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What do you do if your executives are struggling to navigate risk and uncertainty?

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Navigating risk and uncertainty is an inherent part of any executive role. However, when your executives are struggling with these elements, it can lead to a stagnation in growth and a decline in organizational performance. As a business manager, your task is to guide your team through these challenges by equipping them with the right tools and strategies. This article will delve into the steps you can take to support your executives in becoming more adept at handling risk and uncertainty.

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Enrique Garcia Arbulu, Mg, Ing, CIP

Project and Chief Director, Commercial Director, Board Member Director
Robert Cottingham

Credit, Risk Management & Decisioning Services. Chief Risk Officer | MLRO at SALT (SMF 16 & 17). Founder at RobCap Ltd…

1 Assess Skills

Firstly, take a step back and assess the skills and competencies of your executive team. It's crucial to identify any gaps in their knowledge or experience that may be hindering their ability to manage risk effectively. This might involve a thorough review of their past decisions and the outcomes, looking for patterns that suggest areas of weakness. Once these gaps are identified, you can focus on providing targeted training and development opportunities to bolster their skills.

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Enrique Garcia Arbulu, Mg, Ing, CIP

Project and Chief Director, Commercial Director, Board Member Director
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When executives struggle to navigate risk and uncertainty, it's crucial to foster a culture of open communication and robust risk management. Start by ensuring they have access to accurate, timely information and the tools needed to analyze it effectively. Training in risk assessment and decision-making frameworks can enhance their ability to weigh options and foresee potential outcomes. Encourage a proactive approach to identifying and mitigating risks, incorporating scenario planning and stress testing. Facilitating regular strategy reviews and updates can also help them adapt to changing conditions and make informed decisions.

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2 Encourage Dialogue

Open and honest communication is the bedrock of risk management. Encourage your executives to engage in regular dialogue about the risks and uncertainties they face. By fostering an environment where they can share their concerns and insights without fear of criticism, you create a collaborative atmosphere that can lead to innovative solutions. This dialogue should also extend beyond the executive team to include insights from employees at all levels, as they often have valuable on-the-ground perspectives.

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3 Diversify Thinking

Diversifying the thinking within your executive team is another effective strategy for managing risk. This means encouraging them to consider multiple perspectives and to challenge their own assumptions. By bringing in diverse viewpoints, whether through cross-departmental collaboration or by seeking external advice, your executives can gain a more holistic understanding of the risks at hand and can make more informed decisions.

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4 Implement Frameworks

Implementing robust risk management frameworks can provide your executives with a structured approach to navigating uncertainty. These frameworks typically involve identifying potential risks, assessing their likelihood and impact, and developing strategies to mitigate them. By having clear processes in place, your executives can approach risk management in a methodical way that reduces the chances of oversight and ensures a consistent approach across the organization.

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Robert Cottingham

Credit, Risk Management & Decisioning Services. Chief Risk Officer | MLRO at SALT (SMF 16 & 17). Founder at RobCap Ltd - a Property Investment Company
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Important to encourage open dialogue top down and bottom up and provide a framework for first line of the business to identify their risk events and risk issues...and to identify risk owners, but encouraging a "no blame" culture. On the basis of 'you cannot manage what you cannot see' a framework can help to provide structure and clarity - as well as action plans to steer the business away from risks and towards opportunities. I would also suggest - start with the key risks; start 'small' and make sure the comprehensiveness of the framework is appropriate to the maturity and size of the business. A sledgehammer to crack a nut can potentially put senior management and staff off from buying into a healthy enterprise risk management approach.

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5 Monitor Environment

Keeping a close eye on the external environment is also essential. This involves staying up-to-date with industry trends, regulatory changes, and economic indicators that could signal new risks or alter the landscape of existing ones. By monitoring these external factors, your executives can anticipate changes and adapt their strategies accordingly, thus staying one step ahead of potential challenges.

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6 Foster Resilience

Finally, fostering a culture of resilience within your organization can empower your executives to handle risk and uncertainty more effectively. Resilience is about bouncing back from setbacks and viewing challenges as opportunities for growth. Encouraging this mindset among your executives can help them to maintain a positive outlook even when faced with difficult situations, which is key to navigating the unpredictable nature of business.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your executives are struggling to navigate risk and uncertainty?

1

2

3

4

5

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1 Assess Skills

2 Encourage Dialogue

3 Diversify Thinking

4 Implement Frameworks

5 Monitor Environment

6 Foster Resilience

7 Here’s what else to consider

Business Management

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What do you do if your executives are struggling to navigate risk and uncertainty?

1

2

3

4

5

6

7

1 Assess Skills

2 Encourage Dialogue

3 Diversify Thinking

4 Implement Frameworks

5 Monitor Environment

6 Foster Resilience

7 Here’s what else to consider

Business Management

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