How Well Does Risk Management Adapt to Changes?

There have been so many articles published about regulation changes, economic crises in various countries, even major shifts in executives.  With all these constant changes, risk management must become flexible.

How well are we, as risk management professionals, adapting to those changes?

Back in 2011 and 2013, I saw articles from Harvard Business Review and Willis, respectively, talk about how critical adaptability is to the success of risk management.  Given how risk management hasn’t made too much progress in the last decade, I am thinking that trait isn’t showing up very often.  What is hindering us?

Do we feel comfortable pushing executives to think ahead, get out of the past, and to try to predict what will come next?

As the people in executive positions change, the culture of the company changes with it, not to mention the personality traits and interactions between executives.  This means the potential for finding a new sponsor, a new Chief Risk Officer (CRO), a new advocate (or two or three!) to keep up the spirits around the risk management processes.

Are the approaches that we use within our own companies adapting to the changes in leadership? 

Maybe part of the problem is how the risk management program and/or processes were designed.  Or is it the personalities of the people on the risk management team.  After all, one of the best soft skills for a risk professional is adaptability.

What challenges have you faced at your organization after a big change?

Please share your thoughts in the comment field below, or join the conversation on LinkedIn.

Do you want to help ensure your organization flexes its ERM program to meet new situations?   Are you struggling to get your risk management initiative off the ground or back on track? Contact me to discuss your program today, or continue browsing my blog to learn more.

Featured image courtesy of Pressfoto via FreePik.com

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