Risk managers can harness data to their advantage to engage C-Suite members on important issues, according to Danny Wong.
Danny Wong, founder and CEO of GOAT Risk Solutions, says risk teams can face a challenge as C-Suites often perceive them to be a blocker, or unable to deliver value beyond compliance.
Wong says risk managers “need to be bridging that gap”: “How do we bridge that gap? We can start by raising empowerment and accountability in the business. Making sure the risk owners have the resources and capacity to do something about those risks.”
He believes risk managers need to ensure there is two-way transparency, that the status quo is challenged, and that there is holistic thinking. Risk management needs to be embedded in decision-making, and there must be data-led risk management processes.
“Data has got to be part of the solution,” Wong added. “Let’s put everything in the right context. Put data into the risk dialogue, and with that inform decision-making.”
Risk managers should look to condense risk processes to their “most simplistic form”, Wong says. “Identify, assess, treat and monitor.”
He added: “Identify the problems. Prioritise your problems so you are focused on the right things. Treat. Think innovatively. And monitor traditionally using risk registers, go around and speak to risk owners and ask, ‘what’s the latest’?”
Speaking as part of StrategicRisk’s #ChangingRisk series, Wong encouraged risk managers to deliver tangible, data-led insights to inform decision-making.
“That’s what they’re looking for,” he added. “They need true insights and different perspectives, decision making comfort and assurances. They need the data and evidence behind it. What data is available? Because that is more credible than scores and traffic lights.”