Quais desafios as equipes de Gestão de Riscos enfrentam e como podem ser superados?

It is crucial to ensure that the risk management approach you choose can clearly answer the questions of "where and how much do we reduce risk, and at what cost?" This is a simple but important test, and any approach that cannot provide a specific and explicit answer is probably not the best option. Therefore, it is essential to choose a method that can give you clear and precise answers to this question, to ensure effective risk reduction.

The operating environment is constantly changing with the velocity of risk always shifting. Key challenges facing risk management are underestimating issues and incomplete communication of concerns to executive leaders. There are many threats in the risk landscape. If you over or under-compensate for risk, you may miss the interdependencies and have a bigger risk fire to extinguish with higher risk mitigation costs. Risk understanding explains the connection between risk concerns and meeting company goals. All of the matrices and tools can help the risk story. These items will be minor unless you connect risk to growth/revenue, cost containment, and brand/reputation.

Risk managers encounter intricate challenges when dealing with complex risks involving multiple people, processes, and systems. To navigate this complexity, breaking down the multifaceted problems into smaller, digestible sub-risks is crucial. Further discussions help pinpoint the specific risks associated with each element. This approach allows for a more targeted analysis, making it easier to identify existing controls and manage the complexities effectively, often facilitated through tools like a risk control matrix.

1. Complexity and interconnectivity of risks, which can be managed using advanced risk modeling techniques. 2. Rapid changes in the risk landscape, requiring continuous monitoring and flexibility. 3. Lack of risk awareness among employees, which can be addressed by fostering a risk-aware culture. 4. Data management issues, which can be overcome with robust data management practices and technology. 5. Resource constraints, which can be managed by prioritizing risks and using technology. 6. Compliance with changing regulations, requiring regular updates and audits. 7. Communication challenges, which can be addressed through clear and regular communication. 8. Integration of risk management by making risk management a strategic function.

Interdepartmental Coordination: Improved by enhancing communication channels, promoting cross-functional collaboration, and clarifying roles for effective risk management. Complexity of Risks: Overcome by fostering a risk-aware culture, enhancing risk literacy, and investing in advanced risk analysis tools. Data Quality & Analysis: Addressed by implementing robust data governance, utilizing AI for data analysis, and ensuring data accuracy. Regulatory Compliance: Managed through regular updates, dedicated compliance teams, and leveraging technology for streamlined compliance. Cybersecurity Threats: Mitigated by continuous training, adopting robust cybersecurity measures, and staying updated on evolving threats.

Advisors usually think that clients are expecting investment advisors to get the highest returns. And that we are able to steer away from volatility and capture the gains of the markets constantly, all the time. However, what we have realized is that clients want the following, in this order. 1. Reduced anxiety 2. More peace of mind 3. Keeping me on track to my long term goals 4. Investment returns And if you ask most clients, they usually prioritize reduced anxiety and peace of mind much higher on the pecking order than compared to investment returns. So having good communication of how we reduce risks to the bare minimum and how we capture returns consistently all the time is important so that clients know what to expect, in all times.

Communicating Risks to stakeholders with different risk appetites is a challenge in itself. This is where the overall Organisation Risk Strategy can be kept in mind to reach a good balance of Risk Prevention versus an Opportunity to change/improve.

Regularly update risk assessments and adapt strategies to address emerging threats. Enhance communication channels to ensure timely information flow within the team.

It is crucial to determine whether the organisation is conducting risk management merely to "tick the box" for having done it, or is serious about identifying and managing risk.

Risk management teams often encounter challenges in integrating risk processes with overall business strategies. Alignment issues may arise due to differing priorities or communication gaps between departments. Overcoming these challenges involves fostering collaboration, ensuring clear communication, and employing technology for streamlined data sharing and analysis. Regular cross-functional training can also enhance understanding and alignment among team members.

Invest in advanced risk modeling and analytics tools to improve risk identification and assessment accuracy. Additionally, continuous training and professional development empower the team to stay informed about evolving risks.

Encourage a proactive approach by regularly reviewing and updating risk management plans to maintain resilience in the face of uncertainties.

Organisation face biggest challenge in keeping risk management teams up to date. In my experience, one of the significant challenge is having adequate budget not only to implement new processes / projects / regulations but also to bring risk professional on the journey which will involve getting them accustomed to new changes and upskilling them to utilise new tools and techniques fully. Also, this needs to be on continuous basis rather than one off exercise.

In my experience, the biggest challenge the Risk Management teams face is an ever-changing business and political environment. Many unforeseeable risks will materialize in the future as a society is more and more inclined to punish past behaviors that used to be completely acceptable.

Absolutely. In niche industries such as aviation, where market players are limited, external risks are notably shaped by the political environment. A prime illustration is the recent Russian-Ukraine war, profoundly affecting aviation companies dependent on Russian equipment. The disruption in the supply chain for spares and aftermarket support serves as an unforeseen uncertainty. This underscores the critical role of considering geopolitical events in risk management strategies within specialized sectors, emphasizing the need for adaptability and proactive measures to navigate the impact of such external forces on operational continuity and resilience.

In my view, one of the main problems in properly addressing risk management is the lack of responsibility. Often, the issue falls under IT or Compliance. However, risk management should ideally be the responsibility of the process, system, or data owner, with support from Compliance and IT Security. As a result, this typically leads to a lot of discussion and disputes over responsibilities. Another common issue is the lack of management directives on handling risks, such as who is authorized to accept certain risks, what the escalation process is, and so forth.

There are several obstacles that the risk management team faces like: - Lack of organizational support - Lack of risk awareness and understanding - Solid culture and resistance to change - Insufficient data and information

Often encounter challenges such as complexity in risk identification, Integrating risk management, developing risk aware culture, objective centric RM, To overcome these challenges, teams can enhance collaboration and communication, ensuring a comprehensive understanding of potential risks. Implementing advanced analytics and technology can streamline risk assessment processes. Continuous training and professional development. Foster a culture that encourages proactive risk identification and solution-oriented thinking. Regular reassess and update risk management strategies. By addressing these challenges with a proactive and adaptive approach, risk management teams can enhance their effectiveness and contribute to organizational resilience