Different times call for a different response
April 2020
Thanks for the overwhelming support for the LinkedIn video series that I’ve been doing with Tom McLeod, an experienced Chief Auditor and Chief Risk Officer and long time TDA client.
Each video is around 4 minutes long and unpacks 3-5 key issues. Each contains 2-3 take aways to help you get clarity and take action.
The week’s LinkedIn Videos are included below.
I hope you find them useful in working out how to lead during challenging times and as an ongoing resource. If you find them useful please pass them on.
April 21
Weekly reflections
Key points:
- People and orgs are having a very uneven experience of COVID. Some are in fight and flight, and others are thriving.
- When people are isolated, they turn to people they trust even if they’re not the right person for the job. Be the trusted person.
- Historical data models have been thrown out.
- Social queues and norms have been thrown out.
- The need for certainty, and the important role of assurance in providing certainty in some areas while the landscape is rapidly changing and people are chasing risks.
- Big shifts, are possible and its a great time for breakthroughs.
April 24
Quality information for decision making – The admiralty scale
Key points:
- Click-driven vs credible sources
- Admiralty Score as a tool for making sense of information sources
- Trust as the new metric. Do you rely most on A1 sources, and what can you do to become an A1 source?
April 27
Forecasting and budgeting
Key points:
- Still a critical control for all orgs – cashflow, liquidity.
- Do historical trends and assumptions still stand up?
- Is it time to go zero-based on core areas?
- Time for sharp focus on all financial risk management (cashflow and balance sheet metrics).
- Important to revisit risk capacity, tolerance and risk appetite targets and limits.
- Now is not the time to cut your assurance effort.
May 4 2020
Talent
Key points:
- Risk management is no longer a tick-box concept. It’s a leadership capability.
- This has implications for talent you want to hire and talent you want to be.
- Sponsors will become more sophisticated and nuanced on what they want from their risk teams.