People are the single most important asset in any organisation, yet they can often be the most vulnerable. The opportunities and threats people present to the operations and strategic objectives of their organisations constitute “people risk” – an area of risk often ignored because of the perceived complexities involved in managing it effectively.
Leading international standards (e.g. ISO 31000) acknowledge the role of people in setting the conditions for a positive risk culture. Yet, it remains difficult for organisations to evaluate how their people think, act and make risk-based decisions.
KRisk propose a new approach to understanding and managing “people risk” based on their concept of “risk intelligence”. A key component of risk culture, “risk intelligence” refers to the way in which an individual’s values, risk competences and behaviours come together to drive their perception of risk, approach to risk-based thinking and decision-making. As part of the wider system, it also influences the role individuals will play in creating the positive risk culture needed to become successful risk takers.
In this session, Dr Aarti Anhal introduced the diagnostic tools that can be used by organisations to evaluate the “risk intelligence” of senior managers, whether in the operational 1stline, the 2ndline’s risk and compliance functions or senior management. Aarti covered the following topics:
- What is “risk intelligence”?
- Why is it important to understand your people’s “risk intelligence”?
- What are the risks of not doing so?
- What is the connection between an individual’s “risk intelligence” and an organisation’s risk culture?
- What approaches are generally available to understand “risk intelligence”?
- How does the KRisk “People Risk Discovery” tool support the evaluation of “risk intelligence”?
- What theories, models and standards are incorporated within the tool?
- How can the information provided by the tool be used to support risk management, enhance people performance and regulatory compliance
Dr Aarti Anhal is a risk and resilience coach, advisor and mentor. Renowned for her passion for the subject and dynamic style of facilitation, she has been working in the field of security, risk and resilience since 2001.
Formerly a Partner at a leading software company, Aarti has spent her professional career equipping operational teams and executives with the skills and tools they need to succeed in today’s complex environment. Her areas of expertise include: psychological resilience, cyber resilience, Enterprise Risk Management (ERM), Incident & Crisis Management (ICM), Positive Psychology and Organisational Resilience.
In addition to delivering advisory services to develop and validate her clients’ resilience, Aarti has successfully led the enterprise-wide implementation of risk and resilience software platforms for airlines, airports, emergency services and government agencies in the UK and across Europe. These projects have helped her clients to strengthen their procedures and processes, improve delegation and ownership of responsibility across the organisation and generate real-time information to support risk-informed decision making.
She started her career helping UK government and businesses develop some of their early thinking on cyber-security before moving on to provide security consultancy to multinationals operating in high-risk environments including Iraq and Afghanistan.
The flexibility of Aarti’s analytical and problem-solving skills results from her academic background. She has: an LLB/Maitrise in English & French Law at King’s College London and the Université de Paris I (Sorbonne); an MA in International Peace and Security; and, a PhD in International Studies from the University of Cambridge. She is currently completing an MSc in Applied Positive Psychology and Coaching Psychology (MAPPCP) at UEL.
This session was hosted by Sean Titley. He is a leading member of the Operational Risk community in London, with over 20 years of experience in Risk Management. He has co-authored several papers and acted as a speaker and panellist at several external events. He is currently working as Director of Business Development for the Institute and Deputy Chair of the Association of Foreign Banks Operational Risk Committee. Sean was previously the Head of Operational Risk, Europe and Asia Pacific for Toronto Dominion Bank, running a team of Operational Risk professionals. Sean also pioneered Conduct and Fraud Risk management frameworks and provided expertise in Enterprise Risk Management, Governance, Strategy, New Business proposals, Reputational Risk and ran a number of major risk-related projects.
