What’s it like to work in risk management? We speak with Sinéad Cuthbert, Head of Strategic Enablement & Risk Governance - Investment Banking with Goodbody, about her career journey in financial services, how risk enablement differs from risk management and the importance of learning and professional development within her role.
When I joined AIB Business Banking in 2003, it was a bit of a shock to the system, as I had previously worked in retail, food and beverage, and a residential nursing home. But I quickly realised that the enjoyment I got from serving clients and meeting their needs and expectations was something which was agnostic to industry.
I moved into AIB Group Internal Audit in 2007 and spent almost 10 years travelling and visiting branches and business areas all over Ireland, the UK, the Channel Islands, and the US. I learned so much there about the back-office and risk functions and really gained an appreciation for the unseen work that supports the client facing elements of the business.
I then moved to AIB Capital Markets in a business support and advisory role, and in 2022 I began working in Goodbody on strategic change and risk advisory.
Throughout my career, I have seen how well-established structures and frameworks have made it easy to get things done in the right way for clients and for the bank. I have always been someone who focusses on outcomes, so the area of risk management and the focus on what could and what is likely to happen suits my mindset. I am also very curious, so learning about new strategic initiatives and products interests me.
Most people think of the downside of risk (or minimisation) when they think of risk management. I know when I have worked with colleagues in the risk or compliance functions, they tend towards risk elimination as their preference. Risk enablement is tightly tied to strategy & focusses on the up side of risk too and on the risk of inaction - making sure opportunities are not missed and that activities are optimised. This requires a little disruption sometimes to the established ways of doing things, which can be uncomfortable, but it usually results in a better outcome.
I split my days about 50:50 in the office and working from home, which is enabled by the modern and flexible IT my employer has in place. So, my morning routine rotates between working with my husband to get the kids out to school; and a seafront walk before an hour commute to the city centre on the train. I approach life with the intention to ‘be where I am’, so that means I try to have my mind 100% on family when I’m with them & 100% on work when I’m working – whether remote or face to face. This mindset has served me well over the years.
I’m lucky to have a broad reaching and varied role. I set aside 20 minutes each morning for reviewing priorities and planning my day’s activities. I also take 30 minutes on a Friday to look ahead to the following week and check my prioritisation and make sure I’m set up for whatever is coming through in my diary.
On any given day I could be consulting with the CEO on business strategy, participating in a steering committee or executive committee overseeing strategic or regulatory initiatives, advising an individual business unit on a process enhancement, or collaborating with colleagues on integration and efficiency.
Meeting many different people at all levels in the organisation and hearing their views. My role allows me the opportunity to work with everyone from new entrants to executive and board level. Part of my job is to check we are all rowing in the same direction strategically and bring people closer together where there is an opportunity to do so.
Curiosity, integrity, clarity of communication, and passion. I think these traits combine to drive a growth mindset and an appetite for continuous improvement. The energy people with these traits bring to any initiative is palpable and of such value to an organisation wanting to get things done.
It’s hard not to call out Artificial Intelligence (AI) here, and I think how it will impact is still not fully understood. From a risk perspective, I think that privacy and protection of individuals should be the top risk management priority associated with AI – whether that’s staff or clients.
Massively important. All organisations and industries run the risk of creating echo chambers, where the same or similar views prevail. I think ongoing learning and professional development challenges us to take different perspectives, and this diversity of thought makes for a much more robust assessment of both risk and opportunity.
There is as much risk associated with inaction as there is with action – personally and in business. Try to find a topic you are passionate about and then learn all you can about it and the risk associated with it. This will lead you to a very clear picture on what risk discipline suits you. From that, working out what training or personal development goals you need to work on to get to the risk management role you aspire to will be easy.
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