Here's how you can foster a collaborative mindset among your team members as a risk manager.

Risk managers need a collaborative mindset to identify risks, develop creative solutions, and feel invested in risk mitigation strategies. Open communication, transparency, shared ownership, and recognition of collaboration are key. Building trust and psychological safety is essential, as focusing on solutions rather than assigning blame encourages honest risk reporting. A safe work environment fosters learning and collaboration, valuing diverse perspectives. Collaborative risk management techniques like brainstorming sessions, risk workshops, and scenario planning exercises can improve the process. Investing in training on ERM principles and collaborative communication skills can create a more engaged, motivated, and resilient team.

Yes, each and every team member may be given an open environment to express their views, thoughts and due consideration be given after meaningful deliberation on them appreciating such participation.

Promote Open Communication Encourage Transparency: Create an environment where team members feel comfortable sharing information, concerns, and ideas. Regular Meetings: Hold frequent team meetings to discuss ongoing projects, potential risks, and mitigation strategies. Feedback Culture: Establish a system for regular feedback to help identify issues early and improve processes. 2. Build Trust Lead by Example: Demonstrate trust in your team by delegating tasks and showing confidence in their abilities. Consistency: Be consistent in your actions and decisions to build reliability and trustworthiness. Recognition: Acknowledge and appreciate contributions from team members to foster a sense of value and trust.

A diversidade é peça fundamental para se obter melhores resultados. Ninguém possui superpoderes, e como líder na gestão de riscos é fundamental entender suas forças e fraquezas. A diversidade é uma ótima forma de buscar pessoas com perfil diferente e que possam complementar as habilidades de uma equipe. Isto possibilita que o time tenha uma gama mais ampla de recursos que podem ser utilizados nas mais diversas situações, minimizando o risco de não existir a competência necessária para lidar com situações de incerteza.

Fostering a collaborative mindset entails embracing the power of diversity. Diverse teams bring a multitude of perspectives, which is essential in identifying and mitigating risks from various angles. To harness this strength, I create an inclusive environment where every team member feels valued and empowered to speak up. By appreciating the unique background, expertise, and insight each person offers, I encourage idea-sharing and open dialogue. I also ensure diverse representation in decision-making processes and problem-solving sessions. This broadens our collective understanding and drives innovation and robust risk strategies. Embracing diversity is about inclusivity; it's a strategic imperative to manage risk effectively.

Yes agreed. Additionally, there should be a proper and transparent system to give reward to the achievers and punishment to the willful failures.

Clear objectives are the keystone in this effort. I start by setting specific, measurable, and achievable goals that align with the broader organizational aims. These objectives provide a common direction and purpose, ensuring that everyone understands their role in the collective mission. By establishing what success looks like from the outset, my team can work cohesively towards a shared vision. This focused approach not only clarifies expectations but also facilitates accountability and synergy. In the dynamic field of risk management, having clear objectives is the beacon that guides collaborative efforts, fostering unity and enhancing team performance.

We take an example from risk event management process to appreciate the importance of effective communication in risk management. 1. Problem Identification: Clear communication (including escalation) helps in looping in relevant stakeholders 2. Enabling availability and analysis of data / information: Knowing which datasets are required, who is responsible for which information (and by when), accountability and responsibilities, etc. 3. Root cause analysis: Arriving at logical conclusions based on data analysis and experience. 4. Remedial Actions: Adequacy and appropriateness of remedial actions (within risk appetite, costs of control) monitoring and reporting till closure. 5. Feedback (and feed-forward) loops for continued learning.

In my experience, physical meetings create a more collaborative atmosphere rather than online ones. Moreover, the open dialogue and brainstorming shall be appreciated by the meeting facilitator. However, certain rules shall be defined and communicated at the beginning of the meeting, like avoiding jargon and ambiguity, respect for each other, open-mindedness, etc.

My role is is to ensure every team member understands our collective goals, the risks we face, and the strategies we employ to mitigate them. I prioritize open dialogue, speaking in plain language and using specific examples to illustrate complex concepts. Regular meetings and updates keep everyone on the same page, while tools like shared dashboards provide transparency and real-time insights into our risk landscape. By fostering an environment where questions are welcomed and knowledge is shared freely, my team becomes a unified force, capable of identifying and addressing risks proactively and collaboratively. Clear communication is the bedrock upon which successful team collaboration is built.

As a risk manager, I advocate for collaborative problem-solving to fortify our team's approach to risk. By engaging cross-functional groups in brainstorms and discussions, we tap into diverse expertise, sparking innovative solutions that no single member could achieve alone. I facilitate these sessions by setting the stage with context and inviting open, constructive dialogue. Encouraging everyone to contribute, and recognizing their input, fosters a sense of ownership and unity in tackling challenges. This method not only produces well-rounded strategies but also accelerates the development of a cohesive team dynamic. Collaborative problem-solving turns individual contributors into a resilient, risk-aware force.

Correcto, es muy importante aprender a ser pro activos que reactivos, estamos acostumbrados solo a presentar los problemas, pero lo importante es generar soluciones y si es equipo mucho más. La sinergia del equipo y las opiniones de todos son válidas a la hora de medir los riesgos y dar soluciones, para mitigar los mismos.

Professional training is crucial for ensuring that the employees are updated and skilled in various Risk Management techniques. By staying updated on best practices, your team can identify and address risks more effectively and promote a culture of learning and collaboration. This will lead to a more knowledgeable, collaborative, and future-proof risk management team.

A consistent and purpose-driven "tone from the top" is an important exhibitor of risk culture. This drives consistent and collaborative narratives around risk management across departments and regions. In addition, the ability of personnel (across the 3 lines) to address conflicting view-points, is especially important in risk identification and remediation.

Team composition - understand your customer needs and build your mission vision around this. Then you select the range of skills you need within that service offering - but differentiate between individual skills when it comes to market demand for these. Building in inherent equality where there needs to be a demonstrable difference in the respective value that those skills bring is problematic. Then give your team the safety net they need to thrive and let them at it!

At the end of the risk study, it is quite important to send the spreadsheet to the attendees for their cold-eye review and inputs. There might the cases where something was missed during the meeting but then observed when the spreadsheet was shared by email. Quite important to consider that attendees understand that any risk study is a live document and is subject to review once circumstances change or at least periodically.