Using regular performance evaluations can be a game-changer in boosting risk management within a company. It's like taking a closer look at how individuals and teams are doing, spotting where they shine, and identifying areas that need a bit more attention in their risk management processes.

1. Knowledge Check: How Well Do We Know Risk?

Start by using performance evaluations to see if employees get the whole risk management deal. Evaluate their grasp of risk management principles, how skilled they are at spotting and sizing up risks, and if they stick to the risk management rulebook. Where you identify gaps in their knowledge or approach you can set SMART goals and review their progress at the next performance evaluation.

2. Checking the Scorecard: Are Our Risk Strategies Working?

For more senior levels i.e. those which own incidents, controls or risks you can design a scorecard, akin to a report card, for risk management strategies. Assess how well these strategies are doing by looking at the outcomes. Dive into key performance indicators relating to incident rates, the control environment, or breaches. Consistency is reporting is key enabling you to identify trends and provide support where required.

3. Feedback Loop: Let’s Hear What You Think

Performance evaluations are not just about numbers; they're a conversation starter. Get feedback from the incident owners, risk owners, those people in the business who are managing risks day to day. Their thoughts are likely to be highly valuable – pointing out deficiencies or problem areas, suggesting fresh ideas to tackle risks, and uncovering opportunities to streamline risk management processes.

Conclusion

So, in a nutshell, performance evaluations aren't just about ticking boxes; they're a secret weapon for levelling up risk management. From checking if everyone is on the same page about risk to fine tuning strategies and listening to the frontline experts, performance evaluations support a risk-savvy and resilient organisation.

Closing Thoughts

I encourage you to consider how you can use 1:1s and performance evaluations to upskill your employees’ risk knowledge and performance. There are many levers we have in an organisation to influence others to make sound risk management decisions.

Now, what would you do differently and what help do you need to get there?