You’re a risk management executive. How can you guarantee your company’s long-term success?

To ensure long-term success in risk management: Conduct thorough risk assessments. Implement robust mitigation strategies. Continuously monitor and adapt to changing risks. Invest in skilled talent and foster a culture of compliance. Maintain transparent communication with stakeholders.

As a risk executive, your job is to figure out what's going on inside and outside the company. - 𝕷𝖊𝖙'𝖘 𝖈𝖔𝖓𝖓𝖊𝖈𝖙 𝖗𝖊𝖌𝖆𝖗𝖉𝖎𝖓𝖌 𝖗𝖎𝖘𝖐, 𝕬𝕴, 𝖆𝖓𝖉 𝖈𝖔𝖒𝖕𝖑𝖎𝖆𝖓𝖈𝖊 - You look at the current and future objectives in business plans and how the company is set up to make those plans happen. You also check out the obligations and commitments the company has made, and the expectations of key customers. You assess what's happening and trends in the industry and what compliance obligations are relevant. You also think about what customers, suppliers, investors, and the community expect from the company to completely know the context.

Carrying out an analysis of the activities contained in the company's operations and/or products makes sense as a first step, where this mapping can generate a diagnosis of the organization's risk.

The key is to remain adaptable and agile at all times. Work with stakeholders to ensure that you stay agile in response to market shifts and disruptions as well as industry trends including disrupters and regulatory changes. Embrace the change and adapt swiftly to the new reality. Empower others by fostering a culture of learning and innovation and lead by example!

Pushing any given model framework onto an organization alone is form over substance, at best. Rather, it's critical to be an active listener. 'Risk' and 'risk management' can mean different things across professions and risk types. One discussion of risk may be referring to uncertainty, while another may be referring to specific adverse outcomes. Building long-term success in risk management is about memorializing wisdom, knowledge, and discipline to identify and respond positively to change.

Having lead multiple RiskOps teams as well as Sales and Solutions I often encountered businesses very focused on current needs, while this is a main drive building/revising a fraud strategy is it often a reactive action caused by failure or inadequacies preventing growth and expansion or adapting to regulatory changes. It is important to continously assess your 2 to 3 year company outlook as well as future regulatory changes planned and align this with your Risk strategy. During times of hypergrowth it is very easy to be caught up with immediate needs and remedial activities. As a Risk Management Leader understanding the long term needs is imperative for success.

I think of a few key characteristics when creating a risk management framework. 1. The people who need to follow each framework must play a role in creating and updating each one of them. 2. The "Why" behind the action or activity needs to be clear. 3. It has to be constantly pruned like a flower to allow for growth with the business environment. 4. The format for presenting the information must be well thought out - not an afterthought. 5. The owners of the actions must be clearly spelled out. 6. A way to show compliance through data should be considered where possible.

It is absolutely crucial for any company to establish a robust risk management framework in order to ensure sustainable success. As a bank supervisor, I can attest that during bank examinations, one of the most important pillars evaluated is the adequacy of the banks’ risk management frameworks. These frameworks are a vital tool for assessing a bank's risk appetite, capital adequacy, and loan portfolio as well as stress testing scenarios. However, it's not enough to simply establish a framework - it must be frequently updated to reflect the current and projected realities of the industry.

Make sure you have a robust risk management framework that aligns with your company's objectives and culture. This framework should include policies, procedures, and controls designed to manage or mitigate identified risks. It should also define roles and responsibilities across the organization.

One of the core components of risk management is risk identification and assessment, which calls for a methodical and proactive approach. To find any risks and weaknesses that could affect the company's goals, this entails performing risk assessments, scenario analysis, and risk mapping activities. Engaging stakeholders from different organisational departments and levels allows you to collect a variety of viewpoints and insights that improve the thoroughness and accuracy of risk identification and assessment processes.

With a risk management framework established, the organization can now thoroughly identify and evaluate all the risks it faces. This framework offers a methodical way to uncover risks throughout the organization. The risk assessment will expose deficiencies and vulnerabilities in the organization's current risk position, offering insight into its areas of weakness. Equipped with this risk information, the risk management executive can confidently request budget and resources to mitigate these gaps. A framework-guided assessment enhances the credibility of these requests with stakeholders.

A successful risk management executive should be able to have a good grasp of the external factors that may affect the organisation's risk. This requires future thinking and coming up with risks that don't normally appear on the Board's radar but has the potential to affect the organisation. As an example, what is the impact if satellites get attacked as a part of space wars? Upon reading this first, it may sound like fantasy and far-fetched but could it be a reality and is your organisation ready for potentially satellites being down?

Identifying and assessing risks is a crucial step in the risk management process. It involves systematically identifying potential risks that could impact an organization's objectives, operations, or projects, and evaluating their likelihood and potential impact. This process often utilizes tools such as risk registers, workshops, interviews, and data analysis toopriate strategies to mitigate or manage them. Regulcapture and analyze risks comprehensively. By understanding the nature and severity of risks, organizations can prioritize them effectively and develop apprar reviews and updates ensure that risk assessments remain relevant and reflective of the evolving business environment.

Para identificar y evaluar los riesgos en una empresa, se debe realizar un análisis exhaustivo de los procesos, operaciones y entorno. Utilizar herramientas como matrices de riesgo, análisis FODA y escenarios futuros ayuda a identificar posibles amenazas y oportunidades. Luego, se evalúan en términos de probabilidad e impacto, priorizando aquellos con mayores consecuencias. Es crucial involucrar a todos los niveles de la organización y mantener una vigilancia continua para adaptarse a los cambios en el panorama empresarial y garantizar el éxito a largo plazo.

Organisations fail when identified or unidentified risks are not treated. To help your organization achieve long-term success, look out for loopholes and close them before they become threats. Be proactive. Establish internal control system and monitor it's effectiveness. Communicate with various teams and management regarding your recommendations and risk based solutions.

In order to lessen the possibility and effect of possible threats, treating and monitoring risks entails putting in place the proper risk mitigation techniques and controls. To reduce identified risks, this can entail putting internal controls in place, getting insurance, hedging techniques, and backup plans. Establishing key risk indicators (KRIs) and monitoring systems also helps you keep tabs on your exposure to risk, spot warning flags, and respond quickly to address new risks and avert negative consequences.

Risk assessments should be conducted regularly, not just once, as the risk environment of an organization is dynamic and continually changing. It is essential to refresh risk data periodically. Prioritizing risks for treatment based on assessment results is a wise strategy to concentrate efforts on critical areas. Monitoring impacts post-treatment offers feedback on control effectiveness. Reporting risk data, treatment plans, and outcomes to executives in a reliable, metrics-driven manner fosters trust and demonstrates the value of the risk management program. Enhanced visibility enables executives to make more informed decisions.

Treating and monitoring risks is the stage in the risk management process where identified risks are addressed and their impact is managed over time. Treatment involves implementing strategies to mitigate, transfer, or accept risks based on their severity and the organization's risk appetite. This may include implementing controls, purchasing insurance, or outsourcing certain activities. Monitoring involves ongoing tracking of identified risks to assess their effectiveness and ensure that they are being managed in accordance with the organization's objectives and risk tolerance. Regular reviews and updates are conducted to adapt risk treatment strategies as needed in response to changes in the business environment or emerging risks.

One thing to consider is adjusting your framework for learning to be a balance of proactive vs reactive approaches. Often times, given bandwidth or infrastructure constraints, retrospectives tend to be reactive. Some examples to consider: - when calibrating risk appetite, set a governance framework that also encourages review of risk approaches - ensure relevant use cases and projected data are available to have a forward looking conversation - connect with industry peers to understand near term trends - connect with your GTM team to understand key risk pain points and reconcile it vs existing learning framework - identify the best operating rhythm with key decision makers on risk learnings (this is typically -1 or board recs)

Try and include in your calendar a total of at least one day a quarter dedicated to learning. This of course shouldn't be a whole day workshop, but weekly/monthly/quarterly sessions dedicated to retrospective team sessions on different seniority levels. Use this time to review incidents, process bottle-necks, miscommunications and other events of breakdown and align together on how to mitigate those in the future.

Gerenciamento de riscos é algo vivo, constante e perene, que necessita de constantes atualizações. Não somente auto estudo, mas melhorias com base em melhores práticas para garantir estar sempre alinhado as tendências de mercado.

Resilience in the face of changing hazards and the ability to adjust to changing conditions depend on ongoing learning and development. This entails encouraging an innovative, learning, and knowledge-sharing culture within the company. Promote feedback, carry out post-mortem analyses of risk occurrences, and use the knowledge gained to future risk management strategies. Over time, you can improve the maturity and efficacy of your company's risk management procedures by adopting a continuous improvement attitude.

The risk vocabulary is constantly changing. If we observe global risks, we will find that Cyber security and ESG risks are dotting the headlines. As a Risk Manager it's important to analyse whether the risk portfolio is extensive and focused at the same time. This step will ensure that Management is focused on the correct risk perspective and not suffering from tunnel vision. A last note is checking whether we are still embedded in the era of populating risk registers. Risk is dynamic and needs constant attention from all stakeholders. A static document is not equipped to deal with the ever-changing reality.

Proactive monitoring & mitigation of identified risks & looking out for external factors which could impact your business. The "external" macro indicators are often missed.

Once someone guarantee a long-term success from a business point of view, either that person is super optimistic or that person is unexperience. But I could say that a risk management executive can be scientifically do things to prevent unwanted event or at least be resilience by doing things as explained above and be ready for the worst, if he or she will be given a full support or authority to perform such.

Successful risk management executives, ensure long-term success for organizations by ensuring 1)that they build effective relationships with stakeholders and communicate periodically with stakeholders on not just what risk to avoid, however on what risk are worth taking. 2) make sure risk management is embedded within the strategic business planning cycles. 3) help business leaders to help decode the signals from the noise. 4) leverage technology and data analytics to enhance risk identification and response capabilities. 5) build a strong culture of risk within the organization

focus on a comprehensive approach which involves continuously assessing risks across all business areas, proactively mitigating them with robust plans, and adapting strategies through continuous monitoring. Investing in employee training fosters a risk-aware culture, while integrating technology and strategic partnerships enhances risk management effectiveness. Transparent communication with stakeholders, adherence to compliance and ethical standards, and scenario planning ensure preparedness for future challenges. Embracing a culture of continuous improvement enables us to evolve our risk management practices, ultimately safeguarding the company's sustained growth and resilience.

The risk manager's main responsibility is effectively managing risk by identifying, assessing, treating, monitoring, and reporting potential threats. However, an area that is normally not emphasized nearly enough is communications. As risk managers, we need to strike that balance between fighting risk within the organization and communicating about risks across all levels of the organization. Balancing technical risk management expertise with strong communication skills enables the risk executive to drive long-term success.