$1\mathrm{.}3$ As suggested in the case study, $$nearly all organizations need to refresh and strengthen their approach to risk management and modelling to be better prepared for the next normal$.$ Demonstrate the variables and or factors that need to be considered when designing accurate and realistic risk models. $1\mathrm{.}4$ As indicated in the case study, there is an increase in the levels of risk that organisations are exposed to and thus there is a need for greater emphasis on accurately identifying and assessing risks. Considering this demonstrate how cognitive biases can potentially influence this.