May 2020 E-Newsletter

14 May 2020

A Message from our Executive Director

Welcome to our May 2020 E-News.

As a valued member of RMA Australia, you would be aware that due to COVID-19, RMA Australia has cancelled all face to face monthly events and moved to monthly webinars. However in some months we anticipate that there’ll be two such events.

We are however committed to continuing to foster professional growth and development of our members despite the current situation. This ensures that our members maintain their knowledge of risk management principles and practices for a world post COVID-19.

Last month we delivered our first LIVE webinar/virtual event. This event saw over 150 RMA Australia members join us from right around Australia. Our speaker, Peter Deans gave a high quality presentation on “Taking an Enterprise Wide View of Business Risks” and answered some tough questions. For those that missed the webinar, it is available to view via the member area of our *NEW* website.

Our next LIVE webinar event is Thriving Through Uncertainty, Thursday 21st May, 4pm with guest speaker Michelle Gibbings. Hear from Michelle on how to navigate ever-changing business world, heightened uncertainty and shifting expectations. REGISTER NOW.

The RMA Journal has now moved to a digital format only and will no longer be available in print for members to collect at our event. You can access it via the member section on our website. We are also working hard with RMA HQ to get access to podcasts and other EXCLUSIVE worldwide materials for our members.

Don’t forget to FOLLOW RMA AUSTRALIA on LinkedIn for the latest industry, event and COVID-19 coronavirus updates.

Richard Gilbert

Executive Director

**Q & A with Peter Deans, Notwithoutrisk Consulting**

What are the 3 – 4 primary objectives of Notwithoutrisk Consulting?

I started Notwithoutrisk Consulting in 2019 following my retirement as Chief Risk Officer at Bank of Queensland. I wanted to spend my time – in what I am calling ‘semi-retirement’ – helping banks, financial institutions and companies outside financial services better understand risk management.

For non-financial services firms, I want to assist boards and executives appreciate the value that sound and effective risk management can create for all stakeholders – shareholders, employees, customers, and the broader community.

My focus is on helping those firms in the areas of strategy development (with a risk lens of course), risk appetite, risk governance and frameworks, and ongoing risk identification and assessment.

How long have your worked in Risk Management?

I started my banking career in Melbourne in 1987. My first role was a Credit Risk Analyst, so I think it has been 33 years now. Even in my front-line relationship management and corporate finance roles I also considered myself a risk manager.

What are some of your greatest career achievements in Risk?

I am really satisfied with the work I have done over the past decade of raising the profile of both CROs, the role of risk managers and the profession.

At BOQ in 2018 I launched the first graduate program the bank had had in over a decade, with the recruitment of 12 graduates. I was really thrilled to be able to give the next generation of risk leaders a start.

More recently I launched the 52 Risks framework.

I had been working on it nearly 10 years ago – researching why companies fail to meet their business and financial objectives. It had been my goal for some time to design something to help the business community better identify, assess, and understand business risks.

What I have developed is what I like to think of it as the Balanced Scorecard for business risks – or in a more contemporary analogy – the Business Model Canvas for business risks. It can be used by all boards and executives – from SMEs, start-ups, tech companies right up to global multinationals – as well as risk managers. It’s a free resource and my way of putting back into the risk management and wider business community.

In your opinion, what are the biggest challenges facing Risk professionals in our industry as a result of the COVID-19 coronavirus pandemic?

Assisting clients in financial distress as a result of the economic downturn we will inevitably experience as a result of COVID-19, will be the biggest challenge for banks and its employees – including risk professionals.

I do think however that what will emerge from this period will be opportunities for risk professionals to assist in areas such as change management, the better identification and planning for emerging risks, assisting with new / revised business strategies, and generally making businesses more resilient.

What are RMA Australia’s biggest challenges in 2020?

Again, I think there are more of what I would call opportunities for RMA Australia in 2020. As we saw with the GFC, COVID-19 will shine the light on the good work the risk management profession does and the contribution it can make to businesses and the community. RMA Australia will have a fantastic opportunity to champion this work as we see more interest being shown in risk management.