03 Oct 2018
8:10 - 9:00
SALONS 6/7 - LEVEL 3
Developing a New Leadership Model – Session delivered in French
A FEW FACTS & STATS :
- There is no more ‘business as usual’. The shocks of the 2007-08 financial crash, and its recession-wracked aftermath, companies are prioritizing risk management as never before.
- Audit/Risk is no longer a defensive weapon but also a strategic tool. MANAGING RISK HAS BECOME AN ART. BEYOND TECHNICAL SKILLS CIO/CRO NEEDS TO MASTER THEIR ART.
- Chief Audit/Risk Officers need more than just the technical and management skills that were required in the past; they need a strategic vision, and to be able to lead the organization in implementing a sound risk management infrastructure, and instill a rigorous, disciplined risk culture.
- They also need to be respected as business partners and have the ability to contribute in areas outside of the risk domain.
- What can be perceived as repeated failures and scandals have led to a loss of trust in ‘experts’ and a questioning of the motivations and ability of companies, organisations and institutions to deliver on their objectives as well as fulfil their role as good global citizens.
- With a heightened focus on risk management, risk is now a regular topic of discussion for boards and management committees. Investors, like Warren Buffet, are publicly demanding that CEOs and Boards be held accountable for risk management.
- Executives express concern about the robustness of their risk management processes and channels of communication.
- Companies are struggling, however, to create a wider role for the risk function as a participant in strategic planning and transformational initiatives.
- Risks need to be communicated more efficiently at the top management and the board.
- The Chief Risk Officer at many firms now reports directly to the President or CEO, is frequently a member of the Executive Committee, and routinely briefs the Board of Directors. Communication skills are more important than ever as a result.
- CEOs are looking for Chief Risk Officers who can explain complex risk issues in easily understood terms and relate them to business issues.