A short while ago, I initiated a survey of COOs and senior managers to find out what they were most struggling with. I wanted to tailor the content of an upcoming course as closely as possible to their needs. What I found genuinely surprised me. While knowledge gaps were a significant factor in the feedback (and my CRO book can really help with that), what stood out much more was the organisational elements, the cultural elements. Getting stakeholders to engage, to care, to make better decisions. Here’s what you told me:
• CROs are struggling with organisational buy-in: You told me that as risk leaders, you face an uphill battle convincing executives and staff that risk management is more than just a compliance exercise, as the survey revealed widespread apathy toward risk frameworks.
• CROs are struggling with knowledge gaps: The survey highlighted that many risk professionals find themselves racing to keep up with rapidly evolving industry trends, while addressing fundamental expertise shortfalls within their teams.
• CROs are struggling with limited resources: You told me that despite recognising the critical importance of robust risk frameworks, leaders are hampered by insufficient budget, staff and time – a frustration clearly expressed by several survey respondents.
• CROs are struggling to balance risk and reward: Finding the sweet spot between opportunity and protection remains a persistent challenge according to our survey, with many noting poor decision-making that leads to “backfiring” risk-taking.
• CROs are struggling with practical implementation: Survey respondents consistently reported difficulties translating complex risk theory into workable systems that everyone understands and follows.
• CROs are struggling with regulatory and reputational pressures: The twin threats of compliance complexity and potential brand damage were significant concerns in our survey, particularly when working with marketing professionals dealing with data privacy requirements.
So, to help address these issues, I’ve created both a full-blown CRO course, and a mini-masterclass to get to these issues, quickly. In it, we’ll cover how to engage stakeholders, how to have a proper, grown-up discussion about risk appetite and how to execute, so your risk framework really lands in your organisation. Join me on Wednesday April 23rd (or watch the event after the fact). I can’t wait to share this with you – let’s get stuck in.
