The 4 Types of Courage That Foster Growth and InnovationOliver Wyman金融服务实践中的合作伙伴，财务与风险和组织效果
Today’s stressful conditions aren’t, however, conducive to being courageous, and risk professionals themselves tend to be risk-averse. Risk functions are typically organized in silos that discourage joined-up thinking. This increases the likelihood that issues, which don’t sit neatly into the traditional boxes, fall through the gaps. Initiatives requiring collaboration across the siloes can be slow and painful, especially when everyone is working remotely.
Rather than asking your team when the Q3 provision forecast would be ready, risk managers could ask the team to come up with a best estimate for Q3 by the next day. When that number is delivered, the manager could then ask for the team’s level of confidence in the estimate. Very often, analysis that is “good enough” enables decisions to be made sooner rather than waiting for perfect numbers that come too late and frequently support the same course of action.
For this reason, it is critical to operate in an environment of psychological safety in which all team members feel comfortable speaking up against what otherwise appears to be the group consensus. In other words, avoid “groupthink” by fostering the courage needed to be the lone voice in a room willing to refute key assumptions, underlying forecasts or emerging risk assessments.
One way to create a more open and supportive environment is to appoint someone to play devil’s advocate. This team member’s role would be to intentionally confront or question the other members of the group (regardless of their own opinion). Ensuring that someone raises questions can change the dynamic, giving permission for disagreement and reinforcing the idea that constructive dissent is part of a healthy risk culture.
Risk leaders could also think about using war-game exercises to test the strength of a new policy or decision. For example, if a credit risk team was planning to redesign its board and executive committee reporting, a small team from market risk could be tasked with developing an alternative proposition as part of a red versus blue team set-up. Both teams could use the learnings to ultimately build resilience.
Courage to Think Bigger
一个欧洲金融ser首席风险官之一vices company sets aside 10 minutes at the end of her weekly leadership team meeting to encourage the team to brainstorm: What has been missed? What might go wrong? What new risks might arise? She provides the time for individuals to consider risks or challenges outside their own areas of expertise or responsibility. For example, the head of credit risk might make an observation about a potential new source of cyber risk.
Leaders must accept that if they encourage their teams to be innovative or think outside the box, more might go wrong. This is especially true when teams are operating under pressure in challenging circumstances. Fear of making mistakes, especially in a risk-averse community of risk managers, can lead to overly conservative behaviors, a reluctance to innovate or experiment, and covering up errors.
Some of the best chief risk officers we’ve met are those who have instilled a sense of curiosity and positivity in their teams. Not every idea or suggestion will be viable or realistic, but it is important to try to help your people look for the nugget of gold in every idea and build upon it.
A Courageous Future
The world is changing faster than we could have imagined a decade ago. Whether it’s addressing human-made or naturally occurring risks, the challenges that lie ahead for risk functions are only set to increase. By giving risk teams both the opportunity and permission to be more courageous, chief risk officers can better prepare them to respond to the changing needs of colleagues, customers, stakeholders, and even the broader society.