Overcoming Challenges with Risk Management Solutions
Unparalleled Episode 006: DeAnn Backus, Strategic Account Manager at LineSlip
Risk management solutions are essential for overcoming challenges, as LineSlip's DeAnn Backus explains in this podcast episode.
DeAnn Backus joining us. DeAnn is a Strategic Account Manager at LineSlip. Because of her role, DeAnn has a unique perspective into what risk managers are like, their challenges, and what they need.
Thus, she is the perfect person to give us an inside look into risk managers.
The Biggest Frustrations
Getting in Front of the C-suite
From DeAnn’s observations, one of the primary frustrations faced by risk managers is obtaining and keeping their management team’s focus on the importance of the responsibilities of the risk department.
Risk managers often struggle to communicate the significance of their role and convey the story behind the risks they manage.
This can hinder decision-making and prevent effective risk mitigation strategies from being implemented.
Having Accurate Data and Information
Another big frustration that DeAnn often sees is rooted in the data and the information that the risk managers are being provided.
Risk managers are often handed data and information that are in inconsistent formats with missing pieces of critical information. And not to mention the time it takes them to get all the information they need.
Many risk managers spend a lot of their time gathering information, so they’re not able to respond to management as quickly as they want to.
Unfortunately for many risk managers, management usually expects them to be able to pull the data together instantly. They don’t know that in reality, it’s a process to consolidate all the information, especially with all the missing pieces and parts.
Having to juggle a lot of plates
It seems that risk managers have never-ending lists of responsibilities that all need immediate attention simultaneously.
They often find themselves pulled in multiple directions. In the podcast episode, DeAnn shared that there are “a lot of balls in the air” and “a lot of plate juggling that is required to make all the moving parts align.”
Our host, Laurie Solomon, chimed in with another analogy, saying that risk professionals “require sort of an octopus of arms to keep everything moving.” Many risk professionals can relate to the imageries that DeAnn and Laurie shared.
DeAnn shared that finding the right resources and good business partners is key to helping risk managers manage their ever-growing list of responsibilities. It’s also largely a matter of prioritizing the tasks that need to be accomplished.
“It’s no surprise that risk management is not for the faint of heart.” — DeAnn Backus
Most Important Things for Risk Managers to Focus On
Organization
Since risk managers have a wide range of responsibilities and a number of competing priorities, they have to juggle multiple tasks simultaneously.
Risk managers must prioritize effectively and be organized. They need to have processes and clear workflows in place to help them do their job.
Risk managers should also utilize software and technology to streamline some of their responsibilities.
DeAnn emphasized that it’s especially important to have software and technology that keeps things consistent in a good format with a strong focus on one source of truth.
This saves risk managers a lot of time from scrounging documents together from multiple sources. Instead, they can focus their time on more strategic projects and driving impact within their organizations.
Develop Trust for Others
According to DeAnn, something that more risk managers should focus on is developing complete trust in colleagues to ensure that there is good knowledge transfer.
She shared that there have been countless times when she asks a risk manager on a call if anyone else needs to be involved in the call, and she hears, “No, I got it.” DeAnn thinks this is concerning since life is unpredictable, and no one can predict what’s to come in the future.
She believes it’s important to share knowledge with colleagues so they can know what’s happening. Only then can there be a continuity of data flow from one risk manager to another.
Things Every Risk Managers Need but Might Not Know About
The Value of Technology
Many risk managers know that there are new technology solutions out there, but they refuse to explore and adopt them.
This might be because they don’t fully understand the benefits of technology or its capabilities. Since risk managers are now being constantly asked to do more with less, they need the courage to step out and try new technological solutions.
“I think so many times we get caught in the mentality of “well, we’ve always done it this way.” And just because we’ve always done it that way, it doesn’t mean that’s what we should keep doing. At some point, we have to look to the future. We have to look for the options that are available for us so that we can move forward in a more productive way.” — DeAnn Backus
As risk management practices evolve, it’s essential for risk managers to embrace change and innovative technologies in their risk management practices.
Sticking to outdated processes and systems can hinder progress and limit the effectiveness of risk management efforts. Risk managers should be open to exploring emerging trends, such as artificial intelligence, data analytics, and predictive modeling, to gain deeper insights into risks and drive proactive risk mitigation strategies.
These tools provide a single source of truth, eliminating data discrepancies and ensuring accurate risk analysis and reporting. By embracing innovation, risk managers can stay ahead of emerging risks and better protect their organizations.
Embracing Risk Management Technology for Success
Risk managers face unique challenges in today’s dynamic business environment, from maintaining management focus to dealing with inconsistent data and time-consuming processes.
However, by streamlining data and information, embracing technological solutions, prioritizing tasks, and embracing change and flexibility, risk managers can overcome these challenges and enhance their risk management practices.
By adopting innovative approaches and leveraging advanced technologies, risk managers can proactively identify and mitigate risks, protect their organizations, and contribute to long-term success.
Effective risk management is not just about mitigating threats — it’s about seizing opportunities and driving sustainable growth.
By continuously improving their practices and embracing innovation, risk managers become invaluable assets in navigating the ever-evolving risk landscape.