December 15, 2024 • 22 mins
In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Lucie Claire Vincent, a global leader in consumer products and an independent board director, to discuss the vital role of risk governance in board effectiveness.
Lucie Claire shares insights from her distinguished career at Fortune 100 companies, her experience as an independent director, and her work with the Directors and Chief Risk Officers Institute (DCRO).
Lucie Claire also delves into the importance of earning the Qualified Risk Director (QRD) designation and the impact it has on boardroom discussions and decision-making. With her rich international experience and expertise in risk governance, she offers actionable insights for board members and aspiring directors on navigating the complexities of modern board oversight.
Key Takeaways
- The Importance of Risk Governance in the Boardroom:
- Lucie Claire emphasizes the board’s role in overseeing risk, particularly in a fast-changing environment where issues like AI, cybersecurity, and enterprise risk management dominate the agenda.
- Positive risk governance can shift perspectives from mere risk avoidance to value creation.
- DCRO’s Educational Programs:
- DCRO’s Certificates in Risk Governance and Cyber Risk Governance provide comprehensive, globally recognized training for directors and executives.
- These programs combine in-depth content, business case analysis, and cohort-based learning to enhance participants' ability to manage and oversee risk effectively.
- Earning the Qualified Risk Director (QRD) Designation:
- Achieving the QRD requires a rigorous self-assessment, relevant professional experience, and references, positioning individuals as experts in risk governance.
- Lucie Claire describes the designation as akin to being a “qualified financial expert” for risk, making QRD holders valuable assets to boards.
- Bringing Value to the Boardroom:
- Lucie Claire’s certification has enhanced her ability to guide discussions on innovation, stakeholder engagement, and strategic planning with a risk-positive mindset.
- Her contributions have been particularly relevant in her role with technology and B2B organizations.
- Who Should Pursue Risk Governance Credentials?
- Current and aspiring board members, as well as senior executives, can benefit from these programs to build resilience, value, and trust within their organizations.
- Networking and Continued Learning:
- DCRO fosters a global community of risk professionals through events, newsletters, and case studies, providing ongoing learning opportunities for its members.
Quotes
"The concept of positive governance in risk-taking changes how you see risk. It’s about value creation and having a more strategic, long-term view of the business."
"The diversity of industries, thought, and verticals in my DCRO cohort enriched the conversations.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:05):
Hello, and welcome to On Boards, a deepdive at what drives business success.
I'm Joe Ayoub, and I'm herewith my co-host, Raza Shaikh.
Twice a month, On Boards is theplace to learn about one of the most
critically-important aspects of anycompany or organization - its board
of directors or advisors - witha focus on the important issues
(00:27):
that are facing boards, companyleadership, and stakeholders.
Joe and I speak with a wide range ofguests and talk about what makes a board
successful or unsuccessful, what itmeans to be an effective board member and
how to make your board one of the mostvaluable assets of your organization.
(00:47):
Before we introduce our guest today,we want to thank the law firm of Nutter
McClennen & Fish who again sponsored ourOn Board Summit this year and have been
incredible partners with us in every way.
We appreciate all they havedone to support this podcast.
Our guest today is Lucie Claire Vincent.
(01:10):
Lucie is a global consumer productsleader of P&L's Fortune 100 companies,
including Colgate Palmolive andPhilip Morris International.
She is also an independent boarddirector at Toluna, the leading
global insights technology and panelprovider, and is co-president of the
International Women's Forum Connecticut.
(01:32):
Lucie Claire has lived and worked inmultiple countries and continents and
has done business throughout the world.
She also serves as an advisor to startupsin retail technology, consumer goods,
and consumer health tech, and is anadjunct professor at New York University's
School of Professional Studies.
(01:54):
Finally, included in her deep educationalbackground, Lucie Claire has a certificate
in risk governance and cyber riskgovernance from the DCRO Institute
and is a qualified risk director.
We will be discussing thatand the work she's done with
the DCRO during this podcast.
(02:16):
Welcome, Lucie Claire.
Thanks so much for joiningus today on On Boards.
Thank you, Joe and Raza.
It's a pleasure to be herewith you this afternoon.
As many of our listeners know, DavidKoenig, a former guest and longtime
friend of On Boards Podcast, isthe founder of DCRO, the Directors
(02:38):
and Chief Risk Officers Institute,which is the global leader in risk
governance education, and credentialing.
Raza and I believe that identifying thegovernance of risk is one of the most
important responsibilities of a board.
Given the incredible importance forboard members to be able to identify
(02:59):
and address risk, we think the work thatDavid and the DCRO are doing is vitally
important for raising the level of boardgovernance generally, and we're really
happy to have Lucie Claire with us todiscuss some of her work with the DCRO.
Given your deep background as a globalproducts leader, addressing risk and
(03:22):
identifying risk must have been somethingwith which you were quite familiar.
Talk a little about that inyour background and how it
impacted you as a board member.
Yes, definitely, risk has beenalways something that I have
experienced throughout my career.
Going from typical product risk,which could be taking care of issues
(03:48):
related to products and formulas tocountry risks, which could be either
political risk, could be a weatherrisk, could be reputational risks
also for a company perspective.
So, throughout my career, I haveexperienced, in the different countries
and continents where I have lived, acrisis management, business continuity
(04:13):
plans, all these type of risks havebeen part of how I grew up, and that's
why I thought that it was fascinatingto complement that experience with
what the DCRO Institute offers interms of education and content.
Now, you mentioned when we talked recentlythat DCO is a partner with women's execs
(04:33):
on boards with which you're very involved.
Once you learned of them, what was it thatcaused or motivated you to qualify for
the certificates and ultimately have yourqualified risk director certification?
Well, yes, the DCRO partners very wellwith the WomenExecs on Boards, and what
it attracted me, it was because of thecontent, because this program of the
(04:57):
DCRO, they have two main certificates.
They have one that is the Certificatein Risk Governance and they have the
Certificate in Cyber Risk Governance,and I thought that these two programs
could help me to broaden and deepenmy experience in the area of risk
and just complement all what Ihave grown throughout my career.
(05:19):
The good thing about these programs wasalso the fact that, in addition to having
the actual content, which I guess thatwe will probably talk a little bit later
about it, but one thing that it appealedme a lot was that they included cohorts.
So, with the cohorts, in addition tothe content, you would be experiencing
(05:40):
and sharing ideas and analyzing caseswith other board members and C-suite
executives that enrich the conversation,and this is in addition of the faculty,
the faculty is very experienced andthey have great, great content as well.
You know, that sounds great.
So, let's actually walk throughthe experience, because I
think walking through what youdid and what was particularly
(06:03):
impactful for you would be great.
So, let's start with, you said you sawthe content before you signed up, so
that was on the website or was it talkingto David or other people at the DCRO?
Yes, it was a combination.
I went to the website, butalso I got the brochures.
They have brochures which are verythorough in terms of content on what they
provide, and obviously, they send youalso emails and additional information as
(06:27):
you may need, and that's what attractedme because, for example, the one in
risk governance, it contains 17 lessons.
You can go at your own pace, butwhen you engage into the cohorts, it
really incentivize you to keep thepace because the cohorts meet monthly.
So, if you didn't have the cohorts,you could do it like in a year.
(06:49):
But in this case, because of thecohorts, really it goes monthly and you
have to work also on business cases.
So, in that one, I thought that itwas really interesting because the
topics went, in addition to, thetypical enterprise risk management
is a topic that is covered.
It covers things like intangible risks.
(07:11):
It talks about the legaland regulatory risks.
It talks about credit and liquidityrisks, planning and resilience, how
to engage with the stakeholders.
The content is so broad and deep thateven though my experience throughout
my career has been great, I thoughtthat there are areas that I could
(07:33):
deepen the learning , and that's oneof the things that really attracted me.
So, when you're studying thematerial, what is it that you're
actually receiving from the DCRO?
You get enrolled, so youhave access to the website.
So, you have a login, and inthat one, then you have the
content, which are the lectures.
You have a lot of reading materials.
(07:54):
You have videos that you go through them,and usually the videos can be half hour.
In addition to that, you havethe module content, which is like
the slides and everything thatyou have as additional material.
But then after that, thereis a lot of literature.
You can dedicate yourself to readand read and read and you can go as
deep as you want to cover each model.
(08:16):
Then at the end of eachmodule, you have an exam.
You have to pass the test,and you have to have at least.
minimum 80%, otherwise you don't passand that goes for every module until
you get to the end of the program of the17 sessions, and then after you finish
all the tests, if you pass them all,then eventually you get the certificate.
(08:40):
Sounds pretty comprehensive.
It is very comprehensive, it's verythorough, it's strict, and I think it
talks very well about the DCRO, becausethey want to make sure that people that
get the certificate really go through itproperly, and you really get the learning
and you really have the knowledge.
It's not just going through each chapter.
I think that's great.
(09:00):
So, talk about your cohort.
How many were in it?
What were their backgrounds like?
How did that group work for you?
Well, my cohort, in one, I think itwas six, and in the other one, eight,
because I also did the cyber, wehaven't talked about the cyber risk,
but I had different cohort groups,and all of them were board directors.
(09:21):
All of them were women that areC-suite and board directors.
I had women that were experts in finance.
I had, like for me, itwas consumer products.
There was another one that was a generalcounsel and she was expert in real estate.
There was another one that wasexpert in the publishing industry.
(09:42):
So, it was very diverse group,another one that was a digital expert.
Because of that, that diversityof industry, diversity of thought,
diversity of verticals, enriches a lotof the conversation because then you
start seeing the risk, how you applythat into the program, and then on
(10:03):
top of that, the conversation aboutpositive governance in risk taking.
And I think that's onething that differentiates.
That's part of the mission of theDCRO Institute, on how we look at
positive governance of risk taking.
So, how long did the conversations last?
How often did you havethem with your cohort?
(10:25):
The conversations lasted onehour, usually one hour and a
half, and it went every month.
Every month formally with, like connectingvia Zoom and having the sessions.
Separately, we had to work on our ownbecause we had to prepare the business
cases and we had to answer questions.
So, it was additional workoutside of that, plus the content,
(10:46):
obviously, of the program, whichthat was on an individual basis.
Sounds actually like apretty time consuming.
How did you fit that intoyour very busy schedule.
Well, we tried to find spaces oftime where we could get together or
where we could share information.
When we had to prepare for thepresentations on the cases that we
(11:09):
were working on, sometimes we had todo it via email or just find a space
where everybody could work becauseeverybody's agenda was different.
But we managed to do it, and since wehad the due dates because we had the
cohort date, we had to make it work.
Sounds great.
Be great to hear a little bit aboutafter you finished the courses and
got the certification, talk a littlebit about what you think you were able
(11:34):
to bring to the boardroom after that.
Did you feel different?
Was discussion in theboardroom any different at all?
Definitely, I felt different in thesense that I felt even more prepared.
I felt that I knew more.
I think that one of the things thatis very relevant and here is also
about the cyber risk governance,it's like we don't have the luxury
(11:57):
of staying without learning.
Right now, the world is changing so fast.
Technology is changing so rapidlyand everything that we are seeing
about AI and cyber, I felt thathaving taken these two programs
kept me updated and kept me ready.
(12:18):
I am just a curious learner by nature,but this gave me this confidence that I am
updated and also encouraged me to continuelearning, which is another thing that
also the DCRO Institute has, because theyhave all of these positive case studies,
they have newsletters, they have articlesthat keeps us also learning constantly.
(12:38):
What did I bring into the boardroom?
I think that the whole thing about thepositive governance in risk taking,
I think it's something that changesthe way that you see risk, that you
see the value creation, that yousee a more positive view of risk.
That's something that has helped mein how I see the risk governance.
(12:59):
That's great.
That makes a lot of sense.
Thank you.
Lucie Claire, in the introduction,we mentioned the qualified
risk director designation.
I also went through in the earlycohorts through that designation.
Talk a little bit about thequalified risk director designation.
Yes, the qualified risk directordesignation, you have to go through a
(13:21):
very thorough self-assessment first tobe able to be allowed to utilize the
designation of qualified risk director.
Because the qualified risk director,it would be like an equivalent
of qualified financial expertprovided by the DCRO Institute.
In order for you to get this, youhave to feel a self-assessment.
(13:44):
In that self-assessment, you haveto put all your background, you
have to have enough business acumen.
You have to have the relevanteducational background.
You have to have the experience inrisk governance and risk management.
And in addition to that, there's avery thorough evaluation that they do.
That's why it's advisable and betterto aspire to do that assessment and
(14:10):
potential application for the qualifiedrisk director once you have done the risk
governance and the cyber risk governanceprogram, because definitely that content
and that learning helps you to evenfurther strengthen the probabilities
of getting the qualified risk director.
It's not that everyone gets thequalified risk director designation.
On top of that, you alsohave to have some references.
(14:32):
They request three references thatyou have to have from people that know
you from the time that you have beenworking to validate your experience.
What it brings to the board?
Well, I think that itbrings experts in risk.
Right now, we are seeing that on boards,and that part is changing, I guess, but
most of the boards still have the riskcomponent inside the audit committee.
(14:56):
I think that right now in the timesthat we're living, more and more
companies are starting to explorethe option of having a separate risk
committee because of what it implies.
So, having the QRD, you become aperfect candidate for that committee
and also to bring to the board a verydifferent perspective about risk.
(15:17):
It's not just the financial and thereporting, it's all the other aspects
of risk and enterprise risk management.
I think I also really admire the way youdescribed that similar to the qualified
financial expert, there is room, need.
and importance for somebody whounderstands the governance of risk.
(15:39):
And I think the credentialing ofqualified risk director provides for
that opportunity for the boards to saythat we do have at least one, two or more
folks who do understand risk governancea lot better and a lot more formally.
In doing so, I think Joe asked you thisearlier as well, when you then went to
(16:02):
the boardroom, what else did it giveyou in terms of examples or how it
prepared you to have better conversationsabout risks in the boardroom?
Well, I think that in terms ofconversations, I would say like, for
example, because of the board that Iam in is about technology and because
the business is also a B2B business,the whole conversation about how to
(16:27):
engage from like a third party and beready to provide service to companies
on a B2B platform, that's an areathat became very, very relevant.
But the other part is the whole thingabout product innovation, how we foresee
how we look forward now that we aredealing with this AI and large language
(16:48):
models, that discussion and lookingaround the corners and making sure that
we are really looking into the future forthat, that's definitely an area that has
helped me to bring the discussion, so thatcomes top of mind, I would say right now.
Lucie Claire, who should consider thequalified risk director credentialing
(17:09):
or the certificates in riskgovernance or cyber risk governance?
Who would benefit the most from these?
I would say that any person that isalready a board director or aspiring
board director, definitely theyshould consider taking both programs.
I would also say that even seniorexecutives in companies, because at
(17:31):
the end of the day, the boards usuallyprovide the oversight and the governance,
but also the executives are the onesthat are in the operations and in
the day to day, and they are the onesthat deal with risk on a daily basis.
So, having these programs definitelygives you a very broad perspective.
It helps to build value and trust.
(17:52):
It provides you the opportunity to bemore strategic about risk and how you
think about the long term of the business.
It allows you to be sure that you will beresilient and at the same time compliant.
So, I would say that it's board members,but also executives running companies.
And I think maybe I'm thinking foraspiring board members, that if you
(18:17):
have the qualified risk directorcredential, that it may make you a
more attractive candidate for boards.
I would think so, yes, becausethen you have this credential that
validates that you are ready totalk and manage and govern risk.
It also helps because the good thing aboutthe DCRO is that it's present in so many
(18:40):
countries because this is an organizationthat is global, it's not just for the US.
It has presence in other geographies andhas board qualified risk directors in
multiple countries, I would say it's inmore than 120 countries, but the QRDs are
around 60 and you have a great network.
So, also for aspiring board members,just to have access to the network
(19:03):
that moves in the board is great.
It also helps them from that perspective,just to make the right connections for
potential board opportunities, and justto discuss, because you get the learning.
Have you kept in touch withmembers of your cohorts?
Oh, yeah, absolutely.
Yes, I keep on a regular basis, andthe thing is that even if we are not
(19:26):
in the same locations, Zoom call oremail, and just sometimes it's just to
compare notes, bounce ideas, discusstopics, or even share things that
are happening that we are readingin the news just to stay relevant.
And Joe, at any board-related eventthat I go to, often there is a group of
qualified risk directors, and I thinkthat a DCRO then in that sense has
(19:50):
built a great community of practitionersof risk governance that is also
tremendously helpful to each other.
Yeah.
That's terrific.
You mentioned the faculty, thefaculty you learn from via videos
or are there any live lectures?
Some of them are videos, some ofthem, they connect to the Zoom
(20:12):
and they have the conversation.
Especially the ones of cyber,we had multiple of them.
Several of them just joined the calland they were doing the lecture.
I cannot say in person, it wasin Zoom, but they were there
and we were interacting withthem and Q&A and it's very rich.
It is really good.
And all of them are really experts, areauthors and board members and C-suite.
(20:36):
You find yourself using the DCRO to keepup with the literature and what's going
on in the world of risk identification?
Yes, I do.
And I also join the additionalevents that they organize, like
the positive case studies, theopportunities, articles that they issue.
Sometimes they organize events, like forexample, at the beginning of this year,
(20:58):
they had an in-person event in the NewYork Stock Exchange, which I attended,
and there were multiple other QRDs, asRaza was mentioning, and they also do
some other Zoom ones they organize withother groups, like the WomenExecs on
Boards, which is the other organization.
They also organized a risk panelto talk about risk positive
(21:21):
governance and risk taking.
So yes, I take advantage of all of that.
That is terrific.
Lucie Claire, it's been greatspeaking with you today.
What a great conversation.
Thanks so much for joining us.
It was a pleasure to speakwith you, Joe and Raza.
Thank you for the invitation andlook forward to staying connected.
(21:43):
I hope so.
And thank you all forlistening to On Boards with
our guest Lucie Claire Vincent.
Please visit our websiteat OnBoardsPodcast.com.
That's OnBoardsPodcast.com.
We'd love to hear your comments,suggestions, and feedback.
If you're not already a subscriber,please be sure to subscribe at
(22:04):
Apple Podcasts, Spotify, or whereveryou get your podcasts and remember
to leave us a five-star review.
Please stay safe and take careof yourselves, your families, and
your communities as best you can.
And we hope you'll tune in forthe next episode of On Boards.
Thanks.
Hello, and welcome to On Boards, a deepdive at what drives business success.
I'm Joe Ayoub, and I'm herewith my co-host, Raza Shaikh.
Twice a month, On Boards is theplace to learn about one of the most
critically-important aspects of anycompany or organization - its board
of directors or advisors - witha focus on the important issues
(00:27):
that are facing boards, companyleadership, and stakeholders.
Joe and I speak with a wide range ofguests and talk about what makes a board
successful or unsuccessful, what itmeans to be an effective board member and
how to make your board one of the mostvaluable assets of your organization.
(00:47):
Before we introduce our guest today,we want to thank the law firm of Nutter
McClennen & Fish who again sponsored ourOn Board Summit this year and have been
incredible partners with us in every way.
We appreciate all they havedone to support this podcast.
Our guest today is Lucie Claire Vincent.
(01:10):
Lucie is a global consumer productsleader of P&L's Fortune 100 companies,
including Colgate Palmolive andPhilip Morris International.
She is also an independent boarddirector at Toluna, the leading
global insights technology and panelprovider, and is co-president of the
International Women's Forum Connecticut.
(01:32):
Lucie Claire has lived and worked inmultiple countries and continents and
has done business throughout the world.
She also serves as an advisor to startupsin retail technology, consumer goods,
and consumer health tech, and is anadjunct professor at New York University's
School of Professional Studies.
(01:54):
Finally, included in her deep educationalbackground, Lucie Claire has a certificate
in risk governance and cyber riskgovernance from the DCRO Institute
and is a qualified risk director.
We will be discussing thatand the work she's done with
the DCRO during this podcast.
(02:16):
Welcome, Lucie Claire.
Thanks so much for joiningus today on On Boards.
Thank you, Joe and Raza.
It's a pleasure to be herewith you this afternoon.
As many of our listeners know, DavidKoenig, a former guest and longtime
friend of On Boards Podcast, isthe founder of DCRO, the Directors
(02:38):
and Chief Risk Officers Institute,which is the global leader in risk
governance education, and credentialing.
Raza and I believe that identifying thegovernance of risk is one of the most
important responsibilities of a board.
Given the incredible importance forboard members to be able to identify
(02:59):
and address risk, we think the work thatDavid and the DCRO are doing is vitally
important for raising the level of boardgovernance generally, and we're really
happy to have Lucie Claire with us todiscuss some of her work with the DCRO.
Given your deep background as a globalproducts leader, addressing risk and
(03:22):
identifying risk must have been somethingwith which you were quite familiar.
Talk a little about that inyour background and how it
impacted you as a board member.
Yes, definitely, risk has beenalways something that I have
experienced throughout my career.
Going from typical product risk,which could be taking care of issues
(03:48):
related to products and formulas tocountry risks, which could be either
political risk, could be a weatherrisk, could be reputational risks
also for a company perspective.
So, throughout my career, I haveexperienced, in the different countries
and continents where I have lived, acrisis management, business continuity
(04:13):
plans, all these type of risks havebeen part of how I grew up, and that's
why I thought that it was fascinatingto complement that experience with
what the DCRO Institute offers interms of education and content.
Now, you mentioned when we talked recentlythat DCO is a partner with women's execs
(04:33):
on boards with which you're very involved.
Once you learned of them, what was it thatcaused or motivated you to qualify for
the certificates and ultimately have yourqualified risk director certification?
Well, yes, the DCRO partners very wellwith the WomenExecs on Boards, and what
it attracted me, it was because of thecontent, because this program of the
(04:57):
DCRO, they have two main certificates.
They have one that is the Certificatein Risk Governance and they have the
Certificate in Cyber Risk Governance,and I thought that these two programs
could help me to broaden and deepenmy experience in the area of risk
and just complement all what Ihave grown throughout my career.
(05:19):
The good thing about these programs wasalso the fact that, in addition to having
the actual content, which I guess thatwe will probably talk a little bit later
about it, but one thing that it appealedme a lot was that they included cohorts.
So, with the cohorts, in addition tothe content, you would be experiencing
(05:40):
and sharing ideas and analyzing caseswith other board members and C-suite
executives that enrich the conversation,and this is in addition of the faculty,
the faculty is very experienced andthey have great, great content as well.
You know, that sounds great.
So, let's actually walk throughthe experience, because I
think walking through what youdid and what was particularly
(06:03):
impactful for you would be great.
So, let's start with, you said you sawthe content before you signed up, so
that was on the website or was it talkingto David or other people at the DCRO?
Yes, it was a combination.
I went to the website, butalso I got the brochures.
They have brochures which are verythorough in terms of content on what they
provide, and obviously, they send youalso emails and additional information as
(06:27):
you may need, and that's what attractedme because, for example, the one in
risk governance, it contains 17 lessons.
You can go at your own pace, butwhen you engage into the cohorts, it
really incentivize you to keep thepace because the cohorts meet monthly.
So, if you didn't have the cohorts,you could do it like in a year.
(06:49):
But in this case, because of thecohorts, really it goes monthly and you
have to work also on business cases.
So, in that one, I thought that itwas really interesting because the
topics went, in addition to, thetypical enterprise risk management
is a topic that is covered.
It covers things like intangible risks.
(07:11):
It talks about the legaland regulatory risks.
It talks about credit and liquidityrisks, planning and resilience, how
to engage with the stakeholders.
The content is so broad and deep thateven though my experience throughout
my career has been great, I thoughtthat there are areas that I could
(07:33):
deepen the learning , and that's oneof the things that really attracted me.
So, when you're studying thematerial, what is it that you're
actually receiving from the DCRO?
You get enrolled, so youhave access to the website.
So, you have a login, and inthat one, then you have the
content, which are the lectures.
You have a lot of reading materials.
(07:54):
You have videos that you go through them,and usually the videos can be half hour.
In addition to that, you havethe module content, which is like
the slides and everything thatyou have as additional material.
But then after that, thereis a lot of literature.
You can dedicate yourself to readand read and read and you can go as
deep as you want to cover each model.
(08:16):
Then at the end of eachmodule, you have an exam.
You have to pass the test,and you have to have at least.
minimum 80%, otherwise you don't passand that goes for every module until
you get to the end of the program of the17 sessions, and then after you finish
all the tests, if you pass them all,then eventually you get the certificate.
(08:40):
Sounds pretty comprehensive.
It is very comprehensive, it's verythorough, it's strict, and I think it
talks very well about the DCRO, becausethey want to make sure that people that
get the certificate really go through itproperly, and you really get the learning
and you really have the knowledge.
It's not just going through each chapter.
I think that's great.
(09:00):
So, talk about your cohort.
How many were in it?
What were their backgrounds like?
How did that group work for you?
Well, my cohort, in one, I think itwas six, and in the other one, eight,
because I also did the cyber, wehaven't talked about the cyber risk,
but I had different cohort groups,and all of them were board directors.
(09:21):
All of them were women that areC-suite and board directors.
I had women that were experts in finance.
I had, like for me, itwas consumer products.
There was another one that was a generalcounsel and she was expert in real estate.
There was another one that wasexpert in the publishing industry.
(09:42):
So, it was very diverse group,another one that was a digital expert.
Because of that, that diversityof industry, diversity of thought,
diversity of verticals, enriches a lotof the conversation because then you
start seeing the risk, how you applythat into the program, and then on
(10:03):
top of that, the conversation aboutpositive governance in risk taking.
And I think that's onething that differentiates.
That's part of the mission of theDCRO Institute, on how we look at
positive governance of risk taking.
So, how long did the conversations last?
How often did you havethem with your cohort?
(10:25):
The conversations lasted onehour, usually one hour and a
half, and it went every month.
Every month formally with, like connectingvia Zoom and having the sessions.
Separately, we had to work on our ownbecause we had to prepare the business
cases and we had to answer questions.
So, it was additional workoutside of that, plus the content,
(10:46):
obviously, of the program, whichthat was on an individual basis.
Sounds actually like apretty time consuming.
How did you fit that intoyour very busy schedule.
Well, we tried to find spaces oftime where we could get together or
where we could share information.
When we had to prepare for thepresentations on the cases that we
(11:09):
were working on, sometimes we had todo it via email or just find a space
where everybody could work becauseeverybody's agenda was different.
But we managed to do it, and since wehad the due dates because we had the
cohort date, we had to make it work.
Sounds great.
Be great to hear a little bit aboutafter you finished the courses and
got the certification, talk a littlebit about what you think you were able
(11:34):
to bring to the boardroom after that.
Did you feel different?
Was discussion in theboardroom any different at all?
Definitely, I felt different in thesense that I felt even more prepared.
I felt that I knew more.
I think that one of the things thatis very relevant and here is also
about the cyber risk governance,it's like we don't have the luxury
(11:57):
of staying without learning.
Right now, the world is changing so fast.
Technology is changing so rapidlyand everything that we are seeing
about AI and cyber, I felt thathaving taken these two programs
kept me updated and kept me ready.
(12:18):
I am just a curious learner by nature,but this gave me this confidence that I am
updated and also encouraged me to continuelearning, which is another thing that
also the DCRO Institute has, because theyhave all of these positive case studies,
they have newsletters, they have articlesthat keeps us also learning constantly.
(12:38):
What did I bring into the boardroom?
I think that the whole thing about thepositive governance in risk taking,
I think it's something that changesthe way that you see risk, that you
see the value creation, that yousee a more positive view of risk.
That's something that has helped mein how I see the risk governance.
(12:59):
That's great.
That makes a lot of sense.
Thank you.
Lucie Claire, in the introduction,we mentioned the qualified
risk director designation.
I also went through in the earlycohorts through that designation.
Talk a little bit about thequalified risk director designation.
Yes, the qualified risk directordesignation, you have to go through a
(13:21):
very thorough self-assessment first tobe able to be allowed to utilize the
designation of qualified risk director.
Because the qualified risk director,it would be like an equivalent
of qualified financial expertprovided by the DCRO Institute.
In order for you to get this, youhave to feel a self-assessment.
(13:44):
In that self-assessment, you haveto put all your background, you
have to have enough business acumen.
You have to have the relevanteducational background.
You have to have the experience inrisk governance and risk management.
And in addition to that, there's avery thorough evaluation that they do.
That's why it's advisable and betterto aspire to do that assessment and
(14:10):
potential application for the qualifiedrisk director once you have done the risk
governance and the cyber risk governanceprogram, because definitely that content
and that learning helps you to evenfurther strengthen the probabilities
of getting the qualified risk director.
It's not that everyone gets thequalified risk director designation.
On top of that, you alsohave to have some references.
(14:32):
They request three references thatyou have to have from people that know
you from the time that you have beenworking to validate your experience.
What it brings to the board?
Well, I think that itbrings experts in risk.
Right now, we are seeing that on boards,and that part is changing, I guess, but
most of the boards still have the riskcomponent inside the audit committee.
(14:56):
I think that right now in the timesthat we're living, more and more
companies are starting to explorethe option of having a separate risk
committee because of what it implies.
So, having the QRD, you become aperfect candidate for that committee
and also to bring to the board a verydifferent perspective about risk.
(15:17):
It's not just the financial and thereporting, it's all the other aspects
of risk and enterprise risk management.
I think I also really admire the way youdescribed that similar to the qualified
financial expert, there is room, need.
and importance for somebody whounderstands the governance of risk.
(15:39):
And I think the credentialing ofqualified risk director provides for
that opportunity for the boards to saythat we do have at least one, two or more
folks who do understand risk governancea lot better and a lot more formally.
In doing so, I think Joe asked you thisearlier as well, when you then went to
(16:02):
the boardroom, what else did it giveyou in terms of examples or how it
prepared you to have better conversationsabout risks in the boardroom?
Well, I think that in terms ofconversations, I would say like, for
example, because of the board that Iam in is about technology and because
the business is also a B2B business,the whole conversation about how to
(16:27):
engage from like a third party and beready to provide service to companies
on a B2B platform, that's an areathat became very, very relevant.
But the other part is the whole thingabout product innovation, how we foresee
how we look forward now that we aredealing with this AI and large language
(16:48):
models, that discussion and lookingaround the corners and making sure that
we are really looking into the future forthat, that's definitely an area that has
helped me to bring the discussion, so thatcomes top of mind, I would say right now.
Lucie Claire, who should consider thequalified risk director credentialing
(17:09):
or the certificates in riskgovernance or cyber risk governance?
Who would benefit the most from these?
I would say that any person that isalready a board director or aspiring
board director, definitely theyshould consider taking both programs.
I would also say that even seniorexecutives in companies, because at
(17:31):
the end of the day, the boards usuallyprovide the oversight and the governance,
but also the executives are the onesthat are in the operations and in
the day to day, and they are the onesthat deal with risk on a daily basis.
So, having these programs definitelygives you a very broad perspective.
It helps to build value and trust.
(17:52):
It provides you the opportunity to bemore strategic about risk and how you
think about the long term of the business.
It allows you to be sure that you will beresilient and at the same time compliant.
So, I would say that it's board members,but also executives running companies.
And I think maybe I'm thinking foraspiring board members, that if you
(18:17):
have the qualified risk directorcredential, that it may make you a
more attractive candidate for boards.
I would think so, yes, becausethen you have this credential that
validates that you are ready totalk and manage and govern risk.
It also helps because the good thing aboutthe DCRO is that it's present in so many
(18:40):
countries because this is an organizationthat is global, it's not just for the US.
It has presence in other geographies andhas board qualified risk directors in
multiple countries, I would say it's inmore than 120 countries, but the QRDs are
around 60 and you have a great network.
So, also for aspiring board members,just to have access to the network
(19:03):
that moves in the board is great.
It also helps them from that perspective,just to make the right connections for
potential board opportunities, and justto discuss, because you get the learning.
Have you kept in touch withmembers of your cohorts?
Oh, yeah, absolutely.
Yes, I keep on a regular basis, andthe thing is that even if we are not
(19:26):
in the same locations, Zoom call oremail, and just sometimes it's just to
compare notes, bounce ideas, discusstopics, or even share things that
are happening that we are readingin the news just to stay relevant.
And Joe, at any board-related eventthat I go to, often there is a group of
qualified risk directors, and I thinkthat a DCRO then in that sense has
(19:50):
built a great community of practitionersof risk governance that is also
tremendously helpful to each other.
Yeah.
That's terrific.
You mentioned the faculty, thefaculty you learn from via videos
or are there any live lectures?
Some of them are videos, some ofthem, they connect to the Zoom
(20:12):
and they have the conversation.
Especially the ones of cyber,we had multiple of them.
Several of them just joined the calland they were doing the lecture.
I cannot say in person, it wasin Zoom, but they were there
and we were interacting withthem and Q&A and it's very rich.
It is really good.
And all of them are really experts, areauthors and board members and C-suite.
(20:36):
You find yourself using the DCRO to keepup with the literature and what's going
on in the world of risk identification?
Yes, I do.
And I also join the additionalevents that they organize, like
the positive case studies, theopportunities, articles that they issue.
Sometimes they organize events, like forexample, at the beginning of this year,
(20:58):
they had an in-person event in the NewYork Stock Exchange, which I attended,
and there were multiple other QRDs, asRaza was mentioning, and they also do
some other Zoom ones they organize withother groups, like the WomenExecs on
Boards, which is the other organization.
They also organized a risk panelto talk about risk positive
(21:21):
governance and risk taking.
So yes, I take advantage of all of that.
That is terrific.
Lucie Claire, it's been greatspeaking with you today.
What a great conversation.
Thanks so much for joining us.
It was a pleasure to speakwith you, Joe and Raza.
Thank you for the invitation andlook forward to staying connected.
(21:43):
I hope so.
And thank you all forlistening to On Boards with
our guest Lucie Claire Vincent.
Please visit our websiteat OnBoardsPodcast.com.
That's OnBoardsPodcast.com.
We'd love to hear your comments,suggestions, and feedback.
If you're not already a subscriber,please be sure to subscribe at
(22:04):
Apple Podcasts, Spotify, or whereveryou get your podcasts and remember
to leave us a five-star review.
Please stay safe and take careof yourselves, your families, and
your communities as best you can.
And we hope you'll tune in forthe next episode of On Boards.
Thanks.
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