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You're a financial services professional. How can you manage risks more effectively?

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Risk management is a crucial skill for any financial services professional. Whether you work in banking, insurance, investment, or consulting, you need to identify, assess, and mitigate the potential threats to your business objectives and performance. But how can you manage risks more effectively in a complex and dynamic environment? Here are some tips and tools to help you.

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1 Understand your risk profile

The first step to manage risks is to understand your risk profile. This means knowing what types of risks you face, how likely they are to occur, and how severe their impact could be. You can use various frameworks and methods to analyze your risk profile, such as SWOT, PESTEL, or FMEA. You should also consider your risk appetite, which is the level of risk you are willing and able to accept in pursuit of your goals.

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Yousa Zariat, ICA, CRCMP ,FCAP, CBKP, TRCP, IESS, MBA

Manager, Quality Control & Global Sanctions, BRAC Bank PLC
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The goal of a risk profile is to provide a nonsubjective understanding of risk by assigning numerical values to variables representing different types of threats and the dangers they pose. Each organization has its own unique risk profile, based on the assets it wants to protect, the goals it wants to achieve, its ability to handle risks and its willingness to do so.

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2 Implement a risk management process

The second step to manage risks is to implement a risk management process. This is a systematic and continuous way of planning, executing, monitoring, and reviewing your risk activities. You can follow the widely used ISO 31000 standard, which consists of five stages: establish the context, identify the risks, analyze the risks, evaluate the risks, and treat the risks. You should also document and communicate your risk management process to ensure clarity and accountability.

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Yousa Zariat, ICA, CRCMP ,FCAP, CBKP, TRCP, IESS, MBA

Manager, Quality Control & Global Sanctions, BRAC Bank PLC
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In a risk management process, risks are assessed against the chance of them occurring (likelihood) and the amount of loss or damage (impact) that may result if they do happen. These are the four-step process to help us manage ML/TF and regulatory risks. The steps are: Identify risks Assess and measure risks Apply controls Monitor and review effectiveness.

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3 Use risk management software

The third step to manage risks is to use risk management software. This is a tool that can help you automate, streamline, and improve your risk management process. Risk management software can help you collect and store data, perform calculations and simulations, generate reports and dashboards, and track and update your risk status. There are many types of risk management software available, depending on your specific needs and preferences.

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Yousa Zariat, ICA, CRCMP ,FCAP, CBKP, TRCP, IESS, MBA

Manager, Quality Control & Global Sanctions, BRAC Bank PLC
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Risk management software allows organizations to streamline their entire risk management process, from identifying risks to developing response plans. The software automates repetitive tasks such as data entry and risk scoring, which frees up time for more important tasks such as risk analysis and mitigation planning.

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4 Learn from best practices

The fourth step to manage risks is to learn from best practices. This means benchmarking and adopting the proven strategies and techniques of other successful financial services professionals and organizations. You can learn from best practices by reading case studies, attending seminars and webinars, joining professional networks and associations, and consulting experts and mentors. You should also be open to feedback and suggestions from your stakeholders and peers.

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5 Review and improve your risk management

The fifth step to manage risks is to review and improve your risk management. This means evaluating and measuring your risk performance and outcomes, identifying and addressing any gaps or issues, and making necessary changes and enhancements. You should also update your risk profile and process regularly, as your internal and external environment may change over time. You should also celebrate and reward your risk achievements and successes.

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James Hawkins

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Throughout my collaboration with business owners, I've consistently applied these five key strategies to optimize their operations, both historically and presently: 1.Implementing a Risk Management Plan 2. Diversifying Revenue Streams 3. Building a Cash Reserve Buffer 4. Staying Informed and Agile 5. Regularly Reviewing Insurance Coverage

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6 Keep learning and developing your risk skills

The sixth and final step to manage risks is to keep learning and developing your risk skills. This means staying updated and informed about the latest trends and developments in the financial services industry and the risk management field. You should also seek opportunities to expand and deepen your knowledge and competencies, such as taking courses, certifications, or degrees, or participating in projects, workshops, or events. You should also cultivate a risk-aware and proactive mindset and attitude.

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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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You're a financial services professional. How can you manage risks more effectively?

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3

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1 Understand your risk profile

2 Implement a risk management process

3 Use risk management software

4 Learn from best practices

5 Review and improve your risk management

6 Keep learning and developing your risk skills

7 Here’s what else to consider

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