With over 20 years of expertise in risk management and audit, Loshani has extensive experience in operational risk management and has served in all four lines of defense. She is known for her expertise in developing comprehensive risk management frameworks and advising senior management and board members. Her extensive industry experience spans regulatory bodies, and financial institutions, both globally and regionally.

In a recent conversation with the Global Woman Leader Magazine, Loshani discusses promoting gender diversity in risk management and audits, emphasizing the unique challenges women face and strategies for inclusivity. She explores how integrating diverse voices enhances risk frameworks and provided examples of diverse teams achieving better outcomes.

How can financial institutions promote gender diversity in risk management and audits, addressing unique challenges women face and implementing effective strategies for inclusivity and empowerment?

From my experience as a banker in the Malaysian financial services industry, promoting gender diversity in risk management and audits starts with creating an inclusive culture. Early in my career, I observed that mentorship and sponsorship programs tailored for women were crucial in overcoming initial barriers. In one instance, a flexible work arrangement allowed me to balance professional and personal responsibilities, which significantly contributed to my career growth. Institutions must establish diversity goals and ensure accountability. I have seen firsthand how a diverse team can drive innovation and resilience, creating a dynamic and inclusive environment where all contributions are valued and recognized.

How do you believe the integration of diverse voices, including women’s perspectives, enhances risk management frameworks within financial institutions? Can you provide examples where diverse teams have led to better risk outcomes?

Integrating diverse voices, including women’s perspectives, significantly enhances risk management frameworks. During my tenure, I witnessed how diverse teams brought varied viewpoints, leading to more comprehensive risk assessments and innovative solutions. For example, at a previous institution, a team with a balanced gender representation identified and mitigated potential biases that a homogeneous group might have overlooked. This diversity led to improved decision-making and risk mitigation outcomes. Embracing diverse perspectives fosters a culture where all voices are heard and valued, resulting in robust and effective risk management strategies that benefit the entire organization.

From your interactions with industry peers and stakeholders, what are some prevailing misconceptions about women’s roles in risk management that you believe need to be challenged or corrected? How can these perceptions be changed to promote greater gender equality in leadership positions?

Throughout my career, I have encountered and challenged misconceptions about women’s roles in risk management, such as the belief that women are less capable under pressure or that we require special or privileged work environments to help us manage our workload or deliverables. However, I have consistently demonstrated resilience and capability in high-stakes situations. For instance, leading multiple audit engagements while balancing my personal obligations during the time my mom was ill, showcased my ability to handle complex issues effectively. Changing these perceptions requires highlighting such successes and providing equal opportunities for advancement. Promoting gender equality ensures that talent is recognized based on merit. By actively challenging stereotypes, we can foster an inclusive environment where both women and men can thrive.

In what ways have you observed women leaders influencing the strategic direction of risk management practices in banking? How can these insights be leveraged by other industry leaders to enhance their own risk management frameworks?

Women leaders, including myself, have significantly influenced the strategic direction of risk management practices in banking by challenging ourselves and our norms to be present and prominent in our roles in the organizations we service. Our emphasis on communication, empathy, and comprehensive analysis contributes to creating resilient frameworks. For instance, during a major project, my approach of managing stakeholder engagement with clarity and composure was crucial for effective risk management. This collaborative strategy led to successful outcomes, demonstrating the value of diverse perspectives. Other industry leaders can leverage these insights by adopting inclusive practices and recognizing the strengths women bring to the table. Integrating these approaches can enhance their risk management frameworks, making them more robust and adaptive.

In your opinion, what are the key competencies and skills that women leaders bring to risk management that may differentiate their approach from their male counterparts? How can organizations capitalize on these strengths to build more resilient financial institutions?

Women leaders bring essential competencies to risk management, such as strong communication skills, emotional intelligence, and a collaborative approach. During my career in Malaysia’s financial services industry, I have seen how these attributes enable effective navigation of complex situations and consensus-building among stakeholders. In one instance, my holistic approach to risk assessment, considering both technical and human factors, proved crucial during a significant audit. Organizations can capitalize on these strengths by fostering an inclusive culture that values diverse perspectives. Promoting gender equality in leadership positions will help financial institutions build more resilient and adaptive risk management frameworks.

Looking at the trajectory of your career and the industry as a whole, what shifts have you observed in how risk management is perceived and executed in banking, particularly through the lens of gender empowerment? How can these insights inform future strategies for industry leaders committed to advancing gender diversity in senior roles?

Throughout my career, I have observed significant shifts in how risk management is perceived and executed in banking, particularly with a growing emphasis on gender empowerment. There is now a greater recognition of the value that diverse teams bring to risk management. This shift is reflected in more inclusive policies and the increased presence of women in leadership roles. These changes have led to more comprehensive and effective risk management practices. Future strategies should continue to prioritize gender diversity by creating supportive environments for women and promoting their advancement to senior roles. This approach will ensure that financial institutions remain resilient and forward-thinking.