Susan Daniel Shares Her Journey and Expertise as a CRO
Navigating Risk with Precision: Insights from Susan Daniel, a Seasoned CRO
Introduction
Susan Daniel, a Chief Risk Officer (CRO) with 36 years of experience, has worked across various industries, particularly in the UK and GCC regions. Renowned for integrating risk management into core investment and decision-making processes, Susan has been a thought leader in her field since her first interaction with Alex, the interviewer, in 2013.
Key Challenges in Risk Management
Team Alignment: Aligning her team around a shared vision and including quant experts ensures precise, cohesive decisions.
Politics vs. Culture: Susan emphasizes that understanding internal politics can be more critical than culture for successfully embedding risk practices.
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Effective Communication with Leadership
Engaging with CEOs: Susan highlights the importance of delivering concise, actionable insights to CEOs.
Gaining Support from CFOs: Data-driven analyses, like manipulation risk scores, help secure buy-in from CFOs and other chiefs.
Embedding Risk Practices
Quantitative Meets Qualitative: Risk management improves when both numerical data and qualitative insights are combined.
Automation Success: Automated processes, especially in M&A deals, enhance efficiency and compliance.
Navigating Governance and Committees
Board Separation: Susan advises splitting risk and audit committees to maintain focus on risk discussions.
Small Wins: Subtle changes—such as involving HR in risk assessments—drive long-term organizational shifts.
Future Strategy for CROs
Building Trust: New CROs should invest time in understanding politics and building trust with executives.
Continuous Learning: Susan emphasizes the need for patience, political acumen, and ongoing communication to foster a risk-aware culture.
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Final Takeaways
Susan’s journey underscores the need for CROs to embed risk management within business decisions through strategic engagement, trust-building, and both technical and interpersonal expertise.
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