Are you clear on what you need from your risk team?
Throughout in Q4 2020 and Q1 2021 we’re looking at risk functions and role clarity for Chief Risk Officers.
What roles they need to be exceptional at right now?
Risk functions mean many things to many people – often within the same organisation.
Lack of clarity on what is essential can lead to underperformance in things that matter and over-investment in things that don’t.
It also can result in recruiting the wrong profiles for the job, and focus being skewed by unintended biases, personalities or skills.
There is no single answer. It varies for each organisation at various points in time.
Alignment on these things is critical and requires vigilance.
Getting clarity for your organisation.
During Q4 2020 and Q1 2021 we’re running an initiative to help organisations to get clarity on the priorities for their risk leaders and risk teams.
Our framework contains 16 of the most common priorities for risk functions – shown in light blue below.
Davies Report subscribers will be able to access a diagnostic survey that goes through each of the 16 elements.
This tool unpacks each of the elements and takes participants through a thought process to understand each area and rank importance and performance.
We will summarise results in The Davies Report in November. Participants will also get access to a more detailed report as thanks for their participation.
The tool takes around 9-14 minutes to complete – about the same amount of time required to savour your favourite hot beverage.
The tool, survey and detailed report are free of charge to participants normally valued at A$95.
Results are confidential. We will only look at specific responses if you wish to go further (see offer below).
This offer is only available to survey participants, so participation is essential.
Update: Round 1 is now closed and the results were insightful and provided a few surprises and needed clarity for most participants.
Due to popular demand we’re extending the free offer until 28 February 2021 and will summarise the findings in March as well as providing early access options to go through your personal results.
Additional options for participants
We will also provide options to survey participants to go through the details, individually or as a team.
These are compressed offers designed to get a ton of value for low investment.
After you complete the survey and we’ll send you the details. But you need to participate to get these.
To get started fill in your details below and we’ll get you started.
Update: Round 1 is now complete. Round 2 is now open and closes on February 28.
Note: This offer is for current and former clients, Davies Report subscribers and by invitation. If you’re not already in one of those groups and would like to participate, register using the form above and get we’ll add a quick step to get to know you first.
About this initiative
In working with risk functions this year it’s become clear to us that the expectations of the modern chief risk officer continue to evolve – often without a clear framework or agreed set of priorities.
Clarity and alignment on priorities is essential.
Changing requirements and changing stakeholders mean that prioritisation and alignment on expectations requires constant vigilance. And to be revisited when circumstances or stakeholders change.
In October this year we developed this model to help drive clarity for some of our clients.
This model was posted on LinkedIn and has received exceptional feedback from more than 100 risk leaders including CROs from some of the world’s most respected brands. The model has now been viewed and shared more than 13,000 times.
It has been our most viewed and shared piece of content ever, which indicates the burning need for clarity.
Where do maturity models fit?
As we’ve commented over many years, maturity models are prolific.
This is not one of those.
Many are derivatives of the ERM maturity models from the late 1990’s, and work on the premise that:
- Most things in life can be fixed with an A/NZ 4360 style risk workshop
- More maturity, process and sophistication will get you where you need to go.
In our experience this is not always so.
For the reasons above we developed our risk excellence model that shifts from building blocks to outcomes. This gets beyond process and shifts into effectiveness – answering the question of whether the risk investment is delivering results or just more activity, complexity and cost.
But before you go down that path, you need to be clear on what the priorities are, hence the reason for this tool and initiative.
Fill in the form above to get started.
Got a question?
Email us here.