Leadership & Change Management – The Importance Of Soft Skills In GRC

Today’s risk and compliance professionals need all-round skills to thrive in increasingly complex roles. Leadership and change management are two areas upon which all senior GRC professionals should focus.

The role of the risk and compliance professional continues to expand in its prominence and strategic influence within organisations. Companies are expanding their risk and compliance teams and giving them a greater voice at the decision making table. CCO and CRO’s are now leadership positions, as an integral part of the executive teams that determines strategies and objectives. But are risk and compliance staff ready for the changing nature of their role? Do they have the necessary leadership and change management skills?

Leadership: Risk and compliance professionals do have the capability to be true strategic leaders in their organisations. For compliance professionals to be successful in their role it’s critical for them to have that seat at the table. It they are there amongst peers, and those peers are making the key decisions, they are able to influence those decisions. The conversation is different if you are peer to peer, than if you are subordinate to a peer, or in a more junior role. Compliance has greater standing and influence now because it is established as a discipline, and therefore is seen as a core function within the organisation. Senior risk and compliance personnel need to be strong leaders. That involves establishing priorities and leading a motivated team to achieve those goals, but it also means being able to interact successfully with other areas of the business. Being able to cultivate good relationships and communicate is critical in such a diverse function that touches so many areas. The most effective risk and compliance personal understand how to work with other people, how to listen and how to deal with different personalities.

Change Management: Compliance and risk is about changing behaviour. You can build processes, give people the tools and controls and all of that helps but people can work around that if you don’t have the right behaviours. The scale and speed of change is so much more than it has been in the last 20 years, meaning organisations and the leaders of organisations need to be better at managing change. Compliance and risk are central to the change management process in any large organisation, particularly where this change is driven by a regulatory imperative. Compliance professionals need to be able to cope with change and also to work with senior stakeholders and other teams that are going through change. The role of the compliance professional is to help other areas of the business understand what change means. They need to be equipped with both the technical skills and the emotional resilience to effectively manage through change. The reason why risk and compliance has become so crucial to change management is that much of the change through which business is undergoing, particularly in financial services, is driven by regulatory change. It is really important to build that regulatory change road map, to show what changes are happening and when are they impacting certain teams and areas of the organisation, so the change is well-planned. You have to give people a sense of what the change is, what it means for them and how it all fits together for the organisation.

Training and professional development by the GRC Institute

The GRC Institute’s (GRCI) compliance and risk seminars and conferences are designed for businesses and practitioners who recognise that continuous learning is the foundation of ongoing success. Our suite of education services will sharpen your technical skills, keep you on top of the latest industry changes, and develop your leadership capabilities.

Learn something new: The compliance and risk conferences held throughout the year provides opportunities for practitioners to educate themselves further by watching and interacting with experts in the GRC field in person and to have the opportunity to ask for advice. It is also a great way to keep up to date with trends in the industry to ensure you stay ahead. Compliance and risk conferences deliver direct access to information - including industry benchmarks, legislative demands, business processes, and more.

Bring value back to your company: It is an investment and can provide great ROI for your company. The skills and knowledge you learn at a conference can be invaluable to your business, and can make you invaluable. Compliance and risk training seminars (like the ones held by GRCI) highlight important actions, such as: managing risk appetites, creating risk registers, conducting post-risk reviews, and evaluating risk systems. This promotes more assured reactions in the workplace.

Networking: Make connections you can take advantage of in the future. Communication is essential to the success of every strategy, and GRCI’s compliance and risk conferences allow members to interact with their peers (as well as qualified instructors). This helps to foster relationships and encourages a sharing of information.

Market to potential clients: Conferences are a great opportunity to market your product and services to potential clients. Speaking with them face-to-face may be more effective than sending them an email or speaking over the phone.

To learn more about our upcoming seminars and conferences please see here or contact our team today on +61 (02) 9290 1788.