You’re a risk manager with a new team. How do you establish trust and credibility?

1. Foster an environment of open dialogue where team members feel heard and valued. 2. Demonstrate expertise by effectively managing risks and addressing challenges. 3. Clearly define each team member's role and responsibilities to ensure alignment. 4. Provide comprehensive training on risk identification, assessment, and mitigation strategies. 5. Communicate the importance of risk management in achieving organizational objectives. 6. Proactively tackle obstacles and adapt strategies to navigate evolving risks. 7. Invest time in building rapport and trust among team members to foster collaboration and unity in risk management efforts.

This is true for any other role. A risk manager should convince new colleagues that they are there to help and optimize the process. Risk identification is akin to removing stones from the ground that interfere with the process. The only role that is harder to adopt within the collective is internal audit. People are defensive about their work, but once a new team player gains this trust, things go smoother and work for everyone.

Your first task should be to talk to them about risk. Find out what they know and where there are gaps. Understand whether there is a link from objectives to risk and if not, ask them to consider what could go wrong and how they might stop them from happening or at least minimise their effects Ask them about organisational risks and what they would do to fix them if there were no obstacles to doing so. Discuss what barriers and controls they already have in place and understand how they monitor them Also understand if they have methods to monitor and measure external risks and how robust that process is. Then work with them to put a plan in place to improve any weak areas

Talk to people, ask opinions, be approachable and supportive. Communication is key, as is the support, I have seen too many issues caused by dictatorial ideals on all sides with no communication, understanding or trust.

Implement a dynamic risk taxonomy that categorizes risks based on their nature, origin, and potential impact. This taxonomy can evolve with emerging risks, ensuring a comprehensive understanding. Utilize advanced analytics and visualization tools to create interactive risk dashboards, offering real-time insights into risk interconnections and dependencies. Foster a culture of risk ownership and accountability by clearly defining roles and responsibilities for risk management. Regularly conduct risk awareness campaigns and training to empower all team members to identify, assess, and communicate risks effectively. This holistic approach ensures a nuanced grasp of risks and enhances the organization's risk resilience.

Any risk manager seeking to establish credibility and create an effective team must take into consideration that staff are well equipped with the knowledg,skills and experience to deliver expertise and contribute to better risk management outcomes. Awareness of the broader and international market conditions including understanding of the internal and external risk management threats is equally important. The process of achieving risk management maturity is a dynamic process which must be considered as a continuous process.