A career-defining moment occurred when Tom Meehan assumed the roles of Chief Strategy Officer and Chief Information Security Officer, reporting directly to the CEO. This experience underscored the critical fusion of strategic planning and robust security measures, profoundly influencing his approach to identifying and mitigating risks.
Fast forward to today, Tom stands as the President of CONTROLTEK, where his motivation for a risk management career sprouted from a genuine interest in understanding and navigating uncertainties. His journey, spanning over 20 years, commenced with the realization that risk management is not an isolated task but a collective responsibility.
In Tom’s perspective, the pivotal realization revolves around the indispensable role of education and awareness in cultivating a risk-conscious culture. This understanding has been central to his leadership approach at CONTROLTEK, guiding the organization beyond reactive risk management. Instead, Tom emphasizes proactive preparation and education making risk management an integral facet of the company’s strategic planning and decision-making processes.
Agile and Informed
In his present position as the President, Tom navigates the delicate balance between robust risk management and the imperative to foster innovation and agility. “It’s not about seeing risk management as a barrier—it’s an integral part of innovation,” he asserts. Tom underscores the need to maintain security and compliance without stifling innovation due to risk aversion. Instead, he advocates integrating risk awareness seamlessly into every operational facet.
“We prioritize prevention, but education, awareness and response strategies are equally crucial,” Tom notes. By instilling a sense of risk awareness and competence within the team, he cultivates a culture where innovation and risk consciousness coexist harmoniously. This approach enables continuous adaptation and evolution with a proactive stance on addressing risks. “We aim to be agile and informed in our pursuit of innovation,” Tom emphasizes, highlighting the organization’s commitment to staying ahead of potential challenges while fostering a dynamic and informed innovation landscape.
Networking, Learning and Collaboration
In the realm of risk management leadership, Tom faces formidable challenges in keeping abreast of the ever-changing risk landscape. He asserts that continuous vigilance and adaptation are non-negotiable in this dynamic environment. To address this, Tom employs a comprehensive strategy that relies heavily on networking. Maintaining a strong professional network is key. It allows for sharing insights and best practices that are crucial for staying informed about emerging trends and innovative solutions.
Tom places great emphasis on continuous learning and staying informed through extensive reading. Keeping up with industry publications, reports and scholarly articles ensures that his knowledge is current and relevant. The role of research and analysis is pivotal in understanding new risks and anticipating their potential impacts on the organization. He elucidates, “We’re not just looking at current risks—forecasting future challenges allows us to be proactive rather than reactive.”
Education and training are paramount within Tom’s team and the broader organization. Promoting a culture of continuous learning ensures all staff can identify and manage risks effectively. He also leverages advanced technology such as analytics and AI to enhance the organization’s capabilities in predicting and mitigating risks.
Crucially, Tom believes in sharing best practices not only within the organization but also with the wider risk management community. He shares, “This collaborative approach refines our strategies and contributes to a more resilient and informed risk management sector.” By integrating these strategies, he ensures that the organization remains agile and well-prepared to navigate the complexities of the modern risk environment offering a blueprint for all readers to enhance their risk management practices.
The AI Dilemma
It’s crucial to recognize the significance of keeping pace with AI’s rapid evolution. In today’s context, artificial intelligence is evolving swiftly presenting every industry with both opportunities and challenges. While cybersecurity experts can leverage AI for enhanced security measures, malevolent individuals can also exploit these advancements, crafting real-time, sophisticated attacks using generative AI to bolster their methods. For those involved in risk management, it’s essential to stay informed about the dynamic landscape of AI.
In Tom’s view, emerging technologies like AI and Machine Learning (ML) play a significant role in enhancing risk assessment and mitigation strategies. He emphasizes how these technologies have revolutionized risk management by introducing unparalleled capabilities in identifying, analyzing and predicting risks. He states, “AI and ML allow us to process vast amounts of data at an unprecedented speed and accuracy, offering insights that were previously unattainable.”
However, Tom is quick to acknowledge the dual nature of these technologies. “While AI and ML significantly aid in risk mitigation, they also introduce new risks that we have not encountered before,” he highlights. The complexity and opacity of these technologies can pose challenges in understanding and predicting outcomes, potentially introducing systemic risks. Additionally, concerns about data privacy, security breaches and ethical considerations become integral to risk management.
To effectively harness the power of AI and ML while addressing their inherent risks, Tom advocates for developing robust frameworks and guidelines that ensure responsible and transparent use. This involves ongoing monitoring, regular audits and the implementation of ethical standards in AI development and deployment. Tom believes that “by striking a balance between leveraging these emerging technologies and mitigating the risks they bring, we can significantly enhance our risk assessment and mitigation capabilities.” This approach, he asserts, leads to a more resilient and forward-thinking paradigm in risk management, offering valuable insights.
Risk-Resilient Leadership
In his remarkable journey from the field to a retail executive and now as the President of a technology company, Tom has consistently prioritized integrating risk management into the overall business strategy. “This integration is crucial for making informed decisions and maintaining the resilience of our operations,” he emphasizes.
To seamlessly integrate risk management into their business strategy, Tom employs models like PESTLE analysis, covering Political, Economic, Social, Technological, Legal, and Environmental factors. This systematic approach helps identify and assess risks comprehensively including geopolitical, cyber, and various other factors. He stresses, “It encourages a holistic view of the business environment and potential risks.”
A key aspect that Tom stresses is maintaining an objective, non-emotional approach to risk assessment. He underlines, “It’s vital to view risks as an integral part of our overall strategy and not as isolated challenges.” This mindset prevents knee-jerk reactions ensuring measured responses are aligned with long-term objectives.
The benefits of this integrated approach are profound. “We’ve observed enhanced decision-making with a deeper understanding of the potential impacts of various risks on our business,” he accentuates. It has resulted in the development of more robust contingency plans, better preparing them for unforeseen events.
Additionally, this approach has fostered a risk-aware culture, where risk management is an essential part of everyone’s role. This cultural shift has been instrumental in driving sustainable growth and maintaining a competitive edge in the rapidly evolving technology sector. This serves as an inspiring guide illustrating the transformative power of integrating risk management into the fabric of a business strategy.
Tackling Talent Scarcity
A vital aspect to consider is the necessity of developing a strong team in the cybersecurity domain. Currently, there’s a noticeable scarcity of professionals in cybersecurity and risk management. To address this, it’s important to implement comprehensive training programs and ensure effective succession planning. He converses on the importance of stakeholders including teams furthermore.
In his pivotal role, Tom emphasizes the significance of working closely with various stakeholders to foster effective communication and collaboration between risk management teams and other departments. “The cornerstone of creating a cohesive risk strategy lies in clear communication and comprehensive information sharing,” he asserts.
The first crucial step, as per Tom’s approach, is ensuring that everyone involved understands their role in the risk management process. He shares, “Regular, transparent communication about goals, expectations and responsibilities establishes a common understanding and a sense of shared purpose.”
Tom places equal importance on educating all departments about the potential overall impact of risks on the organization. He highlights, “It’s not just about understanding risks in their own areas but how these risks can affect the broader organization.” Workshops, training sessions and regular inter-departmental meetings facilitate open sharing of insights and information.
Collaborative problem-solving is another key aspect Tom highlights. He states, “When departments work together to identify and address risks, it leads to more innovative and effective solutions.” He encourages departments to provide input and feedback on risk management strategies, fostering a more inclusive and comprehensive approach. To facilitate collaboration, effective communication tools and platforms are essential. He shares, “We use a mix of formal and informal channels, including digital collaboration platforms, to ensure consistent and accessible information flow to all relevant parties.”
Maintaining an environment of open communication and collaboration ensures that the risk strategy is not just a directive from the risk management team but a shared responsibility integrated into the organization’s culture. This approach has been instrumental in creating a more resilient, informed and proactive organizational stance towards risk management.
Finally, although it may seem repetitive, the importance of collaboration cannot be overstated. He accentuates, “Working closely within your network and contributing to your industry by sharing proven practices is invaluable for collective progress and security.”
Proactive Planning, Agile Response
In his leadership journey, Tom has made navigating the balance between proactive risk management and maintaining agility a focal point. “The essence of this balance lies in controlling what we can and being well-prepared to respond effectively to unexpected events,” he affirms.
On the proactive side, Tom emphasizes meticulous planning thorough risk assessments and implementing preemptive measures. He states, “Identifying potential risks, evaluating their likely impact and developing strategies to mitigate or avoid them are crucial steps.” Regular risk audits and staying abreast of emerging trends and technologies play a pivotal role in staying ahead.
Yet, despite comprehensive planning, Tom acknowledges that unforeseen challenges can still arise. This is where agility becomes paramount. He stresses that being agile means having the capability to respond quickly and effectively to unexpected situations. Tom’s team has developed flexible response plans adaptable to various scenarios. This approach is complemented by a culture that encourages quick decision-making and empowers team members to take necessary actions in the face of unpredicted challenges.
Regular training and drills in crisis management are part of Tom’s strategy to keep the team prepared and confident in handling emergencies. “We invest in building a resilient infrastructure and systems that can withstand sudden shocks,” he asserts
Tom’s approach is about creating a robust framework for proactive risk management while simultaneously cultivating an organizational culture and systems that are flexible and responsive. “This dual focus ensures that while we do our best to control and prepare for what we can, we also remain agile and capable of handling the unpredictable nature of risks.” Tom’s insights emphasize the importance of both proactive planning and agile responsiveness in effective risk management.
Invaluable Lessons
In Tom’s advice to emerging risk management professionals, he underscores the importance of several key areas to make a significant impact. The first one is, “Get involved in both your organization and the wider risk management community,” he recommends. Active engagement in various projects, even in minor roles provides invaluable hands-on experience. Building a strong network is crucial and Tom advises making efforts to connect with others both in-person and online including attending industry conferences and participating in online forums.
“Continuous learning is vital in this ever-evolving field,” Tom emphasizes. He suggests dedicating time to reading, watching webinars and staying abreast of the latest trends and techniques. Seeking mentorship and not hesitating to ask for help when needed is also crucial as experienced professionals can offer invaluable guidance and support.
In terms of skills, Tom advises focusing on developing analytical thinking, problem-solving, effective communication, and strategic planning. “A good understanding of business operations and financial acumen is beneficial,” he notes, given the close tie of risk management to overall business strategy.
“Adaptability and resilience are key in facing the unpredictable nature of risks,” Tom highlights. Cultivating these traits is essential for success in the field. Lastly, he encourages emerging professionals to ‘always think bigger.’ This approach fosters innovation and strategic thinking, crucial elements for a successful career in risk management. The advice provides practical guidance and further offers a roadmap to building a meaningful and impactful career in the field.
