Source: Paul Schoemaker & J. Edward Russo, "Decision-Making" avail. online at Research Gate (2016)
The Main Ideas.
From Schoemaker & Russo in their 2002 book, Winning Decisions:
Good Process + Good Outcome = Deserved Success
Good Process + Bad Outcome = Bad Break
Bad Process + Good Outcome = Dumb Luck
Bad Process + Bad Outcome = Poetic Justice
As outlined by the same authors, the above seems obvious on paper but upon closer examination, there are decision-making traps in each of the four phases of decision-making: (1) framing; (2) intelligence-gathering; (3) choice; and (4) learning. These phases are necessarily informed and preceded by "meta decisions" about what issues to address in the first place.
One such "meta decision" suggested by this piece as it relates specifically to investing: risk management is not only about identifying the tools of risk management but in creating the conditions for a culture of risk management, which requires an "ambidextrous organization, including a strong willingness to challenge the very mental models that made the firm successful." (Schoemaker & Russo, "Decision-Making" avail. at Research Gate (free) (2016)).
From this lens, risk management is cultural and stems from vigilant self-reflection.