The 10 Most Significant Leaders in Risk Management, 2024

VOL 04 I ISSUE 12 I 2024 Risk, Resilience and Success: Maninder K Bahra’s Journey of Innovation and Risk Mitigation in a Tech-Driven Era The Most Significant Leaders in Risk Management฀ 2024 Leading Through Uncertainty The Role of Leadership in Risk Management Beyond the Horizon Proac?ve Risk Management in Today's Business Environment Maninder K Bahra Former Chief Control Officer HSBC and Barclays Bank

Risk more than others think is safe. Dream more than others think is practical.

Editor’s Note Risk Managing Leaders n risk management, identifying influential advanced analytics, and embracing technological leaders is crucial for understanding industry solutions to anticipate and address emerging risks I trends, innovation, and best practices. In 2024, effectively. the field witnessed the emergence of several figures whose contributions have significantly Ethical considerations and sustainability shaped the discourse and practices in risk principles feature prominently in the discourse management. These leaders have not only led by these influential figures. Recognizing the demonstrated exceptional expertise but have also interconnectedness of global challenges, they exhibited a visionary approach towards emphasize the need for responsible risk addressing contemporary challenges. management practices that prioritize long-term sustainability over short-term gains. The selection of The 10 Most Significant Leaders in Risk Management, 2024 reflects a diverse These leaders play a pivotal role in fostering a range of expertise and perspectives within the culture of risk awareness and resilience within field. These leaders have made substantial their organizations and broader communities. contributions across various sectors, including Through thought leadership, mentorship, and finance, technology, healthcare, and advocacy, they empower stakeholders to navigate environmental sustainability. Their influence uncertainty with confidence and adaptability. extends beyond organizational boundaries, shaping industry standards and regulatory frameworks. Among the notable themes highlighted by these leaders is the importance of proactive risk identification and mitigation strategies. In an increasingly interconnected and volatile world, Anish Miller traditional approaches to risk management are no longer sufficient. These leaders advocate for adopting agile methodologies, leveraging

Contents Risk, Resilience and Success: Maninder Cov Story 08 K Bahra’s Journey of Innovation and Risk Mitigation in a Tech-Driven Era CXO Effects of Modern Leadership Approaches 16 in the Dynamic Business Arena -by Akinlawon Fayokun Prole Thabile Nyaba 22 Champion of Sustainable Future through Risk Management Articles Leading Through Uncertainty 18 The Role of Leadership in Risk Management Beyond the Horizon 26 Proactive Risk Management in Today's Business Environment

Featured Person Company Name Brief Carolina is an experienced business and risk executive Carolina Leao with public and private sector experience. Expertise in the University of Ottawa areas of Enterprise Risk Management, Governance, de Moura www.uottawa.ca Business Continuity, Operational Risk, Issue Chief Risk Officer Management, Policy, Compliance, and Security. Dan is a solicitor with extensive experience in technology Pooja M Bansal Dan Rhodes Granicus licensing, intellectual property, Generative AI, mergers Senior Director, Editor-in-Chief and acquisitions, distribution, strategic alliances and www.granicus.com Legal & DPO global partnerships. CONTENT FOLLOW US ON Strategic Dr. Karen Hardy expertise has cut across international Dr. Karen Hardy Leadership Advisors LLC trade, small business, technology, trademarks/patents, Founder and CEO security, and data for a national Census. www.setyourstrategy.com WE ARE ALSO AVAILABLE ON Fazal Mohammed Accomplished Operational risk manager offering DESIGN Phoenix Group expertise across the capital markets space with industry Head of Ops www.thephoenixgroup.com leaders in the banking and reinsurance sectors. Risk AM Jeffery J. Weaver CONTACT US ON Jeffery is a senior finance and risk management executive, EVP & Chief KeyBank experienced corporate board director and advisor with Qualitative Risk Officer, demonstrated expertise in enterprise & financial risk www.key.com Emerging Risk, Climate management. SALES Risk Mgmt. Maninder works with Executive Committee members by supporting them to discharge their first line risk and Citigroup Maninder K Bahra control responsibilities, ensuring that portfolio of www.citigroup.com Chief Control Officer products and services are delivered with a customer centric focus. TECHNICAL Mirea is a seasoned and independent advisor, consulting Mirea Raaijmakers Axialent various organizations and senior management on Expert Partner www.axialent.com behavioural risk and transformation. Stephen Tonna Stephen specializes in leveraging data analytics to solve SME-SMO Head of Risk Modeling SAS complex business problems, streamline operations, and and Model Governance, ww.sas.com boost company performance. Asia Pacific Thabile is the Chief Risk & Sustainability Officer, aiming Thabile Nyaba Old Mutual Insure Limited to create certainty in the lives of our personal, Chief Risk & commercial and corporate clients, caring for what matters www.oldmutual.co.za Sustainability Officer most. sales@ciolook.com Yaroth Chhay Yaroth leads the cybersecurity governance, risk, and April, 2024 compliance (GRC) and privacy functions, ensuring the SVP & Head of ACLEDA Bank Plc. alignment of the bank's cybersecurity strategy with its Information Security www.acledabank.com.kh business objectives and regulatory requirements. Division

Risk, Resilience and Success: Maninder K Bahra’s Maninder K Bahra Journey of Innovation and Risk Mitigation in a Former Chief Control Tech-Driven Era Offcer HSBC and Barclays Bank Cover Story As a leader, Maninder stresses the importance of maintaining a level of professional curiosity “ and a learning mindset.

lobal financial services are a thriving ecosystem Maninder is fully committed to staying ahead of Her adeptness at translating regulatory requirements into brimming with opportunity and innovation. industry trends. Her thirst for knowledge is G However, beneath the surface lies an intricate demonstrated through her completion of executive business-centric language fosters web of risk and compliance activities, demanding programs on blockchain strategy, and climate improved dialogue and execution across the organisation. This ability constant vigilance and careful navigation. In this robust emergency at the Saïd Business School, University of ecosystem, Maninder K Bahra stands out for her Oxford. Her current interests center around the ethics stems from recognising the fervent commitment to risk management, innovation, of AI. importance of establishing common ground and approaching problems and excellence. Join in on a transformative journey as Maninder navigates from various angles. Within the vast realm of financial services, where every the complexities of risk and compliance, leaving a lasting “I found that my previous experience in decision reverberates across markets and economies, mark on the industry and shaping a future defined by Maninder emerges as an expertise exemplum—As Chief resilience and integrity! the second line proved invaluable in Control Officer and Non-Financial Risk & Compliance bridging the gap between regulatory mandates and business objectives Expert, having worked at Global Banks such as HSBC, Balancing Acts Standard Chartered and Barclays; she manages the when I moved to the first line,” creation and implementation of risk frameworks In her roles as Chief Control Officer and Non-Financial Maninder asserts. By leveraging her expertise, she facilitates smoother tailored to the needs of this demanding industry. Risk Expert, Maninder has directed her attention towards managing risk outcomes across various lines of operations and enhances With a distinguished track record, Maninder is defense by ensuring alignment with desired objectives. organisational resilience in the face of evolving risks. This collaborative renowned for her ability to design and innovate “As Chief Control Officer, my aim is to aid the executive solutions to complex risk and compliance challenges. committee and business heads in fulfilling their first-line approach accentuates the From addressing conduct issues, to navigating the responsibilities to achieve positive outcomes for customers, effectiveness of integrating regulatory compliance into business nuances of climate risk and SOX (Sarbanes-Oxley) clients, and stakeholders; across retail, commercial compliance, she leads with precision and foresight. banking, and Wealth products” Maninder emphasises. strategies, ensuring alignment with broader objectives and stakeholder Maninder’s influence excels in strategy and A key aspect of her approach involves adopting an interests. implementation and is adept at nurturing credible integrated risk perspective and collaborating relationships at the highest echelons of governance. extensively across all stakeholders including: COO, Building Stakeholder Trust Maninder fosters a culture of collaboration and Operations, Technology, Risk and Compliance, and accountability by bridging the gap between risk, business lines, to address complex risk issues efficiently. In Maninder’s journey, a valuable compliance, and the wider organization. “In my role as an NFR expert, oversight and constructive lesson in managing Non-executive challenge are paramount. However, I also prioritise Director (NED) stakeholders providing practical support to first-line Business Heads emerged from a former line while leveraging my technical expertise to navigate manager’s counsel; “It’s not only regulatory requirements,” Maninder explains. important to present your assigned paper to a non-exec committee but By combining pragmatism with a deep understanding of also to put yourself in their shoes and regulatory imperatives, Maninder serves as a facilitator think about their position, listen for businesses to effectively manage non-financial risks intently and use as a learning I strive to provide whilst simultaneously driving sustainable growth. experience in preparation for the next integrity in decision-making Committee meeting.” This advice which can be backed with underscores the significance of The Collaborative Edge understanding stakeholders’ intel but also demonstrate “ In navigating the intricacies of risk management, perspectives. sound judgment when collaboration and diverse perspectives play a pivotal needed. Embracing an executive role, role, as emphasized by Maninder, who draws from her experience in both the second and first lines of defense. Maninder prioritsed thorough “Transitioning from designing regulatory frameworks in the preparation, aiming to showcase methodologies/approaches second line to operating in the first line provided me with a deeper comprehension of commercial aspects and customer followed, Challenge mechanisms needs,” Maninder reflects. applied, and areas requiring

attention; but also to anticipating NEDs’ inquiries and Sharing acquired knowledge with the team is essential they exist to ensure that business is conducted in a manner that does not bring harm to customers and clients,” she ensuring the team’s readiness to address them. “I for fostering engagement and enabling them to wanted to pre-empt the types of questions that the NEDs understand how learnings impact their responsibilities. explains. would want to ask and the areas they would be interested “It is equally important to share back with your team which These frameworks serve as boundaries within which in and ensure as a team we have prepared to address these,” engages them and to also help your team to interpret how Maninder explains. the learnings can have an impact on the activities you/they businesses operate, ensuring effective delivery of are responsible for,” Maninder explains. products and services while considering customer outcomes. In ambiguous areas, dialogue between Staying ahead of the curve meant providing opinions relevant parties is crucial to ensure core elements are backed by data from existing systems and controls. Her fascination with blockchain technology sparked a Effective engagement with the business ensured journey of exploration into its potential applications in effectively managed. By embracing this perspective, organisations can navigate complexities whilst transparency, avoiding surprises and ensuring they control design. “I was fascinated by the capability of the prioritising integrity, ultimately fostering trust and were well-informed ahead of discussions. “It was technology and how I could potentially utilise it in a control important to have engaged with the business so that they design environment,” she recalls. Implementing sustainable growth. were aware of the discussions. This aided in preventing methodologies learned, Maninder leveraged blockchain Shaping Organisational Resilience surprises for them and ensuring that they were adequately use tests in her role as CCO to formulate hypotheses briefed ahead of time,” Maninder emphasises. for automated control, encouraging her team to think Maninder observes the importance of integrating risk innovatively. considerations into organisational culture, she states, This proactive approach fosters confidence and enhances collaboration and transparency; aligning Recognizing the significance of climate risk within the “Culture is about attitudes and behaviours. By adding risk to the mix, we are talking about attitude and behaviours stakeholders and bolstering organisational resilience in enterprise risk framework, Maninder integrated this towards risk within an organisation,” she explains. navigating challenges effectively. Maninder’s understanding into her risk management practices. “As experience underlines the importance of preparation, a risk management expert, I felt a level of responsibility to This extends past risk frameworks to encompass the empathy and communication in managing diverse ensure that I understood how climate risk forms part of the stakeholder interests at the executive level. enterprise risk framework and particularly its cross-cutting entire risk ecosystem, including: strategy, governance, nature across Financial and Non-financial risk,” she shares. and reward mechanisms. “The risk ecosystem in place Risk, Learning and Leadership This approach reflects Maninder’s commitment to covers the strategy—does it encourage certain risk-taking staying abreast of evolving risks and incorporating new behaviors that are outside of the boundaries set? It covers As a leader, Maninder stresses the importance of learnings into her professional endeavors. the reward mechanism, governance, and oversight, as well continuous learning. “It’s important for me to adopt a level as the effective implementation of risk frameworks,” of professional curiosity and a learning mindset,” she Tech-Forward Risk Strategies Maninder elaborates. Aligning attitudes and behaviors affirms. with risk management objectives cultivates a culture of While regulatory frameworks on AI are developing I like Maninder highlights the pivotal role of technology in accountability and resilience, driving sustainable using the four values set out by UNESCO, which lay the risk management. Technology and innovation are success. foundations for AI systems that work for the good of absolute enablers for executing the implementation of humanity, individuals, societies, and the environment” risk and control frameworks. Harnessing Diverse Perspectives Maninder advises. Despite the widespread use of Governance, Risk, and Collaboration is key for Maninder. She highlights the Balancing innovation with risk mitigation is essential in Control (GRC) systems. Their full potential currently importance of teamwork in decision-making. “I strive to In the current maximizing the benefits of technological advancements remains mostly untapped, particularly in leveraging provide integrity in decision-making which can be backed while safeguarding against potential pitfalls. Embracing times of global data for robust risk reporting. The emergence of with intel but also demonstrate sound judgment when these advancements with a strategic and measured generative AI presents new avenues for advancing non- needed,” she adds. uncertainity, there's a approach can revolutionise risk management practices, financial risk management; with tech consultancies laser focus on risk driving organisational resilience and success in an When faced with complex scenarios, particularly those exploring opportunities to harness control and risk increasingly complex landscape. “ management practices taxonomies for validation purposes. with high stakes, Maninder’s approach involves thorough consideration of available options, weighing as new risks Driving Growth Responsibly risks and benefits. “I like to ensure that I have considered However, the adoption of these advanced tools must be emerge. approached with clarity of their impact on customers the various options available, understood the risks/benefits Maninder emphasises the role of risk and control and broader society. “Of course, these advanced tools and challenged the options with peers who may provide a frameworks in fostering responsible business practices. different lens; and hence may offer a different approach, need to be used in a measured way, and the risks associated “A shift in mindset is required. Risk and control frameworks with their utilisation also need to be understood with depth. basically ‘stress testing’ my view” she explains. do not exist to inhibit business growth and innovation;

new worst-case scenarios, organisations can start to navigate uncertainties; safeguarding their interests and ensuring long term resilience. Redefining Risk Subscribe Subscribe There is a great opportunity for 1LOD risk and control teams to leverage advancements in technology and deepen their skills in this area. “What I mean by this is using the technical knowledge of the regulatory rules and understanding how they translate to processes and the T To odda ay y T To odda ay y execution of services and products,” she explains, emphasising the importance of integrating regulatory knowledge with technological expertise. By enhancing skills in technology and regulatory understanding, risk and control teams can serve as a CHOOSE OUR SUBSCRIPTION bridge between business lines, technology and the 2LOD risk and compliance functions. This mindset ensures a purpose-led approach to risk management in 1 Yea« 6 M·h¯ the first line, focusing on customer experience and outcomes. 12 I¯¯¼e¯ 6 I¯¯¼e¯ “Designing risk and controls with an understanding of $250 $130 customer consequences can be very powerful in my mind,” Maninder adds; presenting the significance of aligning By leveraging diverse perspectives, Maninder ensures a risk management practices with customer-centric well-rounded evaluation of options, leading to better 3 M·h¯ 1 M·h principles. Embracing these opportunities empowers outcomes. Her emphasis on collective decision-making organisations to navigate challenges while delivering highlights the value of collaboration in achieving 3 I¯¯¼e¯ 1 I¯¯¼e compelling customer outcomes. success amidst challenges. $70 $25 Securing Against Emerging Risks “In the current times of global uncertainty, there’s a laser focus on risk management practices as new risks emerge,” notes Maninder. Risk management practitioners need Stay in the known. to help their organisations identify these risks and subsequently enhance processes, and control design to S¼b¯c«lbe · CIOLOOK mitigate any exposure. Get CIOLOOK Magazine in print, and As advancements in technology become more widely available ease of access is increased, including for digital on www.ciolook.com malicious parties. Understanding these risks is vital. Maninder outlines the importance of proactive measures to mitigate potential threats. “It is crucial for risk management practitioners to be aware that ‘unknown- unknowns’ are prevalent in today’s climate of global uncertainty. Risk management practitioners need to adapt strategies to prepare for emerging risks,” she advises. By proactively staying open-minded to the potential for

CXO Effects of Modern Leadership Approaches in the Dynamic Business Arena - by Akinlawon Fayokun n the ever-evolving landscape of the business world, Adaptive Leadership the role of leadership has undergone significant I transformations. Modern leadership approaches In today's rapidly changing business environment, have emerged as a response to the dynamic and adaptive leadership has gained prominence. Leaders complex challenges faced by organizations today. This employing this approach are agile and capable of article explores the effects of these contemporary navigating uncertainty. They encourage flexibility and leadership styles on the dynamic business arena. innovation, enabling organizations to thrive in the face of challenges. The effects of adaptive leadership Transformational Leadership include improved resilience, quicker response to market shifts, and the ability to capitalize on emerging opportunities. One prominent modern leadership approach is transformational leadership. Leaders adopting this Authentic Leadership style inspire and motivate their teams to achieve extraordinary outcomes. The emphasis is on creating a Authentic leadership emphasizes transparency, self- shared vision, fostering innovation, and encouraging a awareness, and genuine communication. Leaders who culture of continuous improvement. The effects of embody authenticity build trust within their teams, transformational leadership can be seen in increased fostering open and honest dialogue. The effects of employee engagement, improved productivity, and a authentic leadership can be seen in stronger interper- greater ability to adapt to change. sonal relationships, increased employee morale, and a positive organizational culture. Servant Leadership Distributed Leadership Servant leadership, another modern approach, focuses on the leader's commitment to serving their team Distributed leadership involves the delegation of members. Leaders prioritize the well-being and authority and responsibility across various levels of an development of their employees, creating a positive organization. This approach encourages collaboration and empowers employees at all levels to contribute to work environment. The effects of servant leadership extend to enhanced employee satisfaction, loyalty, and decision-making. The effects of distributed leadership a sense of purpose within the organization. include improved problem-solving capabilities, increased innovation, and a more engaged and empowered workforce. 16 17 www.ciolook.com | April 2024 | www.ciolook.com | April 2024 |

Leading Through Uncertainty across the organization. Leaders must foster a culture of risk awareness where employees at all levels understand their role in identifying, assessing, and mitigating risks. This involves The Role ofLeadership in promoting open communication channels, encouraging constructive feedback, and Risk Management rewarding proactive risk management behaviors. Leading by Example Leadership is not just about words; n the realm of business and beyond, the only certainty it's about actions. Leaders must is uncertainty. In the face of ever-evolving risks and lead by example, demonstrating I challenges, effective risk management is not just a their commitment to risk necessity but a strategic imperative. At the heart of management through their successful risk management lies leadership - the ability to behaviors and decisions. By navigate uncertainties, inspire confidence, and chart a adhering to ethical standards, course towards resilience and success. This article delves following risk management into the pivotal role of leadership in risk management, protocols, and embracing exploring how visionary leaders guide their organizations transparency, leaders instill through turbulent waters with foresight, agility, and confidence in their teams and integrity. stakeholders, fostering a culture of trust and accountability. The Leadership Imperative The Leadership Toolbox for Risk Leadership sets the tone for risk management within an Management organization. Whether it's a CEO steering the ship or a project manager guiding a team, effective leadership is Strategic Vision essential for identifying, assessing, and mitigating risks proactively. Leaders play a multifaceted role in risk Visionary leaders possess a keen management, from setting risk appetite and fostering a understanding of the broader culture of accountability to making tough decisions in business landscape and anticipate times of crisis. emerging risks and opportunities. They develop a strategic vision Setting the Tone that aligns risk management objectives with organizational Leadership begins with setting the tone from the top. goals, ensuring that risk Executives must articulate a clear vision for risk considerations are integrated into management, defining organizational objectives, risk business strategies and initiatives. appetite, and tolerance levels. By communicating a strong commitment to risk management and compliance, leaders Foresight and Anticipation establish a culture of accountability and integrity, where risk considerations are integrated into strategic decision- Leaders must possess foresight making processes. and anticipation, anticipating potential risks and disruptions Fostering a Culture of Risk Awareness before they materialize. By scanning the horizon for emerging Effective risk management requires a collective effort 18 19 www.ciolook.com | April 2024 | www.ciolook.com | April 2024 |

trends, regulatory changes, and market shifts, leaders crisis management plans, conduct regular scenario Risk management is can identify potential risks and develop proactive planning exercises, and ensure that teams are trained strategies to mitigate their impact. and equipped to respond effectively to emergencies. By a more realistic term proactively preparing for crises, leaders can minimize Adaptability and Agility their impact and preserve organizational resilience. than safety. In today's fast-paced world, leaders must be adaptable Transparent Communication and agile, capable of responding quickly to changing circumstances. They must embrace uncertainty as an During a crisis, transparent communication is opportunity for growth and innovation, empowering paramount. Leaders must communicate openly and their teams to navigate challenges with resilience and honestly with stakeholders, providing timely updates creativity. on the situation, acknowledging challenges, and outlining the steps being taken to address them. By Effective Communication maintaining transparency and credibility, leaders can mitigate the risk of misinformation and restore Communication is key to effective risk management. stakeholder confidence. Leaders must communicate risk management objectives, expectations, and priorities clearly and Learning and Adaptation consistently across the organization. They must also foster open dialogue and encourage feedback, ensuring Crises are learning opportunities for organizations and that risk considerations are integrated into decision- leaders alike. Effective leaders leverage crises as making processes at all levels. catalysts for change, identifying lessons learned and adapting their strategies and processes accordingly. By Collaboration and Empowerment fostering a culture of continuous learning and improvement, leaders can transform crises into opportunities for growth and innovation. Leadership in risk management is not a solo endeavor; it requires collaboration and empowerment. Leaders must build diverse teams with complementary skills Conclusion and perspectives, fostering a culture of collaboration and innovation. By empowering their teams to take In an increasingly uncertain and complex world, ownership of risk management initiatives, leaders can effective risk management requires visionary leverage the collective intelligence of the organization leadership. Leaders play a pivotal role in identifying, to identify and mitigate risks effectively. assessing, and mitigating risks proactively, setting the tone for risk management within their organizations, Leading Through Crisis and guiding their teams through turbulent times with foresight, agility, and integrity. The true test of leadership in risk management comes during times of crisis. Whether it's a financial By fostering a culture of risk awareness, leading by meltdown, a cybersecurity breach, or a global example, and leveraging strategic vision and pandemic, leaders must remain calm, decisive, and adaptability, leaders can navigate uncertainties with compassionate in the face of adversity. They must confidence and resilience. Moreover, by embracing provide clear direction, mobilize resources effectively, crises as learning opportunities and communicating and communicate transparently with stakeholders, transparently with stakeholders, leaders can inspire inspiring confidence and trust in the organization's trust and chart a course towards long-term success and ability to weather the storm. sustainability in an unpredictable world. Crisis Preparedness Effective leaders understand that crisis preparedness is essential for risk management. They invest in robust 20 www.ciolook.com | April 2024 |

As a Certified Risk Management Practitioner and Professional, what strategies do you employ to stay updated on the latest developments and trends in risk management? Dialogue and conversations with a wide range of stakeholders is essential, as is reading and researching widely. I take an interest in other fields represented around the boardroom table to gain an appreciation of different worlds he risk management and insurance sector which helps position risk demands constant vigilance. Forward-thinking Today, Thabile continues to lead the way in risk management as an enabler. T professionals leverage data analytics to management. As Chief Risk & Sustainability Officer at anticipate emerging threats and craft proactive Old Mutual Insure, Chair at Elite Risk Acceptances (Pty) Seminars, webinars, and round strategies to manage risks. Collaboration is key, with Ltd, and Board Member and Chair of Audit and Risk tables have their place, but I Committee at WDB Investment Holdings, she inspires insurers working alongside clients to identify recommend more informal vulnerabilities and tailor coverage solutions. By others to push boundaries and strive for excellence. conversations such as 'Coffee Risk embracing innovation, this field safeguards businesses Let's delve into the story of a visionary leader reshaping Chats with the CRO,' where I quickly against unforeseen challenges, fostering a secure and industries and inspiring change! find out about the hot buttons and resilient future. what people are really feeling and What challenges have you faced in your role and how thinking at all levels of the Thabile Nyaba embodies this ethos! Standing as a have you leveraged your leadership skills to navigate organisation. I am also fortunate to pivotal figure, her journey is marked by a relentless these challenges effectively? be invited to present at various local pursuit of excellence and foresight. She is a luminary in and global conferences. While these the realm of risk management, renowned for her astute There have been many challenges, but two of them in may seem like an opportunity to leadership and profound impact on shaping the particular stand out for me. The first was finding myself share my knowledge, in reality, I industry's landscape. one of the very few black female leaders in the risk relish the learnings and revelations management field. The second was changing the that come from interacting with Thabile started her career in auditing, mastering the art perception of risk management from being a tick-box some of the most brilliant minds in of scrutinizing finances in both private and public compliance function to one that adds value to the the world. This helps me stay sectors. However, it was risk management that truly organisation. For a given level of return and updated and upgraded, so I don't get grabbed her interest. She thrived as the organisation's profitability, if you can lower the risk, you are adding outdated. lookout, spotting potential threats and opportunities value. Inwardly, I had to deal with my own insecurities and then planning ways to tackle them. Thabile has a bordering on 'imposter syndrome,' while at the same As a leader, how do you inspire and knack for turning challenges into opportunities and time having the outward confidence to build my teams. empower your team to embrace believes in balancing risk and reward within strong Before I could lead others, I realised that I first needed risk management as a strategic governance. She's guided many organisations through to lead myself. I invested in myself, seeking to enabler rather than just a transformative journeys, earning recognition as a continuously disrupt and define myself. I always strive compliance function? leader in risk management. Thabile's leadership hasn't to lead and influence where I find myself and be the gone unnoticed. Her teams have received praise for 'change I want to see.' In some cases, I couldn't get a seat It has always been fundamental for their innovative risk management approaches. In 2019, at the table and that is why I decided to start my own me as a leader to ensure that risk she became the president of the Institute of Risk table and invite more like-minded leaders to join me. I Chief Risk & management is positioned as a Management South Africa (IRMSA), solidifying her continue to take on the responsibility of inspiring Sustainability Officer at strategic enabler and partner to the status as a thought leader in the field. Her dedication women professionals in risk management, especially Old Mutual Insure, Chair at Elite Risk Acceptances business. It is no longer about trying earned her the prestigious Honorary Lifetime black women, and facilitating their careers so that they, (Pty) Ltd, and Board to predict the next risk but being Membership Award from IRMSA in recognition of her in turn can inspire others. Member and Chair of prepared for any disruption that contributions. Audit and Risk Committee at WDB might occur. I strongly advocate for Investment Holdings 22 23 www.ciolook.com | April 2024 | www.ciolook.com | April 2024 |

building resilience – to navigate and survive disruptions my loyal tribe. I am an early riser (5 am) which allows and nurture the resourcefulness and adaptability of our me to spend time with myself meditating, praying, people. We drive resilience muscle memory-building reading, and planning for the day ahead. This helps me initiatives to build decision-making and judgment take care of my inner empire and emerge as a leader of abilities. I also employ a three-dimensional leadership my day, and not a victim of it. I also live a life of style, where I can lead from the front—to direct and gratitude by finding extraordinary in the ordinary, I provide the vision, from the side—where I empower have realised that a great life is made of each day well and encourage my team to step out of their comfort lived. When I take time off work, I particularly enjoy zone and stretch themselves, but at the same time be adventuring with my family - my greatest treasure, right next to them should they need me; and from exploring the world with them and having fun together. behind – where the team has matured and is It has also been my greatest privilege to watch my empowered to make their own decisions, make children grow up and flourish into the most amazing mistakes, and learn. adults with a passion for life. For me, the key to maintaining a healthy work-life balance is through Outside of your professional achievements, you're setting boundaries and honouring them. I often joke known for your passion for connecting youth with with my team and say, “I don't cheat onwork, and therefore I won't cheat on my personal and familytime.” opportunities. Can you tell us more about your involvement in this area and why it's important to you? Looking ahead, what are your aspirations for the future of risk management and how do you plan to It is imperative to build our youth for the future, to achieve them under your leadership? whom we will hand over the baton. Our young people face a lack of exposure, which is why I began my NPO What lies ahead in the future is integrating risk with the theme of management and sustainability. In rising to this very #ConnectingYouthWithOpportunities. I am firmly challenge, I have recently taken up the role of Chief committed to seeking opportunities for youth to Sustainability Officer, in addition to my role as Chief succeed, especially as our country has one of the Risk Officer. I am looking forward to exploring the highest youth unemployment rates in the world. I also integration of risk, strategy, and sustainability drive initiatives within my division to promote the navigating the risks we continuously face building a youth, such as ‘'Young Bright Minds'’—a think tank resilient, sustainable future for the organisation, whereby young graduates research, analyse and solve industry, communities, customers, shareholders, and problems, and 'On the Couch with Thabile'—an initiative mostly generations to come! What a noble agenda to aimed at providing the youth with a voice. I have also drive! created platforms where talented youth in my team engage at the highest level of the organization's governance structures, which has elevated many of their careers. As the Past President of IRMSA, I have been tasked to run with the Youth and Africa Strategy. Moreover, I am passionate about mentoring women, and I currently serve as Old Mutual Women Network Chair. Risk management is How do you maintain a healthy work-life balance, especially with such a demanding role and what brings less about avoiding you the greatest joy outside of work? risk and more about I am proud of many things in my life, but nothing beats being a mother to my two phenomenal and crazy understanding it. children, wife to my high school sweetheart, daughter to the 'world's greatest parents,' big sister to my siblings 'the greatest gifts our parents gave us' and best friend to 24 www.ciolook.com | April 2024 |

Beyond the Hori~on Anticipating Risks Mitigating Risks At the heart of proactive risk management lies the The ultimate goal of proactive risk management is to Proactive ability to anticipate risks before they materialize. This mitigate risks before they materialize into crises. This requires organizations to adopt a forward-looking involves developing proactive strategies and controls to mindset and scan the horizon for emerging threats and prevent or minimize the likelihood and impact of opportunities. By analyzing industry trends, regulatory identified risks. Mitigation measures may include Risk Management changes, technological advancements, and geopolitical implementing robust internal controls, diversifying risk developments, organizations can identify potential exposures, securing insurance coverage, or developing risks and vulnerabilities early on. contingency plans for potential scenarios. in Today's Business Assessing Risks Strategies for Proactive Risk Management Environment Once risks are anticipated, they must be assessed in Cultivate a Risk-Aware Culture terms of their likelihood and potential impact. Proactive risk assessment involves conducting Proactive risk management begins with culture. n today's rapidly evolving business landscape, the ability to navigate thorough risk analyses, leveraging both qualitative and Organizations must foster a culture of risk awareness uncertainty is critical for organizations seeking sustainable growth and quantitative methods to evaluate risks objectively. By where employees at all levels understand their role in I success. Traditional risk management approaches, which focus on understanding the probability and consequences of identifying, assessing, and mitigating risks. This involves reacting to known risks as they arise, are no longer sufficient in a world various risks, organizations can prioritize their efforts promoting open communication channels, encouraging where risks are complex, interconnected, and constantly evolving. and allocate resources effectively. proactive risk management behaviors, and rewarding Proactive risk management offers a forward-thinking approach that enables organizations to anticipate, assess, and mitigate risks before they materialize into crises. Understanding Proactive Risk Management Proactive risk management is a strategic approach to identifying, assessing, and mitigating risks before they escalate into significant threats. Unlike reactive risk management, which focuses on responding to known risks after they occur, proactive risk management involves anticipating potential risks and taking preventive action to minimize their impact. 26 27 www.ciolook.com | April 4 202 | www.ciolook.com | Apr il 2024 |

individuals for their contributions to risk mitigation Competitive Advantage efforts. Proactive risk management can provide organizations Embrace Technology and Data Analytics with a competitive advantage in today's dynamic business environment. By staying ahead of the curve in In today's digital age, technology plays a pivotal role in risk management, organizations can identify emerging proactive risk management. Organizations can leverage opportunities, seize market share, and differentiate advanced analytics tools and predictive modeling themselves from competitors who are reactive rather techniques to identify emerging risks and trends, than proactive in their approach to risk management. uncover hidden patterns and correlations, and simulate various scenarios to assess their potential impact. By Stakeholder Confidence harnessing the power of technology and data analytics, organizations can make more informed decisions and Effective risk management enhances stakeholder stay ahead of the curve in risk management. confidence and trust in the organization's ability to deliver on its promises. By demonstrating a proactive Establish Early Warning Systems approach to risk management, organizations can reassure investors, customers, and other stakeholders Early warning systems are essential for proactive risk that they are well-prepared to navigate uncertainties management. Organizations can develop monitoring and protect their interests. mechanisms and key risk indicators (KRIs) to detect potential risks and vulnerabilities in real time. By Conclusion establishing early warning systems, organizations can identify red flags and take preventive action before In today's volatile, uncertain, complex, and ambiguous risks escalate into crises. (VUCA) world, proactive risk management is no longer a luxury but a necessity for organizations seeking Scenario Planning and Stress Testing sustainable growth and success. By adopting a forward- thinking approach to risk management, organizations Scenario planning and stress testing are valuable tools can anticipate, assess, and mitigate risks before they for proactive risk management. Organizations can escalate into crises, enabling them to build resilience, develop multiple scenarios to anticipate various gain a competitive advantage, and enhance stakeholder outcomes and their implications, allowing them to confidence. identify potential risks and vulnerabilities. By stress- testing their strategies and processes against different From cultivating a risk-aware culture and embracing scenarios, organizations can identify weaknesses and technology to establishing early warning systems and areas for improvement, enabling them to build conducting scenario planning, proactive risk resilience and adaptability. management requires a concerted effort across the organization. By investing in proactive risk The Benefits of Proactive Risk Management management strategies and practices, organizations can navigate uncertainties with confidence and chart a Enhanced Resilience course towards long-term success beyond the horizon. Proactive risk management enables organizations to build resilience and adaptability in the face of uncertainty. By anticipating and mitigating risks before they materialize into crises, organizations can minimize disruptions, protect their reputation, and maintain business continuity even in challenging circumstances. 28 www.ciolook.com | April 2024 |

The 10 Most Significant Leaders in Risk Management, 2024

The 10 Most Significant Leaders in Risk Management, 2024

Presentation Transcript

Significant Reasons for Using the Risk Management Assessment In Businesses

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