Interview No. 6 with Dominic Rau, member of the Swiss Risk Award Judging Panel. Dominic is Board Member and senior manager in banking and insurance and works at Swiss Re. He became a member of the SRA a long time ago, has contributed as a speaker and contributes to the selection process of the Swiss Risk Award.
❓𝐖𝐡𝐲 𝐢𝐬 𝐫𝐢𝐬𝐤 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 – 𝐢𝐧 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐧𝐝 𝐢𝐧 𝐝𝐚𝐢𝐥𝐲 𝐥𝐢𝐟𝐞?
Risk management supports individuals to engage in risks that would otherwise be beyond their capacity. Risk management in firms ensures transparency and a common risk appetite with its owners. It ensures that potential losses are limited and incur only in areas that are within the previously agreed risk appetite. Risk management thinking, consequentially applied throughout society, will not only boost our ability to innovate and advance.
❓𝐈𝐧 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 – 𝐖𝐡𝐚𝐭 𝐡𝐚𝐯𝐞 𝐲𝐨𝐮 𝐥𝐞𝐚𝐫𝐧𝐭 𝐨𝐧 𝐫𝐢𝐬𝐤 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐮𝐥𝐝 𝐛𝐞 𝐬𝐡𝐚𝐫𝐞𝐝?
Here are a few thoughts that help me to stay focused:
- Decisions are always taken by people. They must be empowered but also held accountable for the consequences of their decisions.
- Resilience and contingency must be built in good times.
- A good tool to keep focus is ranking risks by quantifying them.
- Always identify and name the key parameters of your business and test the solidity of your case.
❓ 𝐈𝐧 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 – 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐛𝐢𝐠𝐠𝐞𝐬𝐭 𝐩𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐫𝐢𝐬𝐤 𝐲𝐨𝐮’𝐯𝐞 𝐞𝐯𝐞𝐫 𝐭𝐚𝐤𝐞𝐧?
The biggest personal risk I took was to start a family. I traded freedom and discretion in my life and my career for a huge and prolonged commitment, of which I only knew from hearsay how magic its outcome apparently can be. The decision was based largely on gut feeling, which is very common for our biggest and often our best investments.
❓𝐖𝐡𝐚𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐰𝐨𝐮𝐥𝐝 𝐲𝐨𝐮 𝐠𝐢𝐯𝐞 𝐲𝐨𝐮𝐧𝐠 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬 𝐢𝐧 𝐫𝐞𝐠𝐚𝐫𝐝𝐬 𝐭𝐨 𝐫𝐢𝐬𝐤?
Classical job profiles are blurring and AI will change the way we look at expertise. Flexibility becomes more important.
I would advise any young professional to “go full in” with dedication, take decisions and own them. Establish strong networks with other professionals, follow your curiosity – for example at the Swiss Risk Association –and develop a career resilience in the good times on which you can rely once you may need it.
❓𝐒𝐰𝐢𝐬𝐬 𝐑𝐢𝐬𝐤 𝐀𝐬𝐬𝐨𝐜𝐢𝐚𝐭𝐢𝐨𝐧 – 𝐰𝐡𝐲 𝐚𝐫𝐞 𝐲𝐨𝐮 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐧𝐞𝐭𝐰𝐨𝐫𝐤 𝐚𝐧𝐝 𝐰𝐡𝐚𝐭 𝐢𝐬 𝐲𝐨𝐮𝐫 𝐩𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐯𝐚𝐥𝐮𝐞?
I became member a long time ago out of passion for risk management. I was excited by the breadth of topics and attracted by the interesting colleagues,. Over time I could establish relationships and I benefit today of a network of good colleagues, that I can call, when I need a sparring partner or advice. The SRA also helps me to stay on top of recent developments
I also find it rewarding to contribute as a speaker or in the jury of the Swiss Risk Award.