certain versus uncertain situations? What pushes our choices in one direction or another?In this session, join our discussion on the elements that make up consumer choice architecture, how they interact with risk appetite and how to intervene in risk choices, using the National Flood Insurance Program (NFIP) as a case study. Together, we will explore behavioral considerations in risk appetite from the individual consumer and public policy perspectives. The latter will include environmental, social and governance considerations, including the challenges of climate change in a divided political landscape with limited resources. We will cite and use program data to support behavioral assessments. Appetite as a function of both risk preference and risk perception will serve as a foundational premise for the presentation. Learning outcomes: At the end of this session, you will be able to: - Understand the concept of risk appetite and how it is shaped by both preference and perception - Recognize the impact of choice architecture on a decision-makers risk appetite - Compare and contrast Expected Utility Theory and Prospect Theory and the unique context in which each is applicable - Enhance awareness of behavioral forces driving risk appetite decisions and their enforcement - Apply lessons learned from the NFIP experience to choice architecture considerations for public policy TRACK: ERM/ Capital Risk/ Climate Change