Risk in Focus – Raymond Muliisa
At the Institute of Risk Management, we love hearing from professionals on the front lines of risk. In this edition of Risk in Focus, Raymond Muliisa shares how his career path led him into risk management, the real-world challenges he’s tackled, and why risk is not just about avoiding loss—but enabling success.
What was the turning point in your career/education that led you to pursue risk management?
Towards the end of 2023, I got a new offer from an insurance firm, Jubilee Health Insurance Company of Uganda (JHICU) for the position of a Risk officer where it was a regulatory requirement for all persons working in the capacity of Risk Officer to enrol for an International Diploma in Risk Management from accredited institutions in the UK. It was on these grounds that I proceeded to pursue the International Certificate from IRM as the Foundation Course for the International Risk Diploma.
Can you share a moment when risk management helped you prevent or resolve a major issue?
I remember while managing operational Risk in the bank where I formerly worked, Iterative Risk Management activities, particularly regular cash spot checks, helped me identify fraudulent staff who had started a habit of picking small denominations of cash from cash bundles in the vault cash safe of one of the busy branches in the city.
What do you believe is the most misunderstood aspect of working in risk?
The misconception about risk is the mentality of people that risk is a misfortune and that risk should be eliminated from business. This is wrong risk should not be eliminated from business rather we need to understand the risk that we are willing to retain in business while pursuing our business objectives.
How has working in risk shaped the way you view everyday challenges, both professionally and personally?
Personally, Risk has helped me advise my family and friends about a proactive understanding of what could go wrong in what we intend to achieve and how well prepared we are to deal with the consequences for instance installation of fire systems, motor vehicle insurance, medical cover etc.
In what ways do you think the role of risk management is changing in today’s global climate?
The role of risk management is changing to address opportunities (opportunity risks) unlike traditional risk management concentrates on the negative risks. Today’s risk management is expected to drive innovation and help organisations to remain agile in their operations.
How has your experience with the Level 5 Certificate in Enterprise Risk Management (ERM) helped you in your current role? Can you share specific ways it has enhanced your skills or impacted your approach to risk management?
My ERM Qualification has enabled me to appreciate the soft skills required by risk managers to drive the risk agenda that for many years has failed in organisations with Chief Risk Officers who possess mostly quantitative skills like data analytics.
Can you describe a project or achievement that you’re particularly proud of in your risk management career?
My great achievement is growing risk culture among the senior leadership team in our health insurance company through tailored and targeted training on product risk, project risk, strategy risk assessments, incident reporting and operational loss reporting among others.
What personal qualities do you think are essential for success in risk management?
Key qualities are interpersonal skills for instance the ability to build strong collaborative relationships with stakeholders which sets the foundation for risk management engagements.
If you could go back and give yourself one piece of advice at the start of your career, what would it be?
I would consistently train in various aspects of Risk Management to keep stay up to date with the emerging risks and how well they can be integrated in the existing risk management framework.
How do you balance strategic thinking with practical risk mitigation in your role?
In line with strategic thinking, I consider the strategy objectives in the strategic plan and consider the risks that are likely to impact our ability to achieve those set objectives. This now calls for monitoring of the risk appetite preferences and agreed limits for the various risks in the health insurance business.
If you are interested in taking our Level 5 Certificate in Enterprise Risk Management, click here to learn more.
