Develop risk management team itself #RAW2022

D. Last thing is to develop the risk management team itself
Risk management requires special competencies
D23. Develop quantitative skills
D24. Develop soft skills
D25. Develop a strong understanding of the nature of the business and the specifics of decision making within the organisation.
Here is my article on the competencies risk managers in non-financial companies mus have.

Risk management 2 requires tools beyond common GRC systems
D26. Invest into proper modelling tools. There are plenty of RM2 systems on the market and some are actually amazing.
D27. Automate RM1 if possible. While most GRC/ERM products are a waste of time they help automate RM1 and reduce the amount of time spend on meaningless risk reports. The reports don’t stop being meaningless, but more time can be allocated to RM2 activities.
Networking should be a big part of team development
D28. At every opportunity meet and exchange ideas with other global risk managers
D29. Quickly separate RM1 from RM2 risk experts. Spend your time interacting with RM2 risk managers and experts, don’t waste time on RM1 gurus. I have a whole list of RM2 experts.
And finally…
30. Have fun and if you are not having fun doing the above, if the management is blocking any attempt to improve decision making, start looking for a new job. Seriously, your current company is probably a swamp and you don’t want to be a part of it in the long term. Good risk managers don’t resign but they get fired by mutual consent, that way you get 3-6 months compensation, which is always nice :))



Join this channel as a member for new videos, RAW workshops or online courses https://www.youtube.com/channel/UCog9jkDZdiRps2w27MZ5Azg/join

Read more risk management articles at https://riskacademy.blog/

Watch the best practical workshops and case studies from RISK AWARENESS WEEK https://riskacademy.vonza.com/

DOWNLOAD our risk management book for free. Number 1 in Google search globally with 200000+ downloads https://www.researchgate.net/publication/323254437_FREE_RISK_MANAGEMENT_BOOK_GUIDE_TO_EFFECTIVE_RISK_MANAGEMENT_30

Or check out online short courses on Udemy https://www.udemy.com/user/alexsidorenko/

Check out awesome risk management quantitative software https://www.archerirm.com/insight-risk-academy