SAN FRANCISCO – When risk managers are effective, it contributes to the end result, participants were told during Monday’s introductory keynote by Risk and Insurance Management Society Inc.’s Riskworld conference.
Michael C. Bush, CEO of the analysis company Great Place To Work Inc., said in his keynote address that risk managers do important work to build trust and justice within an organization and can also provide a “helpful hand” to help organizations take risks. and turn it into revenue.
“Organizations that are good at having reliable partners and collaborations with their risk teams make it better financially,” Bush said.
Referring to his own experience of working with a risk team, Mr. Bush that it is important to build trust within an organization and that applies to the risk management function.
“When you are effective, you know when you have a high level of trust with your colleagues in your organization and with leading leaders in the organization,”; he said. Without trust, friction develops, he said.
Creating a fair work environment, one where people look forward to coming to work, is especially important now because of the big departure, Bush said.
“When you’re trying to work with people in a certain way, when you’re a leader and thinking about your companies – it’s good for people and for companies,” he said.
Bush quoted data from the FTSE Russell which showed that stock performance for companies that are certified as a good workplace is about 10% higher than for companies that are not.