In this episode of Risk Is Our Business, Captain Michael Rasmussen beams aboard Richard Anderson, Chair, Non-Executive Director, and host of The Risk Appetite Podcast, to explore what separates bad risk management from good, and why so many organizations still get it wrong. Together they chart the difference between process-driven compliance and purpose-driven risk. Bad risk management, they argue, is obsessed with heat maps, registers, and rituals; good risk management understands context, links to objectives, and drives intelligent decision-making. The discussion turns to the UK landscape, where Richard and Michael assess whether organizations are truly getting risk management right. The answer, as ever, depends, on sector, circumstance, and above all, personality. From there, the conversation warps into the heart of governance i.e., risk appetite—not as a box-ticking exercise, but as a compass defined by context and aligned with objectives. They close by examining risk culture and communication, emphasizing how scenario planning and storytelling can help leaders make sense of uncertainty. For anyone trying to bridge the gap between compliance and comprehension, this episode is a navigational chart for risk done right, because every enterprise, at warp or impulse, needs to know just how much uncertainty it can handle.