22. How to sell risk management to executives? - Alex Sidorenko скачать в хорошем качестве

22. How to sell risk management to executives? - Alex Sidorenko

Alex Sidorenko from RISK-ACADEMY talks about three main ways to sell risk management to executives: by complying with regulatory requirements, by showing the immediate and direct financial savings, and by highlighting the benefits of better decision-making and transparent performance management that come from incorporating risk management into strategic planning and other business processes. The key is to focus on the end results of risk analysis, and not just the process of risk management itself, in order to effectively communicate the value of risk management to executives. Key insights 💡 Risk professionals should focus on stronger rationales, such as highlighting the potential for improved decision-making and resource allocation, in order to convince executives to prioritize risk management. 💰 Proper risk management can save a company a lot of money immediately and directly, leading to better financing and lower insurance costs. 💼 Selling risk management to executives can be challenging because they often view it as just a tool and are not interested in managing risks or making better decisions to achieve their goals. 💼 Executives are more interested in the strategic goals and outcomes of risk management, rather than the underlying risks themselves. 💼 "Don't sell risk assessments or risk registers, executives are more interested in how risk analysis will reshape strategic planning, performance management, and procurement." 💼 Managers often overlook the importance of risk management, but it is crucial to connect risks to the company's specific objectives and targets. The key idea of the video is that risk professionals can sell risk management to executives by emphasizing its importance in achieving strategic goals and improving organizational performance. 00:00 💡 Risk professionals can sell risk management to executives by emphasizing the importance of complying with regulatory requirements. 01:11 💡 Executives need to be convinced that risk management is necessary due to legal requirements, even though it may not be easy for them to understand or accept. 01:50 💰 Risk management can save companies money through better financing and lower insurance costs, making it a worthwhile investment for executives. 02:34 💡 If CEOs are not interested in risk management and don't see its value in achieving their goals and improving organizational performance, it's best to stop discussing it with them. 03:22 💡 Executives are primarily concerned with achieving strategic goals and view risk management as a tool for better decision making and transparent performance management. 03:54 💡 Selling risk management to executives involves focusing on the end result of how it will strategically impact the company's decisions, investments, performance management, procurement, and strategic planning by providing an understanding of the regulatory risk profile. 04:46 😅 Managers often overlook the importance of risk management, but it is crucial to connect risks to private targets and company objectives to avoid negative consequences like missing out on bonuses. 05:27 💡 Executives initially dismissed risk management, but later realized its importance when faced with potential losses, prompting them to seek advice and incorporate risk analysis into decision-making. Join this channel as a member for new videos, RAW workshops or online courses    / @riskacademy   Read more risk management articles at https://riskacademy.blog/ Watch the best practical workshops and case studies from RISK AWARENESS WEEK https://riskacademy.vonza.com/ DOWNLOAD our risk management book for free. Number 1 in Google search globally with 200000+ downloads https://www.researchgate.net/publicat... Or check out online short courses on Udemy https://www.udemy.com/user/alexsidore... Check out awesome risk management quantitative software https://www.archerirm.com/insight-ris... Enhance your company's risk management practices and improve the quality of your board's decision making with our advanced risk governance course, which covers everything from traditional risk management elements to advanced risk oversight and includes practical case studies and additional resources to strengthen your board's oversight. https://courses.dcroi.org/courses/ale...