The Global Insight Roundtable Series is a dynamic seven-webinar series held biweekly, tackling the most critical issues in cybersecurity, compliance, AI risks and rewards, and sustainability. Each session features industry experts leading in-depth discussions, providing actionable insights and practical strategies to ensure your organization stays ahead in an ever-changing environment.
Executive Engagement and Emerging Risk explores strategies for engaging executives in emerging risk, methods to identify and prioritize emerging risks and case studies of successful executive involvement in risk mitigation.
Don’t have time to watch the replay? Listen to the podcast, or read the summary below.
On the panel:
- Paula Fontana – iluminr
- James Green – Illuminate Advisory
- Mark Heywood – InkJockey
Webinar Recap
The Executive Engagement and Emerging Risk session offered insights on how professionals can more effectively engage with executive leaders, ensuring their organizations are not only aware of these risks but are also resilient and prepared to face them. The session explored the multifaceted challenges of emerging risks like AI, while also raising awareness on the ripple effects of incidents like the CrowdStrike disruption, which highlighted the vulnerabilities associated with fourth and nth party suppliers.
Making risk relevant
One of the core themes of the session was the growing disconnect between the technical risks identified by professionals and the strategic concerns of executives. Whether it’s the rise of AI or the persistent vulnerabilities in legacy technology, risk professionals often struggle to make these issues resonate with board members and C-suite leaders. The ability to translate technical jargon into language that aligns with the business goals of these decision-makers is becoming an essential skill.
Executives are inundated with information, so the key is to frame risks in a way that directly connects to their concerns – whether that’s protecting shareholder value, ensuring regulatory compliance, or maintaining a competitive edge.
Lessons from the CrowdStrike ripple effect
The CrowdStrike disruption is a reminder of how interconnected modern risks have become. What might seem like a technical glitch in one part of the supply chain can quickly escalate into a significant global business disruption.
To address this, it may be necessary to expand risk assessments to include vulnerabilities from fourth and nth party suppliers and ensure these risks are clearly communicated to executives. While managing risks within the organization is essential, leaders should also strive to strengthen the resilience of the entire ecosystem, where possible.
The power of storytelling in risk communication
A key takeaway from the session was the power of storytelling in bridging the gap between technical expertise and executive understanding. Data and metrics are important, but they often fail to capture the attention of senior leaders. Instead, the focus should be on crafting compelling narratives that bring risks to life in a way that is both engaging and memorable.
For instance, rather than presenting a dry analysis of potential AI risks, paint a vivid picture of a worst-case scenario. By humanizing the risks and illustrating the real-world impact they could have on the organization, leaders can make a more convincing and impactful case to executives.
Turn risk into action with scenario planning
By running Microsimulations and creating detailed scenarios, leaders can help executives visualize potential crises and formulate concrete strategies to address them. This method simplifies complex risks, making the implausible more tangible, and empowers leaders to take proactive steps rather than just reacting when challenges emerge.
The legacy technology dilemma
While much of the conversation focused on emerging technologies like AI, the session didn’t shy away from discussing the challenges posed by legacy systems. These older technologies, often neglected when something new and shiny comes along, can become a vulnerability in an organization’s risk management strategy. Keeping these systems on the radar of executives, and conducting regular risk assessments is crucial to ensure they don’t become a blind spot in the organization’s overall resilience plan.
Effective communication is key
At the end of the day, it all comes down to communication. Effective communication is at the heart of successful risk management. It’s not enough for professionals to understand the threats their organizations face, they need to be able to convey these risks in a way that resonates with executives. This means using the right language, framing risks in terms of business outcomes and, most importantly, telling a story that sticks.
Experience a Facilitated Microsimulation
Understanding and communicating risks effectively is crucial, but turning that understanding into actionable strategies is where the real impact lies. iluminr’s Microsimulations are designed to help you and your executive team bring these discussions to life, translating complex risks into tangible actions that align with your business goals.
Ready to bridge the gap between technical insights and executive decision-making?
Book a facilitated Microsimulation today and empower your leadership to navigate emerging risks with confidence.
