Corporate Success Stories – Risk Managers are the STARS!!!!

The business works on 3 C’s – Coordination, Collaboration, and Communication, and a risk manager must have the ability to stand up all these in any situation in the organization. In the future context, the major challenge is the advancement in technology. Also, the risk managers must have traits like Competency where one must be a Team Player and influence people in either range upward or downward, and also effectively implement things across the organizational setup. Having the ability to understand and inculcate the advancement in the technology that has an impact on the organization. The risk manager must be appreciative of business peremptory, practical and, always be working towards problem-solving.

Risk managers make tough choices in the wildest situations foreseeing the long term growth, not fearing the immediate trauma. Integrity trait that is not learned and rather a set-back for the career if someone lacks the same. A risk leader must have the courage to stand by the odd decisions taken in the toughest times and, must need to have experience and also exposure, pose diplomacy amongst the people, and handle all political situations with greater humility. While working with a vivid range of people, one must be capable of accepting and understanding the opinions and open to learning from the subordinates.

Great risk leaders are chosen from the make and break situation, and choosing one such leader is a win-win for both. A junior candidate challenging the senior risk leader always has greater exposure to the risk and will always find the best ways to emerge out of situations. And the companies building strong teams always give an exposure to the juniors to benefit learning from the senior risk managers. A real-world experience contributes 70% while the course will contribute 10% while one is in the growth years or the learning phase. There certain traits in individuals who are termed derailers. Quite often when one takes up the task of risk management its quite important to be aware of your traits which would no more benefit them as they will have to be the Team Players and can not be always focused on individual growth. Once you are a Risk manager your growth is when the organization grows and, the focus must be majorly on setting things right and, one needs to prioritize as per the situation and need of the hour. Concentration on petty issues and being satisfied by remaining confined to a smaller picture will again curb the career. A risk manager can never lack commercial appreciation nor exhibit technical arrogance and rather open-minded and a consistent performer to keep up the team spirit high always.

If you do not invest in risk management, it doesn’t matter what business you are in is a risky business – Garry Cohn.