When we practice risk management mainly for the purpose of compliance, we are really faking it!
A compliance-focused approach to risk management only leads to an ever increasing number of complex procedures, rules and documentation rather than nurturing a culture of empowerment and customer focus. Risk management in such an environment becomes a check-the-box exercise.
In this episode, Vilma Nasteckiene challenges us to critically examine our current practices and adopt a more customer-centric approach. Drawing on her extensive experience in the banking industry, she advises us to work collaboratively, and to develop processes that aim to serve our customers while staying true to the organization’s core values.
When fear drives our actions just to be in compliance with regulations, we take a check-the-box approach to risk management. On the other hand, when we do the right things right, and with courage, we not only produce business results and serve our customers, we also naturally comply with regulations.
Be brave to ask uncomfortable questions, including what we must stop doing and how we should improve our processes to achieve our objectives.
That is how we start unfaking risk management!
About Vilma Nasteckiene
Vilma Nasteckiene is the co-founder and partner at The Holistic Enterprise, where she helps organizations to embrace a new management philosophy that enables them to adapt to a changing world by transforming old paradigms into holistic value-creating interdependencies interacting with the ecosystem. She holds a Ph.D. in Social Sciences and management from ISM University of Management and Economics, where she also serves as a risk practice researcher on a part-time basis. She has over 10 years of experience in risk management in retail and banking.
About Let’s Talk Risk! with Dr. Naveen Agarwal
Let’s Talk Risk! with Dr. Naveen Agarwal is a weekly live audio event on LinkedIn, where we talk about risk management related topics in a casual, informal way. Join us at 11:00 am EST every Friday on LinkedIn.
Disclaimer
Information and insights presented in this podcast are for educational purposes only. Views expressed by all speakers are their own and do not reflect those of their respective organizations.
LTR 30: It is time to unfake risk management!