THE Risk Management has moved to top of the house – women need to move with It
CURRENTLY,
across the twenty plus commercial banks in Zambia, all those employed as Chief Risk Officers are men and there’s never been any woman employed in that capacity before since the introduction of that position. The same can be said at Bank of Zambia who happen to be the regulators in the industry.
But Zambia is no exception, just over a decade ago, risk management had almost zero women visibility in the developed world. Starting off as a “young” risk professional then at one of the leading global investment banks in London, I found the profession to be daunting and intimidating. Back then, risk management was focused more on tasks such as statistical modelling to calculating market and other financial risks – skills often seen as “male” to the chagrin of many women.
However, now there is greater focus on enterprise risk management, which is holistic in nature and ranges from conduct and culture to ensuring that systems are resilient to pandemics, tech outages and cyber terrorism. This development is not the only evolution risk management has seen in the past decade, it is more strategic in nature and risk practioners are now seen as critical and important strategic partners to the business.
Coronavirus pan- demic has created un- precedented uncertain- ty around human health, the availability of resources, the ongoing demand for prod- ucts and services and the li- quidity of businesses.
And this is what makes risk management, arguably the most But what important effect functions has this had for on all institutions the broader today. risk profile, the Risk financial management tolerance profesto risk and sionals the likelihood have an unenviable or impact of task key of helping risks materializing. their instituThis tions article adapt examines to the complexione key risk ty and which diversity has unquestion- that defines ably business accelerated context as in a the result world of Covid-19: today. Risk Cyber managers Risk – are remote now more identified as having the working, spike in cyber at- ability to foresee emerging tacks and the greater depen- risks, investigate what lies bedency hind it, on actively technology listen, have have all changed a never-ending the cyber sense risk profile of cufor riosity, most and businesses strive to in separate Zam- bia fact and from world fiction. over. In sum, governments Covid-19 and has businesses created new are and looking complex for “objective commercial knowllo- gistical edge seekers” challenges with of manag- strong ing leadership cyber risk skills for to businessese. take on key Many risk roles. businesses have failed to In accelerate response the pace to of dig- the ital fast-changing transformation conditions across their brought value about chains by and Covid-19 supply management systems and to celeration the Institute of Risk Management Zambia (IRM- ZA) has been monitoring several metrics that include companies shifting approxi- mately 40-60 percent of their workforce and expectations to remote in and today’s vir- tual financial workplace. markets, While risk some leadespecially ers need to in be more the proactive financial services than ever industry before. Seeking operating to at ‘know high levels what of we 60-80 don’t percent know’, virtual and striving workforce. to bring insight and According wise counsel to sources to business at partners well ahead of the curve. In parallel, skillsets are evolving RISKY to be more cross disciplinary.
Risk management has inZICTA, internet utilization is an increase with over 6 billion meeting minutes on WebEx hosting in excess of 4 million meeting a day globally while record numbers of down- loads have also been noted for deed Enterprise moved to mobile the top apps of such the house. as Zoom The Cloud practice Meeting has and evolved Google to find Hangouts a balance which beare tween up 90 effectively percent from managing pre- Covid-19 risks while levels identifying according and to GSMA leveraging statistics. the opportunities arising All these to maximize increases in competveloc- ity itive have advantage. led to major Leaders increas- are es looking in Cyber through security the risk risks lens as hackers and harnessing or criminals risk managehave in- tensified ment thinking their level in the of boardthrash room and on the executive as they try to exploit and team. take advantage of the current
The reality though is that Covid-19 we have a situation. talent gap With in most risk. organizations Despite the evolving displacing nature their of workforce the discipline from and offices, the rising this has profile led of to risk an abundance management, of more there is avenues still increased and opportu- demand nities for the for technical hackers expertise and attack- that ers risk to teams exploit are and expected gain access to ento gage networks across a broad and sensitive range of information. issues. This makes Hackers it difficult have become for established incredibly industries opportu- to nistic be able and to unfortunately, create new career they have paths seized but it would on the be coronavi- strategic rus outbreak to fundamenselves scrambling to strength- en their online presence. Unfortunately, the only thing their IT departments needed at the time to enable remote access, was infrastructure. for However, women this to consider in most risk cases as a has career not choice been comprehensive in light of these new enough and to emerging accommodate opportunithe ties. level of access now needed to what There has is effectively a unique become opportua nity remote available workforce. to institutions And while today in the rush, to address many overlooked the talent gap one in vital risk management, factor: ramping and at up the their same cyber time security. address Not the gender enough gap time in and senior expertise leadership roles. Women are uniquewas given to validate whether ly positioned to add value in the security architecture was risk management and grow the sufficiently pool of talented resilient. leaders Most who businesses are already did what prospering they had in risk to, to management. remain connected It is encourand aging in doing to see so, the opened next cohort access of to women unprecedented leaders who exposure are comof ing risks through in an unsecure and taking manner. a keen interest If the in virtual risk management. world was These not a scary women place will to form be the pre basis Covid-19, of the it next certainly generation is now of leaders because and cyber-attacks institutions are would on benefit the increase by being and more are strateorigi- gic nating about from developing anywhere women and at for any leadership time. Faced in risk with managesuch a daunting situation, what can
ment.
One of the barriers to getting women into risk and leadership roles is the demanding nature of these jobs and scarcity of role models but the banking industry is blessed with three top and exemplary executives: Mizinga Melu at
Absa, Mukwandi Chibesakunda at Zanaco and Lowani Chibesakunda at Citi Bank. The success of these women and many more in other industries such as Barabina Mporokoso who is leading the implementation of risk management in the public sector, can only inspire Covid- and 19 motivate has created more new womand complex en challenges to challenge of managing the status cyber quo. risk
Many of the exceptionally successful paigns exist women to manage who these have made risks? it And to what the top is the identify state their of our willingness control environment to take on difficult across new assignments technologies in their and institutions vendors? These by challenging are some the of status the questions, quo and taking businesses on a role will where have to success address is not in order a given to
- create often roles a secure their remote-con- male counterparts trol environment don’t need for to take its em- on to ployees. “prove themselves”. These are A the lot of very risky traits employee needed be- in risk haviors management such as today accessing – and might social just media create platforms that catalyst while we using have company been seeking network which will propel more women into computers or unnecessary is- the CEO seat. suing of sensitive personal or company data tend to lead to most of these vulnerabilities which hackers exploit. Busi- nesses need to continually monitor their internal net- work security systems and ar- chitecture, including network
lot of risky employ-
Risk management
ee behaviors such
has indeed moved
as accessing social
to the top of the
media platforms
house. The practice
while using company
has evolved to find
network computers or
a balance between
unnecessary issuing
effectively manag
of sensitive personal
ing risks while identifying
or company data
and leveraging the oppor
tend to lead to most
tunities arising to maximize
of these vulnerabil-
competitive advantage.
ities which hackers exploit.