In 2004, Elsa Goutveniger stepped into risk management by chance. She had no intention of pursuing it as a long-time career. Fast forward twenty years, and she is now the go-to person for anything related to compliance, insurance, and risk management.
Elsa is also an active member of the IRM UAE Chapter. As its member, she is committed to promoting the importance of risk management. She leads events and initiatives focused on raising awareness, building a professional community in the UAE, and advancing best practices.
The Beginning in Risk Management
Elsa’s original aim was to build a career in marketing. But a retailer in London offered her a job in profit protection. She accepted the role of profit protection coordinator with the intention of eventually switching to marketing in the company. That, however, never happened.
At the time, the company was growing rapidly. This provided Elsa with the chance to leverage her abilities and explore new opportunities for professional advancement. As a result, she gradually expanded her skill set in risk management, business continuity, and compliance. “I was also able to learn from important mentors and stakeholders who taught me a lot,” she says. “These were foundation years for me.”
“And that is how I actually developed a real interest and a passion for the industry,” Elsa adds. Today, she is a force to be reckoned with in the industry. People turn to her for advice when it comes to compliance, insurance, and risk management. To her, this is a significant recognition as it affirms that her inputs are valued and people respect what she brings to the table. She also takes pride in being a member of the IRM UAE Chapter. “It reflects not only my commitment to the profession but also how far I’ve come since those early days,” Elsa points out.
Moving to the Middle East and Experiencing Growth
Instead of exploring opportunities in the West, Elsa moved to the Middle East, where she has been able to expand her skill set quite deeply. According to her, she has been able to tap into the opportunities presented by the rapidly growing economies of Middle Eastern countries. She feels that she might not have grown as quickly had she stayed in the West. “I had the opportunity to grow very fast in this region,” she says.
Elsa also points out that as she grew in her career, she became more assertive. She soon realized the impact she was starting to have on people. “Sometimes, when you sit in meetings, you can clearly see what you say has an impact on people,” she says. “They understand that the points you’re making and the challenges you’re raising are actually adding value,” Elsa says. Such meetings made her recognize her growth as a leader in the risk management space.
She believes that when one is able to demonstrate the true value of risk management, turn risks into opportunities, and partner with the businesses to improve processes, one then earns the approval of leadership, and they come to recognize the value one adds. “For me, this has happened gradually over time,” Elsa says.
Realization and Understanding
Over the years, Elsa has evolved in her role as she has taken on additional responsibilities. “I was originally only responsible for business continuity, then I took over risk management and insurance, and later, external compliance in addition to internal compliance,” she says.
At some point, she had a moment similar to a light bulb switching on in one’s head when she realized how those different elements are actually interconnected and make sense. She began to understand how everything fits holistically with each other. Elsa also recognized that she could truly drive impact within an organization if she had a grasp of all those different practices and the ability to effectively control them. “This, for me, was an important moment for two reasons,” she points out. First, she recognized the importance of what she was doing and the impact it had on the company. And, second, she began to see how insightful it was to reach that level of understanding and knowledge, and how fulfilling it was.
Challenges in Risk Management
Risk management is traditionally perceived as a male-dominated industry. As a woman with the potential to lead and carve out her distinguished place, Elsa often experienced gender bias. Although it is becoming less challenging for women to thrive in this field, she still feels that the barriers remain high for women leaders.
The non-regulatory nature of industries also poses a problem. According to Elsa, when one works in such industries, one has to put in more effort than usual to demonstrate the value of risk management.
“When you’re involved in regulated industries, it is a bit easier because you have to have risk management. You don’t have a choice,” she points out. However, in non-regulated industries, one has to spend more time engaging stakeholders, aligning with them, and showing them the true value of what one is doing. “This can be a bit challenging,” Elsa says.
Definition of Success
For Elsa, success means being recognized by her peers and feeling fulfilled in what she does. “Something that has always been important to me is passing on knowledge and training people around me, in addition to contributing to the wider education of the people that I’m working with,” Elsa says. “And I can happily say that this is something I’m able to achieve, and I’m very proud of that.”
She believes that, at the end of the day, one may be technically proficient, but the only impact one will have on people is how they are remembered by them. If they remember her as someone who taught them something valuable and interesting that they could use later, this, for her, is a “big achievement.” Elsa calls this a success.
Her definition of success has evolved over the years. When she was younger, she was more eager to be recognized, climb the corporate ladder, and achieve a big title and the big money that goes with it. “But I think as you work your way up and slowly reach those levels, you become conscious of the true value that you bring as a leader,” she points out.
“And people will not necessarily remember you for your title, but they will actually remember something that you left with them that they found useful,” she adds. “And for me, that is achievable through passing on my knowledge and being able to educate people in risk and compliance.”
Strengths and Qualities of a Leader
The ability to build relationships, establish rapport with stakeholders, and communicate effectively are some of Elsa’s strengths as a leader. Over the years, she has been able to simplify complex analysis and complex messages for stakeholders so that they can understand them and align them with their objectives.
And the key values that define Elsa are integrity, trustworthiness, and transparency. She has always lived by those values, and they are reflected in everything that she does. “I think my passion for training and passing on knowledge is also a big part of my personality,” she says. “I believe it is my most defining trait.”
Elsa believes that ethical decision-making is a quality required to be a successful and effective risk and compliance leader. She says, “I think risk and compliance professionals often face ethical dilemmas, and being able to strike a balance between ensuring rigor in compliance and, at the same time, aligning with business goals in an ethical and sustainable manner is the key to the profession.”
“If you are able to master that consistently, it is a very important quality to have, and it is not always easy,” she adds.
A Typical Day and Work-Life Balance
Elsa’s day starts with catching up on emails while having her tea and breakfast. She then kick-starts her workday by reviewing her calendar to identify what is urgent and important. She makes sure that everything fits into the schedule. In addition to that, she also checks if there are priorities — more important than others — that need her immediate attention. And Elsa connects with fellow leaders and then gets on with the day.
As she is a mother to two young children, maintaining a work-life balance is important to her. She points out that she tries to set boundaries. “I make sure to define my working hours, and I try to stick to them,” she adds. However, she admits that when emergencies arise, those boundaries are done away with. “It is important to ensure that exceptions do not become the norm,” she points out. So, in addition to defining working hours and sticking to them, she always communicates availability to manage expectations. Also, quite often, she blocks focus time on her calendar. She explains, “This is the time that I need to work on certain key initiatives and key projects — where I really have to concentrate.”
Elsa also believes in prioritization of work. According to her, one needs to distinguish what is urgent from what is important. “Sometimes it also means learning to say ‘no’ or ‘not now’ to certain questions or certain requests that one may not be able to fit in,” she points out.
Elsa not only blocks focus time but also blocks personal time. She has a routine that she sticks to. This includes: exercising early in the morning, taking care of her two children, getting them ready for school, taking them to school, and then going to work.
Leadership: Both Leads and Serves
Elsa considers herself a leader who both serves and leads. According to her, she leads by bringing the expertise she has in risk management, compliance, and insurance to the table. She advises and is a source of knowledge when it comes to understanding business implications. As a leader, Elsa ensures that stakeholders understand what they are facing and recognize the implications, along with potential risk mitigation actions and opportunities.
Elsa believes that what she does on a day-to-day basis, the advice and the guidance, is at the core of her work. “In order to be successful in this industry, you need to build relationships based on empathy with the people around you,” Elsa says. “To me, this is the serving element of leadership: where you consider business implications and arrive at the right solutions.”
Personal and Professional Goals
Elsa loves to travel. So, a personal goal of hers is to keep traveling to new destinations. “I have traveled to more than 100 countries so far, and I would like to continue discovering new places I have not been to,” she says. Her travels keep her grounded, broaden her horizons, and help her discover new cultures. She shares her experiences and excitement with her children, encouraging them to think outside the box. “Being curious is one of my missions,” Elsa says.
When it comes to her professional goals, she intends to continue growing in the industry. She points out that it is a challenging field, but it has given her the opportunity to learn and educate herself — something she still does — and she really values that. Elsa’s goal is to keep developing and to continue sharing her knowledge with those around her.
“And I would love the opportunity to look into the non-government sector, potentially, and how one can actually translate what one does in risk management and compliance to precisely help at that level,” she says.
Advice to Younger Self
Elsa would like to tell her younger self to be more assertive. She would also encourage her to challenge people around her, as that is what is expected and required in her role. “As long as you do it with kindness and positive intent, it will always reflect positively,” she says.
Additionally, she would advise her younger self to hold on to and nurture the values that define her, including integrity and trustworthiness. These values are needed in risk management, and they will always help her build relationships and establish credibility with stakeholders. “These are the qualities one needs to successfully drive key initiatives,” Elsa points out.
To her younger self, she also highlights the importance of empathy, which becomes crucial as one grows more mature and assertive. “Showing empathy is not a weakness but a great strength,” Elsa tells her younger self. “It will allow you to nurture relationships and be successful in whatever you do.”
Still, More to Achieve!
“No” is the answer when asked if Elsa has achieved everything she had dreamed of. “I think I could do more,” she says. “Ideally, I would love to have a bigger team and the ability to go into the depths of every single element of risk management and compliance.”
“Every risk management practitioner would like to build such a function,” she adds. “It is almost unattainable. It is a perfect world that one may never have, but it is something to keep aspiring to, because it helps elevate your standards in everything that you do.”
