The 10 Most Significant Leaders in Risk Management, 2024 (2) (1) (1).pdf

Global financial services are a thriving ecosystem brimming with opportunity and innovation. However, beneath the surface lies an intricate web of risk and compliance activities, demanding constant vigilance and careful navigation. In this robust ecosystem, Maninder K Bahra stands out for her fervent commitment to risk management, innovation, and excellence.

1. he risk management and insurance sector
T
demands constant vigilance. Forward-thinking
professionals leverage data analytics to
anticipate emerging threats and craft proactive
strategies to manage risks. Collaboration is key, with
insurers working alongside clients to identify
vulnerabilities and tailor coverage solutions. By
embracing innovation, this field safeguards businesses
against unforeseen challenges, fostering a secure and
resilient future.
Thabile Nyaba embodies this ethos! Standing as a
pivotal figure, her journey is marked by a relentless
pursuit of excellence and foresight. She is a luminary in
the realm of risk management, renowned for her astute
leadership and profound impact on shaping the
industry's landscape.
Thabile started her career in auditing, mastering the art
of scrutinizing finances in both private and public
sectors. However, it was risk management that truly
grabbed her interest. She thrived as the organisation's
lookout, spotting potential threats and opportunities
and then planning ways to tackle them. Thabile has a
knack for turning challenges into opportunities and
believes in balancing risk and reward within strong
governance. She's guided many organisations through
transformative journeys, earning recognition as a
leader in risk management. Thabile's leadership hasn't
gone unnoticed. Her teams have received praise for
their innovative risk management approaches. In 2019,
she became the president of the Institute of Risk
Management South Africa (IRMSA), solidifying her
status as a thought leader in the field. Her dedication
earned her the prestigious Honorary Lifetime
Membership Award from IRMSA in recognition of her
contributions.
Today, Thabile continues to lead the way in risk
management. As Chief Risk & Sustainability Officer at
Old Mutual Insure, Chair at Elite Risk Acceptances (Pty)
Ltd, and Board Member and Chair of Audit and Risk
Committee at WDB Investment Holdings, she inspires
others to push boundaries and strive for excellence.
Let's delve into the story of a visionary leader reshaping
industries and inspiring change!
What challenges have you faced in your role and how
have you leveraged your leadership skills to navigate
these challenges effectively?
There have been many challenges, but two of them in
particular stand out for me. The first was finding myself
one of the very few black female leaders in the risk
management field. The second was changing the
perception of risk management from being a tick-box
compliance function to one that adds value to the
organisation. For a given level of return and
profitability, if you can lower the risk, you are adding
value. Inwardly, I had to deal with my own insecurities
bordering on 'imposter syndrome,' while at the same
time having the outward confidence to build my teams.
Before I could lead others, I realised that I first needed
to lead myself. I invested in myself, seeking to
continuously disrupt and define myself. I always strive
to lead and influence where I find myself and be the
'change I want to see.' In some cases, I couldn't get a seat
at the table and that is why I decided to start my own
table and invite more like-minded leaders to join me. I
continue to take on the responsibility of inspiring
women professionals in risk management, especially
black women, and facilitating their careers so that they,
in turn can inspire others.
Champion of Sustainable Future through Risk Management
“Building a
resilient,
sustainable future
for the
generations to
come, through
risk
management.”
As a Certified Risk Management
Practitioner and Professional, what
strategies do you employ to stay
updated on the latest
developments and trends in risk
management?
Dialogue and conversations with a
wide range of stakeholders is
essential, as is reading and
researching widely. I take an interest
in other fields represented around
the boardroom table to gain an
appreciation of different worlds
which helps position risk
management as an enabler.
Seminars, webinars, and round
tables have their place, but I
recommend more informal
conversations such as 'Coffee Risk
Chats with the CRO,' where I quickly
find out about the hot buttons and
what people are really feeling and
thinking at all levels of the
organisation. I am also fortunate to
be invited to present at various local
and global conferences. While these
may seem like an opportunity to
share my knowledge, in reality, I
relish the learnings and revelations
that come from interacting with
some of the most brilliant minds in
the world. This helps me stay
updated and upgraded, so I don't get
outdated.
As a leader, how do you inspire and
empower your team to embrace
risk management as a strategic
enabler rather than just a
compliance function?
It has always been fundamental for
me as a leader to ensure that risk
management is positioned as a
strategic enabler and partner to the
business. It is no longer about trying
to predict the next risk but being
prepared for any disruption that
might occur. I strongly advocate for Thabile Nyaba

2. building resilience – to navigate and survive disruptions
and nurture the resourcefulness and adaptability of our
people. We drive resilience muscle memory-building
initiatives to build decision-making and judgment
abilities. I also employ a three-dimensional leadership
style, where I can lead from the front—to direct and
provide the vision, from the side—where I empower
and encourage my team to step out of their comfort
zone and stretch themselves, but at the same time be
right next to them should they need me; and from
behind – where the team has matured and is
empowered to make their own decisions, make
mistakes, and learn.
Outside of your professional achievements, you're
known for your passion for connecting youth with
opportunities. Can you tell us more about your
involvement in this area and why it's important to
you?
It is imperative to build our youth for the future, to
whom we will hand over the baton. Our young people
face a lack of exposure, which is why I began my NPO
with the theme of
#ConnectingYouthWithOpportunities. I am firmly
committed to seeking opportunities for youth to
succeed, especially as our country has one of the
highest youth unemployment rates in the world. I also
drive initiatives within my division to promote the
youth, such as ‘'Young Bright Minds'’—a think tank
whereby young graduates research, analyse and solve
problems, and 'On the Couch with Thabile'—an initiative
aimed at providing the youth with a voice. I have also
created platforms where talented youth in my team
engage at the highest level of the organization's
governance structures, which has elevated many of
their careers. As the Past President of IRMSA, I have
been tasked to run with the Youth and Africa Strategy.
Moreover, I am passionate about mentoring women,
and I currently serve as Old Mutual Women Network
Chair.
How do you maintain a healthy work-life balance,
especially with such a demanding role and what brings
you the greatest joy outside of work?
I am proud of many things in my life, but nothing beats
being a mother to my two phenomenal and crazy
children, wife to my high school sweetheart, daughter
to the 'world's greatest parents,' big sister to my siblings
'the greatest gifts our parents gave us' and best friend to
my loyal tribe. I am an early riser (5 am) which allows
me to spend time with myself meditating, praying,
reading, and planning for the day ahead. This helps me
take care of my inner empire and emerge as a leader of
my day, and not a victim of it. I also live a life of
gratitude by finding extraordinary in the ordinary, I
have realised that a great life is made of each day well
lived. When I take time off work, I particularly enjoy
adventuring with my family - my greatest treasure,
exploring the world with them and having fun together.
It has also been my greatest privilege to watch my
children grow up and flourish into the most amazing
adults with a passion for life. For me, the key to
maintaining a healthy work-life balance is through
setting boundaries and honouring them. I often joke
with my team and say, “I don't cheat on work, and
therefore I won't cheat on my personal and family time.”
Looking ahead, what are your aspirations for the
future of risk management and how do you plan to
achieve them under your leadership?
What lies ahead in the future is integrating risk
management and sustainability. In rising to this very
challenge, I have recently taken up the role of Chief
Sustainability Officer, in addition to my role as Chief
Risk Officer. I am looking forward to exploring the
integration of risk, strategy, and sustainability
navigating the risks we continuously face building a
resilient, sustainable future for the organisation,
industry, communities, customers, shareholders, and
mostly generations to come! What a noble agenda to
drive!
“Building a resilient, sustainable
future for the generations to come
through risk management.”