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ISO 31000: Culture vs Documentation, the way forward

Monday Utomwen, Chief Risk Officer, WAICA Reinsurance Corporation PLC, Sierra Leaone

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ISO 31000: Culture vs Documentation, the way forward

  1. 1. Contact us: info@alvinintegrated.com | +91 8802 505619, +91 8287509289 | www.alvinintegrated.com Platinum Sponsor OUR SPONSORS & PARTNERS Event Partner www.alvinintegrated.com Knowledge Partners 27th FEB 2021 (SATURDAY) 09:00 AM - 17:30 PM IST
  2. 2. ISO 31000: Culture vs Documentation, the way forward 27th February 2021 (Saturday) 15:45 pm - 16:10 pm IST ISO 31000:2018 By Monday Utomwen, Chief Risk Officer, WAICA Reinsurance Corporation PLC, Sierra Leone
  3. 3. Speaker Introduction: Monday UTOMWEN Lagos, Nigeria 17 Years+ Industry Experience, ISO 31000 Senior Lead Risk Manager, ISO 22301 BCMS LI, Disaster Recovery Manager Monday Utomwen Chief Risk Officer WAICA Re Group Monday is Certified in Quantitative Risk Management (CQRM), Risk Management, Real Options Analysis, Forecasting & Predictive Modelling, Data Science & Monte Carlo Simulation. He holds a Master of Science in Risk Management & Insurance, as well as a Master of Business Administration with specialisation in Financial Management. Monday is a Certified Anti-Money Laundering Specialist and a Chartered Insurer. with over 16 years of risk, compliance and insurance experience and a track record of successfully developing and implementing effective Risk Management and Compliance programs within large and complex organizations. He is adept at identifying risks, developing and monitoring key risk indicators (KRIs) and proactively implementing risk mitigation measures. Monday has proven senior-level experience in executive decision-making, policy direction, strategic business planning, financial and personnel management. Monday has practical experience in both the private and public sectors. He is skilled in drafting and formulating risk policies, setting up and running a risk management department and at embedding risk management in the culture of organizations. Monday has been involved in providing risk reports to board of directors for effective decision making and helping managements surf through complex decision-making process. Monday has played the role of a Chief Risk Officer in at least three (3) organizations and he is currently the Chief Risk Officer of WAICA Reinsurance Corporation Plc, Freetown, Sierra Leone, a company with presence in six (6) African countries and the United Kingdom. Monday is skilled, qualified and certified as a Risk Trainer and he is very enthusiastic about his presentations and delivery of risk information. He is lead trainer of ISO 31000 risk management course for PECB in Nigeria, a guest risk consultant/trainer for West African Insurance Institute and other corporate organizations. Monday has also authored several motivational books that are published in Amazon books. Monday loves learning, meeting people and writing. Connect at LinkedIn: https://www.linkedin.com/in/mondayutomwen/ 3
  4. 4. Kindly Note: Speaker will take your questions automatically. If you have any question, please comment that in chat box. Please keep your mic mute. 22/10/2020 4
  5. 5. Risk Culture vs Documentation Do you prefer a pile of documents or a culture of risk management? 5
  6. 6. 6 Documentation is irrelevant • Yes • No • I don’t know
  7. 7. 7 What is a risk culture? A.The manner and way in which the board and management make important decision B.The manner and way in which the employees handle mission critical objectives C.The manner and way in which everyone makes decision
  8. 8. What Is Corporate Culture? Corporate culture refers to the beliefs and behaviors that determine how a company's employees and management interact and handle outside business transactions. Often, corporate culture is implied, not expressly defined, and develops organically over time from the cumulative traits of the people the company hires. A company's culture will be reflected in its dress code, business hours, office setup, employee benefits, turnover, hiring decisions, treatment of clients, client satisfaction, and every other aspect of operations (Investopedia) 8
  9. 9. 9 Risk management is not a rule but principles, best practices and means of making informed and calculated decisions: • True • False
  10. 10. 10 “Over the years we learned that if we asked people to rely on logic and common sense instead of on formal policies, most of the time we would get better results, and at lower cost.”- Patty McCord, Chief Talent Officer, Netflix
  11. 11. 11 Human behaviour and culture significantly influence all aspects of risk management at each level and stage. ISO 31000:2018
  12. 12. 12 Six Components of a Great Corporate Culture by John Coleman – HBR 1. Vision: ”A great culture starts with a vision or mission statement”. 2. Values: ”A company’s values are the core of its culture”. 3. Practices: ”values are of little importance unless they are enshrined in a company’s practices”. 4. People: ”No company can build a coherent culture without people who either share its core values or possess the willingness and ability to embrace those values”. 5. Narrative: “Any organization has a unique history — a unique story. And the ability to unearth that history and craft it into a narrative is a core element of culture creation”. 6. Place: ”Whether geography, architecture, or aesthetic design — impacts the values and behaviors of people in a workplace”.
  13. 13. Questions are Welcome! 13
  14. 14. Please give your feedbacks in the chat box about the webinar. 14