Transformative Risk Management

DESCRIPTION

Episode Description

David Ponder, a partner at Cential, has used COVID-19 to teach his five-year-old daughter about the interconnectedness of the world: “To change the world, you've got to start with yourself first and your closest circle second,” he advises.

This lesson parallels the interconnectivity of risk management ecosystems —  organizations should never stop reevaluating the principles that determine their actions.

Why? Because risk management is no longer done by standalone entities. Like herd immunity, transformative risk management introduces the idea that if one organization in the risk ecosystem is weak (or strong!), everyone else is, too. One band; one sound.

Enter Jannie Wentzel, a partner and principal consultant at Cential, who authored a whitepaper about the emerging tools and technologies that are transforming risk management today.

Together, Jannie and David assert that transformative risk management’s emphasis on data will provide leaders the confidence to base critical decisions and drive valuable business solutions for each participant in a risk ecosystem.

With host Megan Phee, these GRC experts posture that risk leaders will soon shift their understanding of compliance-focused risk management and GRC as a whole. Could this be the Next Big Thing of risk?

Guests-at-a-Glance

David Ponder

📈 What he does: David is a partner and GRC consultant at Cential as well as a Certified Information Systems Auditor proficient in security framework and regulatory framework assessments.
🔒 Company: Cential

💭 Key quote: “If you know someone can do something better, why not utilize their strength and free up your resources to focus on what is your core strength? Risk management data will become more valuable because it will be used for statistical analysis to enhance your decision making, like [using] models that can codify and monetize risk in your core business area.”

📱 Where to find him: LinkedIn

Jannie Wentzel

🔗 What he does: Partner and principal consultant at Cential, plus a thought leader in risk transformation on integrated risk management technologies with extensive experience leading projects encompassing GRC Strategy.
🔒 Company: Cential

💭 Key quote: “Risk management has to change because now we have multiple participants; it's an ecosystem to manage risk management. And that really got us thinking about the concept of risk management and the change we discussed in our white paper [about] transformative risk management.”

📱 Where to find him: LinkedIn

GRC Highlights

💻 Organizations aren’t standalone entities; they’re participants in a risk ecosystem. How does transformative risk management help? Simple: Its emerging innovations provide levels of confidence for critical leadership decisions and dynamic risk management to prevent losses from impacting the ecosystem.

💻 Risk organizations are levering each other’s core strengths by outsourcing ancillary business areas — David and Jannie say the applications of AI and predictive analytical data in transformative risk management will empower organizations with datasets that can codify and monetize risk in core business areas.

💻 Jannie says the emergence of transformative risk management means that organizations like Cential and LogicGate can bring the different role-players of an ecosystem together and help different organizations manage the process of assessing the inherent and residual values of risk relevant to the ecosystem as a whole.

💻 GRC has typically been compliance-focused, but the greater emphasis of risk data in transformative risk management is going to “serve as rocket fuel for a business,” says David. Leaders are going to want to know how to get from today's idea of risk management to all the benefits of transformative risk.