WiRC Annual Event 2022: Hiring and retaining senior talent (Webinar & Blog)
WiRC founder Rupal Patel led a discussion with Emma Parry on Dynamic risk management for the future, and gained insight on:
Embedding conduct and behavioual risk into the risk management culture of an organization is an important aspect of effective risk management. This involves creating a culture that is open to speaking up about concerns or challenges to the status quo, and that encourages diversity of thought. It is essential to regularly assess the effectiveness of this culture, as a toxic or retaliatory environment can undermine risk management efforts. The panellist suggested one way to do this is by “walking the floor” and talking to people on the ground to get a sense of what is happening in the organization.
It is also important to seek feedback from the board on risk management efforts, and to be concerned if there is a lack of engagement or questioning from board members. This may indicate that there is work to be done to make sure the board is effectively fulfilling its risk oversight role.
Finally, it is important to recognize that culture is something that needs to be continuously nurtured and improved upon. This may involve implementing additional due diligence or risk mitigation measures when things go wrong and taking the time to celebrate diversity and encourage open communication. By doing so, organizations can more effectively address conduct and behavioual risks and create a strong risk management culture.
Written by Daniel Barnham, summer intern at Acin and student at the University of Edinburgh
Annual Event 2022: What NEDs are looking for from their risk and control partners (Webinar & Blog)