Risk and internal audit expert Norman Marks recently expounded on the idea of what are the attributes of a great risk officer. “While for some situations, especially where a key decision is needed and multiple possibilities (and multiple effects) need to be carefully analyzed, quant methods such as modeling and Monte Carlo simulation are essential. But for many others, I can be quite comfortable with the use of informed and considered judgment. (Note that I emphasize informed and considered.) I especially like cross-functional workshops,” he wrote in a recent blog post.
Marks listed the following as his top wants in competencies of an effective risk officer:
- Knowledge of the business
- Understanding of the goals and objectives of the organization
- Communication and teamwork skills
- Empathy
- Common sense and judgment
- Understanding of performance management