What do you do if your Risk Management team lacks resilience?
Risk management is a vital skill for any organization that faces uncertainty and volatility. However, it is not enough to have a well-designed risk management framework and process. You also need a resilient risk management team that can cope with stress, change, and challenges. Resilience is the ability to bounce back from adversity and learn from experience. A resilient risk management team can adapt to changing circumstances, maintain a positive outlook, and collaborate effectively. But what do you do if your risk management team lacks resilience? How can you help them develop this crucial skill and improve their performance and well-being? Here are some tips and strategies to consider.
The first step is to understand the current state of your risk management team and the factors that affect their resilience. You can use various tools and methods to assess the team's resilience, such as surveys, interviews, feedback, observations, and self-reports. You can also look at the team's outcomes, such as risk identification, analysis, mitigation, and monitoring. The goal is to identify the strengths and weaknesses of the team, as well as the sources of stress, pressure, and uncertainty that they face. You can then prioritize the areas that need improvement and set realistic and measurable goals.
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Bassem Maher-MBA
GB Corp-Accountant Section Head - MBA Eslesca Business School
Identify the Gaps & Understanding the Problem: First diagnose the specific areas where your team seems to lack resilience. Are they easily discouraged by setbacks? Do they struggle to adapt to changing circumstances? Open communication and feedback sessions can help pinpoint the root causes. Individual vs.Team Challenges: Distinguish between individual resilience issues and team level challenges Some team members might benefit from targeted interventions while others might require adjustments to team dynamics Building Individual Resilience Stress Management Techniques: Help your team members develop healthy coping mechanisms to deal with stress and pressure.This could involve workshops on mindfulness meditation or time management techniques
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Dr. Marcus Schmalbach
CEO @ RYSKEX Inc || Professor for Blockchain & AI @ ESCP Business School
If your Risk Management team lacks resilience, start by fostering a culture that values adaptability, continuous learning, and open communication. Implement training programs to develop skills essential for navigating crises, such as stress management, decision-making under pressure, and effective communication. Encourage collaboration and knowledge sharing within the team to strengthen collective problem-solving capabilities. Invest in technology that can provide real-time data and analytics, aiding in swift decision-making. Regularly review and update risk management plans based on lessons learned from past challenges.
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Vipul Tamhane LLM, MBA
Anti-Money Laundering | Anti-Fraud | Financial Crime | BFSI General Risk and Regulatory Compliance Management | Advisory and Training
They say 'what doesn't kill you makes you stronger.' Unfortunately, our Risk Management team operates under the motto: 'what doesn't kill you gives you a lifelong phobia. If that's your team too, can be a major bummer. To overcome team challenges though, foster open communication, celebrate learning, provide training on risk management, encourage collaboration, and create a supportive environment. Lead by example, celebrate successes, and focus on well-being for confidence and accomplishment. If nothing from above works: Rx. Inject some resilience manually. There's nothing like tough love.
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Eduardo Humberto
CEO | CFO | Diretor | Executivo | Controller | Administrativo-Financeiro
Se minha equipe de Gestão de Riscos não demonstrar resiliência, intervenho imediatamente para fortalecer nossa capacidade de lidar com adversidades. Isso pode incluir a implementação de programas de treinamento em resiliência, o estabelecimento de um ambiente de trabalho que promova o apoio mútuo e o autocuidado, e a criação de planos de contingência sólidos para lidar com situações desafiadoras.
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Naima AL FALASI - PMP®️ ICBB™
Strategist | AI Advisor and Shaper | Executive Mentor & Speaker | Advocate for Women Empowerment & Sustainability
To bolster a risk management team's resilience, nurturing a culture where challenges are viewed as growth opportunities is key. Initiating targeted training in resilience, stress management, and adaptive leadership, alongside fostering open communication, can empower team members to navigate uncertainties with confidence. Celebrating successes and learning from failures reinforces resilience, elevating both performance and satisfaction.
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The second step is to provide your risk management team with the necessary support and resources to enhance their resilience. This includes both emotional and practical support, such as coaching, mentoring, recognition, feedback, training, and development. You can also offer them access to professional and personal resources, such as counseling, wellness programs, peer networks, and online platforms. The aim is to create a supportive and positive work environment that fosters trust, communication, and collaboration. You can also encourage your team to seek and offer support to each other and to leverage their diverse skills and perspectives.
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Junaid Ahmad
Structural Engr., M.Eng., P.E, PMP, PMI-RMP, MBA
Offer assistance to team members who may be struggling. Provide access to resources such as training programs, counseling services, or tools that can help them build resilience and cope with challenges effectively.
The third step is to foster a learning culture within your risk management team that promotes resilience. This means creating opportunities for your team to learn from their successes and failures, to reflect on their experiences, and to apply their insights to future situations. You can also facilitate learning by providing constructive feedback, challenging assumptions, asking questions, and sharing best practices. The objective is to help your team develop a growth mindset that embraces change, innovation, and improvement. You can also reward your team for learning and experimenting, rather than for avoiding or blaming.
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Junaid Ahmad
Structural Engr., M.Eng., P.E, PMP, PMI-RMP, MBA
Encourage continuous learning and growth within the team. Create opportunities for sharing experiences, discussing lessons learned from past challenges, and exploring new strategies for managing risks resiliently.
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Junaid Ahmad
Structural Engr., M.Eng., P.E, PMP, PMI-RMP, MBA
Encourage continuous learning and growth within the team. Create opportunities for sharing experiences, discussing lessons learned from past challenges, and exploring new strategies for managing risks resiliently.
The fourth step is to build a shared vision for your risk management team that inspires resilience. This means clarifying the purpose, values, and goals of your team, and aligning them with the organization's vision and strategy. You can also involve your team in the vision-setting process, and solicit their input, feedback, and ideas. The aim is to create a sense of meaning and direction for your team, and to motivate them to pursue a common objective. You can also communicate your vision regularly, and celebrate your team's progress and achievements.
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Shamma Alzarooni
Advisor at ADNOC Group
- Defining collective objectives: Everyone should be clear on the team's goals. - Consistent communication: It's vital for keeping the team aligned. - Setting an example: Show resilience in your actions. Example: When encountering sudden regulatory changes, we relied on our shared vision to guide our response, ensuring we remained cohesive and purposeful in our approach. This method solidifies the team's resilience and promotes a strong, collective direction.
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Junaid Ahmad
Structural Engr., M.Eng., P.E, PMP, PMI-RMP, MBA
Align the team around a shared vision that emphasizes the value of being able to bounce back from setbacks and adapt to changing circumstances.
The fifth step is to model resilience for your risk management team, and to lead by example. This means demonstrating the behaviors and attitudes that you expect from your team, such as optimism, flexibility, confidence, and perseverance. You can also share your own stories and experiences of overcoming challenges and learning from setbacks. The goal is to show your team that resilience is possible and desirable, and to influence their mindset and actions. You can also acknowledge your own limitations and vulnerabilities, and seek support and feedback when needed.
The sixth step is to review and adjust your approach to enhancing your risk management team's resilience, and to measure the results. You can use various indicators and metrics to evaluate the impact of your actions, such as team performance, satisfaction, engagement, and retention. You can also solicit feedback from your team and other stakeholders, and identify the best practices and lessons learned. The aim is to assess the effectiveness and efficiency of your resilience-building efforts, and to make adjustments and improvements as needed. You can also celebrate your team's achievements and recognize their efforts.
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Joyce de Faria
Energy Market - Risk Modelling - Portfolio - Project Manager
In my experience, when this happened, I remembered my team about some victory or some project we build and assisted the company, and I remember the power and some abilities of them. In difficult moments, when the resilience is down, it is difficult for the team to remember these points, but you as a leader, you can do this and empower them.
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Junaid Ahmad
Structural Engr., M.Eng., P.E, PMP, PMI-RMP, MBA
Encourage open communication and collaboration among team members. Celebrate successes and milestones achieved in building resilience. Recognize and appreciate individual efforts towards strengthening resilience. Stay updated on the latest research and best practices in resilience building. Foster a supportive and inclusive team environment
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