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Looking to Boost Resilience? Hire a Chief Risk Officer
The events of the past year have made it crystal clear that resilience is no longer a crisis-driven capability that only occasionally comes into play. Resilience needs to be a regular part of doing business. Indeed, 87% of organizations say they are investing in capabilities that will help boost resilience.
Updated technology is often at the top of the resiliency wish-list. And that’s not surprising given the fact that so many organizations struggled to get reliable risk intelligence amidst the pandemic’s rapidly changing conditions. With no time to gather siloed data and people, action became nothing more than a shot in the dark. No one wants a repeat of that.
To be sure, technology that delivers a holistic, 360-degree view of risk is essential for an agile response. But why stop there? Organizations that are really serious about improving the resiliency of their risk management programs are amping up the power of technology with a secret weapon of the human sort – a chief risk officer.
A CRO is your risk champion, the point person in charge of the processes, technology, and structure to tie all the pieces together into a cohesive risk story. Investing in a CRO can spur innovation in risk analysis and response – and it can elevate the status of risk management both inside and outside your organization. A CRO also has the ability to cut through the red tape and eliminate bottlenecks that often stand in the way getting you what you need – that is, fast, reliable risk information on which to base decisions.
Here are four specific ways a CRO can boost resilience:
A chief risk officer needs the acumen to assess everything from claims to supply chains, maintain numerous relationships inside and outside the organization, understand a balance sheet, and be able to articulate which risks are worth taking, which are not, and why – all while answering to government regulators and investors.
While risk managers can be very effective risk champions, a CRO has the advantage of being able to take a step back from day-to-day risk management administration and think more broadly about the cascading effects of risk across the organization – which is one of the fastest ways to resiliency.
Resilience is about being prepared for future disruptions – as well as for new opportunities. Integrated risk management technology can arm you with information to strengthen your resilience to match the speed and scale of current threats. And that intelligence is even more powerful when you give it a voice by formalizing the role of chief risk officer.