Looking back, what events have significantly impacted how your company manages risks? What have been the consequences on your overall strategy?

: “Every crisis has been a trigger for awareness of the need for proactive risk management. So the dot com bubble crash in 2001, Lehman in 2008 and the European debt crisis in 2012 have all helped move things forward a little. What are the consequences for strategy? Often very difficult, as human nature is unfortunately such that forgetting is often its best protection. That said, on the financial side, the regulator has reacted and tightened up the rules, so it’s no longer just a question of awareness, but of compliance with regulations, and that’s a very good thing.”

What factors do you consider crucial in risk management? (human, technological, organisational, technical, external, etc.). How do these elements interact to evaluate and capitalise on risks when they arise?

“The first key factor is human, with an awareness that risk management is part of business and an integral part of decision-making. It’s all about corporate culture. The approach must be top-down, and the culture must be promoted by management. Next, it’s a question of resources, in other words, the risk budget.  The starting point is risk appetite, and then it comes down to budget and implementation, in other words, human and technological resources.”

What skills or personality traits do you believe are essential for navigating a constantly evolving environment? 

“Intelligence and common sense are the two key skills. Intelligence means knowing how to adapt and keep learning, over and over again, to be able to apprehend new types of risk and manage them. Common sense means knowing how to make decisions that are pragmatic and viable for the company, rather than irrelevant. Unfortunately, common sense can’t be taught; it’s acquired with experience, provided you have the intelligence to understand what were the right decisions, but above all the wrong ones.”