Leveraging Technology for Effective Risk Management: A Conversation with DeAnn Backus |Unparalleled Episode 009
As we are nearing the end of our first season of Unparalleled, we are bringing back a familiar face to the podcast. In an earlier episode, DeAnn Backus, a Strategic Account Manager at LineSlip, provided us with an inside look into risk managers. Because of the depth of knowledge she possesses, we wanted to bring her back for another episode. In this episode, she will share some of her observations of the risk management space, from common challenges to trends. She goes on to shed light on the evolving landscape of risk management and the pivotal role of technology in addressing its challenges.
Risk Managers are Superheroes
From her daily interactions with LineSlip’s clients, DeAnn is certain that most risk managers have a little superhero DNA in their blood. On many occasions, she has witnessed risk managers juggling multiple plates at once with very minimal amounts of time to accomplish the tasks that they have at hand. They are often flying short-staffed while carrying a heavy weight of responsibility. On top of their many responsibilities, they have to maintain the attention of upper management so they can highlight the importance of their job and various risk initiatives. Despite their many competing responsibilities, DeAnn thinks risk managers handle it with grace. They take everything in stride and have a great sense of humor through it all.
The Need to Adopt New Technologies
With the advancement of new technologies and the growth of artificial intelligence, professionals in all industries need to embrace technology. The risk management industry is no different. Embracing technology is essential if risk professionals want to keep pace with the ever-evolving realm of risk management. Throughout the episode, Deann stresses the importance of staying up-to-date with technological advancements to avoid being left behind or “run over.”
Technology empowers companies to modernize their processes, which improves overall efficiency and productivity. There are technologies that provide companies with a single source of truth, and there are other technologies that allow colleagues to communicate from anywhere in the world. The possibilities are endless. Just as most superheroes wear capes, risk managers must equip themselves with the latest tools to excel in their roles.
Learning is Time Well-Spent
DeAnn is a big advocate of learning. She firmly believes that whenever someone adopts a new tool or technology, it is crucial to invest the necessary time to explore its full range of features. Developing familiarity with these new tools plays a pivotal role in avoiding errors and ensuring the smooth flow of operations. According to her perspective, the time spent on acquiring knowledge about the available features is an investment that yields significant dividends.
Ensuring Continuity
Risk managers are confronted with the challenge of maintaining continuity in an industry undergoing significant changes and facing an aging workforce. As retirements and reshuffling become commonplace, the need for a seamless transition process becomes paramount. Risk managers can do this by providing their successors with systems and tools that allow them to seamlessly step into their roles, such as tools that can document processes and present data in digitized formats.
Technology empowers new employees to swiftly familiarize themselves with their roles, eradicating the need to reinvent the wheel. DeAnn highlights the importance of embracing automation and digitization to bridge generations and facilitate knowledge transfer.
Speaking Up
DeAnn strongly believes in the power of speaking up, whether it's about sharing innovative ideas or seeking clarifications through questions. Her belief in continuous improvement has led her to actively welcome enhancement suggestions and feedback as a software trainer. She goes on to discuss the transformative impact of asking questions not only for personal growth but also for those around who may have similar questions but lack the confidence to voice them. DeAnn's advice extends to seeking depth beyond yes-or-no answers by asking “why.” Her overarching philosophy remains clear: when individuals muster the courage to question, experiment, or venture into the unknown, the entire community benefits, fostering a culture of continuous learning and shared progress.
The podcast conversation with DeAnn Backus underscores the indispensability of technology in modern risk management. Risk managers, akin to superheroes, must leverage technology to enhance efficiency, facilitate seamless transitions, and foster collaboration. By asking the right questions and embracing technological advancements, risk professionals can not only meet but exceed the demands of their roles in an ever-changing landscape.