Risk managers need to change their approach to risk management by becoming fluent in the language of their business, not just the language of risk says PARIMA chairman Franck Baron ahead of the Manila conference.
Risk managers need to change the way they are approaching raising risks in their businesses if they wish to convey their message properly, says PARIMA chairman Franck Baron ahead of the PARIMA conference in Manila next week.
“It’s about the approach. It’s about how we as risk managers can we change the way we are raising risk concerns with the C-suites and boards but also raising the risk dialogue within the organisation,” says Baron.
“We want to highlight to our members the importance of looking at having new approaches to risk, within their particular organisation in terms of all their stakeholders, wherever they may be, in terms of seniority or in terms of functions with departments. We want risk managers to look at new what on how to properly address risks within their organisation and how to properly support them in managing their risks.”
Baron also says he wants to stress that risk managers to constantly be thinking about “developing their skills and are properly equipped to handle the risks they face.” Baron says he is keen for risk managers to develop their proficiency in risk management, which includes learning to speak the language of their respective organisations.
“One of the issues risk managers have is the pain of their stakeholders when we do not speak their language. We should forget about the insurance lingo. We should forget about the risk management energies that we are using to run the different workshops on standards like ISO31000 because they aren’t listening. We need to learn how to talk their language that they can, in turn, understand what we as risk managers are trying to tell them. We need to speak financials with the CFO and digital and IT security with the CISO and CIO. That is how we need to change the way we do risk management.”