The Risk Within
First published:
ISBN: 978-1-78272-458-2
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Adapting the risk function
Adapting the risk function
Acknowledgements
Introduction
What is psychological safety and how does it impact organisations?
The seven principles of psychological safety in managing risk and uncertainty
Blending transparency, accountability and risk strategy
Empowering teams for effective risk management
Leveraging setbacks for informed risk management
Integrating adaptive and agile risk intelligence with psychological safety
Building a foundation of trust and oversight
Cultivating supportive environments
Organisational maturity assessment
Dealing with multicultural environments
Change management
Establishing the roadmap
Adapting the risk function
Conclusion
A personal ask
Appendix
References
Risk managers must understand the psychology of risk-taking to be effective in their job. They should enable effective risk-taking across their organisation to support value creation, and they must use the risk management capabilities and processes to lead their organisation through the journey. However, first they must adapt.
Taking risks is an inherent part of any organisation, and without taking calculated risks, it can be difficult, not to say impossible, for any organisation to grow and remain competitive and relevant in the marketplace. Risks can present themselves in various forms, such as financial, operational, strategic, reputational and legal. The key is for businesses to identify and assess these risks, and develop strategies to manage and mitigate them effectively. By taking calculated risks and managing them well, businesses can create new opportunities for growth, gain a competitive advantage, and achieve long-term success.
Risk managers are here to help business leaders and managers to take the right risks. But, what do they need to succeed? How can they get there?
EXPECTED OUTCOMES
To achieve this, many risk functions will have to adapt, to transform. As discussed
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