Chief Risk & Compliance Officer
"It is not the strongest, nor the most intelligent of species that survives. It is the one that is most adaptable to change!" by Charles Darwin.
The term 'Risk' is derived from an Italian phrase 'Risicare' which means 'To Dare'!
Contrary to its genesis which reflects positive connotation, Risk Management is largely associated with restricting the downside in any business.
For far too long, the risk teams have been looked as someone trying to constrain aggression in business with fear of unknown and limiting growth opportunities by throwing the jargons of sections under statutory rule or hypothetical theories.
However, with changing times, the working and perception of risk is also undergoing a change.
In today's age - where winner takes all – well-established differentiator can translate into a disproportionate benefit to all stakeholders.
Risk teams are pushing businesses to take a step further, to dare and realize their full potential. Businesses today rely on the risk teams to help them get that extra step, that extra mile or the extra edge, that can help them make businesses and teams stand out from the pack.
New Businesses and delivery formats are being built and status quo is getting disrupted at lightning speed. The only way to sustain or grow business in such an environment is by adopting a pragmatic and progressive risk management framework.
It is imperative to have a risk management framework not just for having robust checks and balances in place and designing appropriate strategies for key risks, but also to leverage upon them and establish a complimentary Opportunity Management Framework.
The world, therefore, is moving to a more positive risk management framework that includes an Opportunity Management Framework - a must for business to survive, exist, scale up and thrive in an extremely dynamic and complex business environment.
Opportunity Management framework not only ensures that the overall risk management construct is robust and dynamic but also helps organization identify and attain desired objectives in an efficient way. It keeps people motivating, increase teamwork and provide development opportunities.
The risk teams, interpreting from Charles Darwin theory, should be adapting to the new challenges and changes in the business environment. In the Vulnerable, Uncertain, Complex and Ambiguous world it is utmost critical to have a robust, independent and adaptive risk management framework.
Risk management should evolve as a framework that will not only help organizations survive, but also to thrive.