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    Bruce Fletcher Et Al - EBRD and PRMIA - 14th Nov

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    The document discusses the changing skills needed for risk managers and provides insights from risk experts. It notes that the environment is drastically changing the skills required to be a successful risk manager. It summarizes that risk managers need broad risk knowledge, an understanding of rapidly changing technology risks, and the ability to act as strategic business partners. The document also shares the results of a PRMIA poll which found that only 29% of firms take a holistic approach to training and networking, and that training budgets for risk teams are often inadequate. It recommends that firms establish minimum risk training standards, provide technology-related risk training, and create comprehensive training plans with dedicated budgets.

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    Bruce Fletcher Et Al - EBRD and PRMIA - 14th Nov

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    6cngcbzqh4
    17 views15 pages
    The document discusses the changing skills needed for risk managers and provides insights from risk experts. It notes that the environment is drastically changing the skills required to be a successful risk manager. It summarizes that risk managers need broad risk knowledge, an understanding of rapidly changing technology risks, and the ability to act as strategic business partners. The document also shares the results of a PRMIA poll which found that only 29% of firms take a holistic approach to training and networking, and that training budgets for risk teams are often inadequate. It recommends that firms establish minimum risk training standards, provide technology-related risk training, and create comprehensive training plans with dedicated budgets.

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    The document discusses the changing skills needed for risk managers and provides insights from risk experts. It notes that the environment is drastically changing the skills required to be a successful risk manager. It summarizes that risk managers need broad risk knowledge, an understanding of rapidly changing technology risks, and the ability to act as strategic business partners. The document also shares the results of a PRMIA poll which found that only 29% of firms take a holistic approach to training and networking, and that training budgets for risk teams are often inadequate. It recommends that firms establish minimum risk training standards, provide technology-related risk training, and create comprehensive training plans with dedicated budgets.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    17 views15 pages

    Bruce Fletcher Et Al - EBRD and PRMIA - 14th Nov

    Uploaded by

    6cngcbzqh4
    The document discusses the changing skills needed for risk managers and provides insights from risk experts. It notes that the environment is drastically changing the skills required to be a successful risk manager. It summarizes that risk managers need broad risk knowledge, an understanding of rapidly changing technology risks, and the ability to act as strategic business partners. The document also shares the results of a PRMIA poll which found that only 29% of firms take a holistic approach to training and networking, and that training budgets for risk teams are often inadequate. It recommends that firms establish minimum risk training standards, provide technology-related risk training, and create comprehensive training plans with dedicated budgets.

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    of 15

    The Risk Manager of the Future

    with insights on Training &


    Networking

    David Coleman Bruce Fletcher Justin McCarthy


    Chief Risk Officer Former Chief Risk Chief Executive Officer
    Officer- NatWest
    European Bank for Professional Risk
    Reconstruction and Chairman Managers International
    Development (EBRD) Professional Risk Association (PRMIA)
    Managers International
    Association (PRMIA)
    The Risk Function of the Future
    In the next 30 minutes:

    1) How the environment is drastically changing the skills needed to be a


    successful risk manager

    2) How should I think about the skills needed in my organisation

    3) What the experts are saying

    4) PRMIA poll results: current upskilling approaches

    5) What you need to do


    What has changed – Macro Trends

    30 Year Golden Age Disruptive Age

    Economic integration Protectionist supply chains

    Economic stability Frequent crises

    Authority of Global Institutions Nationalism


    New & Heightened Risks - Interconnected

    Disruptive
    Tech
    Geopolitical

    Climate
    Risks New
    Risks

    Migration /
    Pace Inequality
    of Change
    Strategic
    Risks
    An EWRMF Approach to Use

    Strategy of Firm Risk Strategy

    Risk Function Strategy New


    Macro Risks
    Trends People Strategy
    Conduct
    Rules SMF
    Risk Goals for 2024
    Regime
    Certification
    Regime 2024 People Action Plan
    What the Experts are Saying

    • Risk as a strategic business partner

    • Broad risk knowledge

    • Rapid change – necessary & a risk

    • Tech: necessary, but also a risk

    • Risk culture – foundational


    Implications for Risk Managers
    Cloud

    AI Agile
    • Hiring tech saavy staff Digital
    • Broad risk managers – movement to different roles in
    Risk
    • Upskilling existing staff critical – significant gap
    • Vendor risk management capabilitity – 3rd party
    outsourcing risks
    • Networking for peer best practice very important
    • Expect more regulatory scrutiny (SMF, certification)
    What Risk Managers are saying

    • Professional Risk Manager’s International


    Association (PRMIA) Survey Results:
    • Nearly 100 respondents
    • 28 countries
    • 56% banks
    • Small, medium and large institutions
    • Full results to be published on LinkedIn
    What is your approach to training and
    networking?

    % of firms with a holistic approach 29%


    to networking and training

    % of firms who primarily rely on


    53%
    individuals to find training and
    networking opportunities
    Do roles in Risk have defined standards for
    risk related training?

    The majority of roles in Risk have


    22%
    defined minimum risk training standards

    There is no minimum training standard


    47%
    for most of the Risk roles
    Tell us about your training to ensure your team
    understands technology related risks

    There is an acceptable level of


    19%
    technology related training

    There is little training and a lot more is


    47%
    needed
    Tell us about the adequacy of the training
    budget allocated to Risk

    The training budget is adequate and 11%


    comprehensive

    The budget allocated to Risk is wholly 25%


    inadequate

    The budget is inadequate but covers the


    38%
    minimum requirements
    What you need to do

    • Acknowledge: macro trends and risks

    • Cross risk type knowledge is critical

    • Minimum risk training standards!

    • Tech specialists

    • Tech training gap


    What you need to do

    • Create a holistic training plan: risk staff and business line – more critical
    than ever

    • Recognised training partners; modular / transportable


    • PRMIA examples:
    • Professional Risk Manager Designation
    • Operational Risk Management Certificate
    • Credit & Counterparty Certificate
    • Market, Liquidity & ALM Certificate

    • BUDGET!

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