What do you do if you're asked about your risk reporting experience in an interview?

To effectively communicate risk reporting, it's essential to understand the audience, identify stakeholders, tailor content, highlight key elements, use metrics and KPIs, engage stakeholders through interactive reporting, and incorporate stakeholder feedback. Clearly define the primary audience, such as executive management, operational teams, and regulators, and adapt content accordingly. Provide a concise overview of key findings, methodology, risk prioritization, mitigation strategies, monitoring process, frequency, and visual aids. Use KPIs and data-driven insights to measure risk management effectiveness. Provide examples of successful risk reports and quantify the benefits of risk reporting efforts. Tailor responses to the interviewer

The best question is to share examples of insights you have provided as part of your risk reporting other than compliance with policies and procedures or measuring against risk appetite.

What I recommend when asked about your reporting risk experience in an interview, is structure your response using the STAR (Situation, Task, Action, Result) method to clearly outline your experience. Describe a specific experience and give examples where you identified addressed and reported risks. Highlight challenges faced and address them. Mention relevant tools, and methodology you used, for example assessment framework data, analysis, and software. Include results of your efforts that demonstrate how your efforts improved decision-making or mitigated risks. Mention how you stay updated on risk management practices, training or certifications you have pursued. Lastly, express interest in the company’s approach to risk management.

Following the risk identification process, the risks must be analyzed to determine and understand the nature, sources and courses of the risks. This will be guide the risk team to determine the uncertainties(whether positive or negative consequences) and looking at the potential controls measures. Then the risk evaluation can take place whereby the risk analysis results are compared with risk criteria to determine the acceptability and tolerability of the risks, considering the organizations risk appetite and tolerance levels. That's where a method of determining the impact and likelihood is used by either using the risk matrix or heat map, which will determine the level of risk, compared to the level of risk appetite of the organization.

I use the CARVER method to prioritize risks. This method looks at the consequences, assets, vulnerabilities, controls, environmental factors, and likelihood of a risk occurring. By assessing each of these factors, I can determine the overall risk level and prioritize accordingly. I also consider the organization's risk appetite and the resources available for risk mitigation when prioritizing risks.

Reports shall include be submitted with transparency and clear information and to be provided and understandable for the correct audience and specific stakeholders based on needs.

Como experta, he constatado que la calidad de la información es un factor determinante en la efectividad de cualquier estrategia de mitigación. La información debe ser válida, completa e íntegra para permitir una evaluación precisa de los riesgos y la toma de decisiones informadas. La necesidad y complejidad de las herramientas tecnológicas para gestionar riesgos varía según la madurez de la entidad. Si bien las hojas de cálculo y documentos pueden ser suficientes para organizaciones pequeñas o en etapas iniciales, las empresas más grandes y maduras suelen requerir software especializado para centralizar la información, automatizar procesos, analizar datos, generar informes personalizados, entre otros.

In order for reports to become actionable, they need to be understood by management. As such, I have found that recording and presenting risk reports in formats and terminologies used by management, which portray the necessity of eliminating or mitigating the risk, help significantly.

The main purpose of a report is to make the reader understand its content. So first of all we should determine who we are reporting to. Are they familiar with how we do things internally? If so, then we can already use the system that we use to do the reporting. However, if the people we are reporting to are external parties, or someone who is not familiar with how we do things internally, then we should make it simple and concise.

La gestión de riesgos no es solo un conjunto de procesos o herramientas; es una cultura que permea toda la organización, y como toda cultura, se construye a través de la comunicación. Sin embargo, para lograr esto, es fundamental una comunicación clara y concisa. Los responsables de la gestión de riesgos deben entender no solo qué es un riesgo, sino por qué es importante gestionarlo. Los beneficios de una gestión de riesgos efectiva deben ser explicados de manera tangible y relevante para cada área de la organización. Además de la claridad, es crucial adaptar la comunicación al perfil de cada interlocutor. No todos los colaboradores tienen el mismo nivel de conocimiento técnico o el mismo enfoque.

One thing I have found helpful is understanding the relevancy of the report and the audience. This helps in tailor making reports that meet the level of understanding of the audience. This ensures that the message conveyed in the report is well understood because risk reporting should not just be a box ticking exercise.

Risk management is important to support Risk owners (first line of defense) to understand business risk and properly communicate those risks to senior management. In my experience I found that a ongoing rotines to challenge first line of defense to indentifie Risks, understand controls in plance and, mostly important, proper communicate it on the right enviroment, as monthly risk committees, are the key for successfully mitigate enterprises’ risks.

Effective risk communication is essential for managing public perception and behavior in the face of uncertainty. By prioritizing clarity, transparency, and empathy, organizations can build trust and help individuals make informed decisions.

I have had a number of opportunities to develop and implement risk mitigation strategies throughout my career. For example, at my previous company, we identified a supply chain risk due to our reliance on a single supplier. I worked with the purchasing team to diversify our supplier base and implemented a contingency plan in case of any disruptions. This reduced the risk significantly and resulted in a more stable supply chain for the company.

I had an opportunity to build risk awareness. The risk I faced was that only risk champions seemed to be aware of how to identify, assess and control risks at source. To mitigate this, I introduced a bi-annual risk and control self assessment process for all employees. This was achieved through tailored workshops and in some instances one on one training. This was a game changer as everyone understood their role as the first line of defence and openly communicated risk issues. This positively improved the organisation’s risk culture.

En mi experiencia, al unir fuerzas con los responsables de procesos, hemos logrado identificar con mayor precisión los riesgos. Juntos, diseñamos planes de acción personalizados que nos permiten mitigar esos riesgos de manera efectiva y proactiva. La combinación de su conocimiento del día a día y la experiencia en gestión de riesgos ha sido clave para el éxito en la implementación de las estrategias de mitigación de riesgos.

The choice of risk mitigation strategies in commodities, particularly hedging, falls into two general categories: Orthodox (using futures markets) and Heterodox (using options markets). In the first case, the goal is to equalize risk and build an economic model with confidence. In the second case, the effect is similar, except it involves the cost of purchasing options. There are countless strategies available; the most important thing is not necessarily to use them all, but at the very least to be familiar with them.

Continuous improvement in risk reporting showcases your ability to adapt, innovate, and ensure that the organization stays ahead of potential threats. 1. Start with the basics 2. Emphasize the importance of clear communication. 3. Continuous feedback and iteration 4. Adapting to new challenges 5. Leveraging technology for improvement 6. Driving organizational impact When discussing your experience, frame it within the context of continuous improvement. Show that you don’t just execute the task but constantly look for ways to refine and enhance the process to better serve the organization.

La gestión de riesgos es un campo en constante evolución, impulsado por la rápida transformación tecnológica y los nuevos desafíos que surgen en el entorno empresarial. En mi experiencia, es importante priorizar la capacitación continua y la búsqueda de conocimiento para mantenerme actualizado sobre las últimas tendencias tanto en las nuevas tecnologías como en gestión de riesgos. Adicionalmente, es necesario contar con una red de contactos con expertos en diversas disciplinas, como ciberseguridad, inteligencia artificial y análisis de datos. Estas colaboraciones contribuirán en la comprensión de como las nuevas tecnologías pueden impactar en la gestión de riesgos.

People are more likely to remember stories than hard fact. Mentioning about success stories is in fact a useful tools to show case not just the content, but your contribution, your reaction and your relationship with others . If it is a success story, it can demonstrate how you turn a risk to a success.

I deem that the interviewer is trying to understand the interviewees perspective of risk identification, assessment and mitigation. This entails a clear understanding of the processes which are being used as well as understanding the project to be able to perform effective risk management. A use case from one's experience should demonstrate this understanding to demonstrate that the interviewee is adept not only theoretically but practically. if there is no experience then one should be clear and can then explain the theoretical process of risk management.

"Success in risk reporting is measured not by avoiding risks, but by navigating them effectively." When discussing your risk reporting experience in an interview, focus on how past successes have honed your method. Outline your systematic approach to data collection and risk analysis, guided by a vision for clear, actionable insights. Share pragmatic examples of how your reports have helped organizations make informed decisions, driving successful outcomes. Success stories are more memorable than failures, and it showcases the importance of well-executed risk reporting.