The DCRO Institute Risk Governance Podcast

Stephanie recently started a new role as the Operational Safety Advisor (Aviation) for BP, responsible for advising on all matters related to aviation safety and the transportation of BP personnel. In her more than thirty years of experience in the aviation industry, she has held roles including the Head of Safety Performance and Risk at Gatwick in London and led the introduction and development of the risk-based approach to regulation and a strategic approach to oversight.  She spent 15 years in the Royal Air Force in air traffic control and takes an innovative approach to using big data in her work. Stephanie earned a master’s degree with Distinction in Risk and Safety Management and is working towards her Certificate in Company Direction.

Judy Samuelson is the founder and executive director of the Aspen Institute Business and Society Program and a vice president at the Aspen Institute. Judy led a ten-year campaign to challenge conventional thinking in board rooms and classrooms about the Purpose of the corporation; she produced the Aspen Principles of Long-Term Value Creation to challenge short-termism in business and capital markets and is promoting a set of Principles designed to disrupt the status quo in boardrooms about the design of CEO pay. Judy's career spans working in the California State Legislature, banking in New York's garment center, and directing the Ford Foundation's exploration of impact investing. She is a Rockefeller Foundation Bellagio Fellow, a director of the Financial Health Network, and the author of The Six New Rules of Business: Creating Real Value in a Changing World.

We discuss Market Civitas, the difference between business purpose and business goals, the origin of the license to operate that all businesses enjoy, co-creation, business education, and more. This is an insightful look at how businesses can best operate in a complex and interconnected world.

Alex Metcalfe is the Global Head of Public Sector for the Association of Chartered Certified Accountants, where he focuses on leadership and policy in the public sector. He’s an experienced economist specializing in tax policy and has graduate degrees from both Oxford and Cambridge with an emphasis on accounting, business policy, and comparative social policy.  He has worked across central, provincial, and local government in the UK and Canadian civil service has published material across a breadth of public sector topics, including infrastructure finance, employment law, and fiscal policy, and serves on the editorial board of the Public Service Accounting and Accountability book series.

Reports cited in the discussion:

Mark Frigo is Distinguished Professor Emeritus and founding Director of the Strategic Risk Management Lab in the Kellstadt Graduate School of Business at DePaul University in Chicago. He serves on the Board of Directors of a leading cybersecurity company, as an advisor to senior executive teams and boards of directors of Fortune 500 companies and international organizations, including United Nations agencies in Geneva, Switzerland.

He is the author of seven books and over 125 articles in leading business journals including the Harvard Business Review.  He is a Certified Public Accountant (CPA), a Certified Management Accountant (CMA), and Chartered Global Management Accountant (CGMA) and holds a Ph.D. in Econometrics.

Mark is a pioneer in the development of the new and evolving body of knowledge in Strategic Risk Management, where he leads research on strategy and strategic risk management at high performance companies. This is the focus of our discussion today.

Some of the publications that we discuss in the podcast are found using the links below:

• Strategic Risk Management the LEGO Group: Integrating Risk Management and Strategy

Tom Brandt is the Chief Risk Officer for the Internal Revenue Service in the United States, where he leads the agency’s enterprise risk and audit management programs. Prior to that, he was the Director of Planning and Research in the IRS’s Large Business and International Division, with responsibility for the division’s workload selection and risk identification processes. In 2016, Tom served as the Head of the Tax Administration Unit at the OECD in Paris, where he led the work of the Forum on Tax Administration, a body that brings together the leaders of tax administrations from more than 50 countries. After returning to the IRS in 2017, he founded and continues to serve as Chair of the OECD’s Enterprise Risk Management Community of Interest. He’s been a member of the Board of Directors for the Association for Federal Enterprise Risk Management and served as its President in 2019.

Noha Georges is the former Chief Communications Officer and Managing Director for Deloitte, where she led Deloitte’s first-ever Reputational Risk Sensing Program - a program designed to identify areas of risk exposure to proactively shape potential risk issues that could negatively impact the firm, allowing firm leadership to adjust their business strategies. Her career journey and that specific program are the focus of our conversation.

Peadar Duffy is the Founder Director of SoluxR and Quantum Risk Creator. A serial risk services entrepreneur Peadar has worked extensively across the US, Europe, and the Middle East. In Peadar’s recent paper on Quantum Risks and The Uncertainty Continuum, he explains the Quantum Risks effect of complex systems and digitalization in a world growing in uncertainty. He also serves on two technical committees of the International Organization for Standardization, more widely known as ISO, focused on risk and governance. We talk about those and his paper in this episode.

July 14, 2020 - Highly regarded governance and ERM advisor, Jim DeLoach discusses the current environment faced by boards and CEOs, the importance of delivering on customer expectations in the middle of a pandemic, the evolution of Enterprise Risk Management over the past twenty years since he wrote the first book on ERM, and more. Further resources related to Jim's work can be found here: Jim DeLoach's Blog, Protiviti View, Protiviti Insights.

July 7, 2020 - My guest is Michele Gelfand, Distinguished University Professor of Psychology at the University of Maryland and author of Rule Makers, Rule Breakers: How Tight and Loose Cultures Wire the World - her groundbreaking book on how different cultural norms can be classified into tight and loose cultures, along with the implications of those norms. In our discussion, we focus on the importance of these classifications for organizational behavior, both in terms of resiliency and innovation as well as the impact of threat on cultural tendencies. For board members and executives governing the long-term success of their organizations, Michele's findings are essential knowledge. You can also find more about Michele's innovative research on her website.

June 30, 2020 - Lakshmi Shyam-Sunder, Group Chief Risk Officer of the World Bank, discusses the integrated activities of the World Bank Group's five main enterprises and the Group Chief Risk Officer's role in contributing to innovation in serving the bank's inspiring purpose to reduce extreme poverty from 10% of global population to 3% by 2030. We also discuss the value of sound analysis of capital use in relation to needed ratings to the overall discussion of mission achievement and how one of the least known aspects of the World Bank Group - MIGA - makes the other efforts of the World Bank more effective.