RISK LEADERSHIP. It’s a new term for many but make no mistake, it is critical to the success of competitive companies and driving strategic initiatives. The 100+ company executives, board members and students attending the University of St. Thomas’ Risk Leadership’s Spring Summit came to explore risk leadership and learn about the impact of risk leaders . The theme of the event was Risk and Strategy: Maximizing the Value of Disruption.
The event was kicked off by keynote speaker, Adrienne Jordan, Director, Project and Risk Office, Minnesota Super Bowl Host Committee.
Speaking at this event, on strategy and risk, I emphasized the need for strong capabilities to identify risks, address those risks that organizations cannot address on their own, and employ new strategies. The audience was left with the following five key tips:
- INVEST in exploring in your ecosystem and building new capabilities to compete and reduce risk.
- EMBRACE the changing paradigm of value systems and expectations.
- EXCHANGE in new ways; design new organizations, build new partnerships.
- ALIGN early, be transparent and consistent.
- RECOGNIZE and ENGAGE risk leaders.
The panelists in this breakout session were directors of innovation and communications experts and we discussed the risk of not exploring and investing, the evolution of innovation practices and the power of culture and communication. Some of the questions included:
- What is the risk of organizations not exploring and investing in focused areas?
- How does your company stay on the pulse of what’s next?
- What trends are you seeing in how companies compete?
- What role does communication play in supporting these early stages of exploration?
- To compete, organizations need to develop capabilities, what capabilities can drive strategic outcomes and mitigate risk?
- How are companies using pilots and prototypes to manage risk?
- How do global cultures impact risk and opportunity decision?
This event was the second in a series of risk leadership events supporting the growth of this movement and promoting the new graduate certificate program in this emerging area.
UNIVERSITY OF ST. THOMAS RISK LEADERSHIP SUMMIT AGENDA
The Risk Leadership Initiative is excited to host our inaugural Spring Seminar event, “Risk and Strategy: Maximizing the Value of Disruption.” at the University of St. Thomas on April 25, 2017, from 7:30 to 1:00 p.m. This half-day event features a keynote presentation on Risk Leadership experience from the Super Bowl event and four breakout sessions. Topics were selected based on suggestions we received from Risk Leaders like you.
Wednesday, April 25, 2018, 7:30 a.m. – 1:00 p.m.
Adrienne Jordan – Director, Project and Risk Management Office, Minnesota Super Bowl Host Committee
STRATEGY AND RISK: 5 TIPS FOR LEADERS
To be competitive, companies constantly need to develop new strategies and capabilities. This panel discussion will provide insights on the key roles of risk leaders in setting company strategy, the risk of not responding, innovative strategies companies can employ, and the impact of effective risk leadership. You will gain practical tips on applying strategic thinking based on insightful examples shared by our panelists.
Lana Weber, Chief Strategy Officer, Elements Group
RISK CULTURE AND ORGANIZATIONAL BEHAVIOR
People leaders and those focused on organizational behavior don’t always think of themselves as risk leaders. This is particularly true in companies with a risk management function that tends to take formal responsibility for risk-related topics. Join our panel of organizational culture shapers for a discussion on how company culture prevents and mitigates risks and is critical to the success of many company initiatives, including takeaway tips you can incorporate into your role.
Dr. Christopher Michaelson, David A. & Barbara Koch Distinguished Professor of Business Ethics & Social Responsibility, University of St. Thomas
THE FAIR APPROACH: A NEW WAY TO MEASURE & MANAGE INFORMATION RISK
In many cases, how organizations complete information risk analysis and how we communicate results to leaders is broken. You will gain insights into why managing information risk is difficult and complex and gain insights into alternatives, including the “Factor Analysis of Information Risk” (FAIR) model. The first 50 attendees will receive a copy of “Measuring and Managing Information Risk: A FAIR Approach” by Jack Jones and Jack Freund.
Jeff Norem, VP of Security, Augeo Marketing
COSO ERM FRAMEWORK UPDATE: AN OVERVIEW FOR RISK LEADERS
With the release of the new COSO ERM Framework in late 2017, this session is intended to provide attendees with greater insight into the research and findings that drove the a significant framework update. Ten key changes will be reviewed along with potential implications for your organization. You will learn how these changes were intended to elevate the relevance of ERM, meet management’s and the board’s increasing expectations of ERM, and gain practical examples of the application of the new COSO ERM Framework.
Stephen Zawoyski, Partner, Risk Management and Compliance Solutions, PricewaterhouseCoopers