What capabilities makes a good risk manager?
Strengthening capabilities in risk management presents us with the
- challenge of determining the risk management skills demanded by the organization now and,
- whether capability development can cope with the new demands of the organization, especially with the globalization of operations and therefore the global nature of risks
Hard skills - Interpretation of governing policies, regulations and guidelines across all context of risk and business in the organization
- Able to see the bigger picture in risk to the business, having a strategic vision and holistic approach in risk management
- Analytical capabilities and risk quantificationmethodology such as statistical foundation of risk, portfolio management of risks, applying the results of risk quantification in the context of decision-making, developing risk management and mitigation strategies, apply the risk return trade off in assessing and mitigating risks, assessing risks and determining impact across a wide range of businesses in this organization : in summary good understanding of risk concepts, principles and processes
- Able to define risk indicators and report risks
- Enterprise wide and integration risk framework, risk governance and control
- Risk management procedures, assessing risk controls, determining risk control weaknesses and prescribing risk control solutions
- Able to enforce risk management
Soft skills
- Able to communicate on a variety of risk management matters defined in hard skills
- Able to lead discussions on risk, focussing on current risk management matters and providing thought leadership on emerging risk
- Passionate about role in risk management
- Able to demonstrate risk management value proposition in partnering with the business i.e. marketing risk management
To be continued
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