Is Confidence Key for a Risk Manager’s Success?
Confidence is vital in almost every position. From leadership roles to middle management and below, those with confidence all unite through their shared level of empowerment. Connected through their self-belief in their own ability and value.
Risk Management takes the need for self-confidence one step further. Risk Managers are constantly operating in an environment of expectation from both subordinates and superiors. Those Risk Managers with confidence are empowered to navigate these two parties through current risks whilst also looking to the future risk landscape. Those lacking confidence tend to fall short.
At a very basic level, Risk Managers need confidence in order to back their decision making. The managers lacking this confidence are sometimes weak communicators by default. With confidence and conviction lacking, and communication falling short, a host of miscommunication issues and awareness vulnerabilities are opened. This can then snowball into significant risk oversights.
Luckily confidence is a soft skill that can be developed. Risk Managers looking to strengthen their confidence should begin by readjusting their perspective. Remember, they were hired for their skill and ability to manage their team and lead the businesses’ risk department. Companies hire on merit and if they are employed as Risk Manager, that comes purely down to their capacity to do the job.
With this shifted perspective, Risk Managers should seek feedback. In fact, managers who ask for feedback are perceived as far more confident than those who avoid it. Feedback is a vital self-awareness activity important for professional (and personal) development.
Beyond feedback, Risk Managers should not overlook the value of role models. Finding those they admire, within their company or beyond. Risk Manager do not need to just look at other Risk Managers as role models, they should look beyond to managers across a range of industries. Research their techniques and find the leaders who resonate best. By exploring managers beyond risk your professional network will naturally grow. And, with this network, a community of confidants and support.
And finally, no manager is perfect. Mistakes are inevitable in any role. It is how one learns and grows from such mistakes that is important.
When it comes to managers, not just in the risk arena, some seem to embody confidence while others simply do not. When confidence is stripped back, it is basically just a positive state of mind, so when Risk Managers work to shift their mindset confidence can naturally flourish. Natural ebbs and flows in one’s confidence are normal, but in the low times it is important to tap back into one’s value and ability.