Nick Silitch, chief risk officer at Prudential Financial, believes organizations should position themselves for risk ahead of time. He provides several insights: Price risk appropriately and ask yourself what could happen in the future. When considering how risk management drives enterprise resilience, it’s important to discover what matters to you, what are the shapers of those priorities in the broader ecosystem, and how they might change.
Silitch also encourages organizations to define a rational interpretation of the future. He recommends using history but suggests expanding those inputs on how they may change. The more forward looking an organization is, the more effective risk managers will be, and the better chance they’ll have to keep their practice alive.