“The greatest gift of leadership is a boss who wants you to be successful.” – Nelson Mandela
How my KNOW YOUR STAFF (KYC) theory started
About ten years ago, I co-facilitated a bank-wide training program for front-line staff, with Mrs Maame Yaa Tiwah Addo-Dankwa, Head of EOCO, (Economic and Organized Crime Office). While she taught fraud detection from the Security point of view, I shared various perspectives of fraud in banking and how the frontliners can be aware and prevent them.
My co-facilitator made us aware that while bank onboarding procedures are critical and involve KNOW YOUR CUSTOMER (KYC), the criminals also have a motto as part of their own own due diligence of KNOW YOUR TARGET, (KYT)! We all had a good laugh about the motto of the criminals but on a more serious note, it is so true.
If fraudsters want to commit fraud in a traditional banking space, they first have to prepare to ensure their account holding details are okay by the bank standards, or rather LOOK okay! They had several techniques if camouflaging some documents which could not be authenticated because they were not biometric.
They also look out for lax supervisors who are not diligent, branches where front liners look disgruntled with the system and complain openly to customers! Such unmotivated staff fall easy prey to customers who take advantage and either connect with them in the wrong way, or get them on their blind sides. They know there are some branches which are no-go areas to attempt fraud, since they are knowledgeable and owe strong allegiance to their brand.
On a lighter note, I have also developed my own theory or motto, which I share in training leaders and supervisors. I call it KNOW YOUR STAFF or KYT!! Seems funny eh? I take it as a basic or fundamental must-know in building good inter-personal relationships.
An investigation into various incidence reports on risk that is submitted to Risk departments are usually followed up with a root cause analysis. I used to stretch my experience in root cause analysis to cover certain underlying problems that include the people issues. We can never divorce risk management from leadership styles, diverse teams, teambuilding and motivation. In highly motivated teams, risk incidents are minimal because the teams bond, monitor each other and work as a team.
Today, I will touch on how motivation can be used as a risk management tool. Motivation is part of the KYS strategies that has proven key.
Motivation
Motivation is the inner force or drive of individuals constituted through feelings, experience, realization of job, work, and behavior of management that directs them to accomplish their work assignments.
The whole society is facing many changes and is subject to many where one has to adapt, that is why leadership can be a way to improve risk management. As soon as the leader manages to have a united, motivated and high-performance team, they will be able to anticipate the risks and manage them as well as possible in order to have successful organizations.
Managing risks is extremely important in overcoming crisis situations, and a good, prepared, competent leader who works with a motivated and efficient people is going to be able to face any challenge in order to maintain the organization’s performance.
Motivation as a Risk Management tool
Motivational tools for employees are various techniques, strategies, techniques and measures that organizations use to increase their commitment and efficiency. Why do motivational tools affect employee morale? Their morale can result in job satisfaction to the sense of social recognition and professional development opportunities (both in terms of skill improvement and career advancement).
They build employee engagement, create a positive atmosphere, and support professional growth. Consequently, organizations that effectively employ these tools to maintain high morale among their employees, which improves a company’s effectiveness and productivity.
Risk management is a vital skill for any project, but it can also be challenging and stressful. As a leader, you want your team to perform well and deliver results, but how can you motivate them to be their best? Here are some tips to help you inspire and empower your team in risk management:
Set clear goals and expectations
One of the first steps to motivate your team is to set clear and realistic goals and expectations for the risk management process. You should communicate the scope, objectives, deliverables, deadlines, and roles of each team member, as well as the risks and opportunities involved. By doing so, you can align your team with a common vision, provide direction and guidance, and avoid confusion and conflict.
To motivate the team effectively, it’s essential to communicate their responsibilities clearly. Providing training and guidance on goal achievement is crucial. Explain the tasks, methods, expected results, and the importance of each task, emphasizing the benefits. Encourage a continuous curiosity for learning within the team and provide the feedback and support.
Empowerment
Sometimes leaders can hold regular sessions where team members can freely propose ideas for improving risk processes, fostering a culture of innovation. You can also try as much as possible to create friendly competitions or challenges where teams work together to solve simulated risk scenarios, promoting teamwork and problem-solving skills.
Provide feedback and recognition
Another way to motivate your team is to provide regular and constructive feedback and recognition. You should monitor and evaluate the progress and performance of your team, and give them praise and appreciation for their achievements and efforts. You should also identify and address any issues or gaps, and offer suggestions and support for improvement. By doing so, you can boost your team’s confidence, morale, and satisfaction, and encourage them to keep learning and growing.
Recognize and celebrate individual and team achievements
In managing risks, it is good to provide both public acknowledgment and tangible rewards. Offer regular constructive feedback and support, fostering a positive and inclusive team environment. Encourage continuous learning and professional development to enhance their skills. Empower team members by involving them in decision-making and giving them ownership of tasks. Lastly, maintain an open-door policy to encourage communication, trust, and collaboration, ensuring the team feels valued and motivated.
Foster collaboration and communication
Another way to motivate your team is to foster a culture of collaboration and communication. You should encourage your team to share their ideas, opinions, and concerns, and listen to their feedback and input. You should also promote teamwork and cooperation, and facilitate knowledge and information exchange.
By doing so, you can create a sense of belonging and trust, and leverage the diverse skills and perspectives of your team. Foster a culture where collaboration and open dialogue is encouraged. Create common platforms for the team members to share ideas, learning and experiences that will empower them and motivate them to work together as a team. Motivate your team is to empower and challenge them.
You should delegate tasks and responsibilities to your team, and give them autonomy and flexibility to make decisions and solve problems. You should also provide them with opportunities and resources to learn new skills and take on new challenges. By doing so, you can enhance your team’s engagement, creativity, and innovation, and help them grow and develop.
Working under an Unmotivated Leader
Lets now look at the other side of the coin. Hou ever considered that your own boss may need some motivation to help you and your team to reach your objectives?
The experience of working for an unmotivated manager is probably unfamiliar to many professionals, but it’s not that uncommon. For example, your manager may need motivation to complete undesirable tasks that you need them to do, so that you can function effectively in your role.
Or your boss might focus on their favorite projects, while not providing you with the support and inspiration that you need to make your own projects a success. Perhaps you even have a manager who’s become “comfortable” in their role, and isn’t driving you and the team forward as they used to when they started out in the organization.
Keeping managers motivated is extremely important to the health and spirit of an entire organization, and managers who aren’t motivated – or who are “burned out” from too much stress – can have low productivity. This clearly then has a knock-on effect on overall team productivity and morale. Unmotivated managers may even hold back the careers of those who work under them, including you!
Let me pause here. Next week I will give more tips on motivating your Team in creative ways, and get the best out of them.
ABOUT THE AUTHOR
Alberta Quarcoopome is a Fellow of the Institute of Bankers, and CEO of ALKAN Business Consult Ltd. She is the Author of Three books: “The 21st Century Bank Teller: A Strategic Partner” and “My Front Desk Experience: A Young Banker’s Story” and “The Modern Branch Manager’s Companion”. She uses her experience and practical case studies, training young bankers in operational risk management, sales, customer service, banking operations and fraud.
CONTACT
Website www.alkanbiz.com
Email:alberta@alkanbiz.com or [email protected]
Tel: +233-0244333051/+233-0244611343
