Ranjit Jaswal, the Group Chief Risk Officer at DUAL North America, Inc., holds a unique perspective on leadership. For him, the most meaningful recognition comes in the form of a simple “thank you.” His extensive experience in risk management has taught him that acknowledgment often comes only when something goes wrong. However, Ranjit’s impactful leadership has earned him recognition as one of “The Top Most Influential Risk Executives Making an Impact, 2024.” His leadership style, characterized by strategic insight, adaptability, empathy, delegation skills, and the ability to inspire others, has supported the teams and clients he works with.
With over 25+ years of experience in the international financial services industry, Ranjit has held significant roles at leading companies like Swiss Re and EY. Before joining DUAL North America, he served as the managing partner for Mazars US, leading the Financial Services Consulting Practice.
At DUAL, Ranjit holds a dual role as the US and Global Chief Risk Officer (CRO), collaborating with CROs in key locations, including the UK, Europe, and Asia Pacific. His global mandate aligns with his wealth of experience, where he works with global and local teams to establish the right risk operating model for DUAL.
Ranjit spearheads the company’s risk and compliance vision and strategy, collaborating with stakeholders across DUAL and the Howden Group to enhance the risk operating model, so that it is pragmatic, insightful and supports the growth of DUAL whilst, maintain a vigilant approach to risk exposures that may lead to Financial, Operational and Reputational Risk. He comprehensive reporting on risk exposures for the DUAL leadership team and the governance committees at Howden Group, anticipating and identifying emerging risks, ensuring appropriate risk responses are though off. He emphasizes, “In other words, risk is everywhere, so we touch a lot of different areas.”
Describing himself in one word, Ranjit chooses “optimistic,” reflecting his positive attitude in overcoming challenges and finding solutions throughout his career. Such a purposeful choice underlines his commitment to embracing optimism as the cornerstone of his daily life.
This cover story delves into the lasting impact of Ranjit on the industry, providing insights and observations gleaned from his career and remarkable life journey. His wealth of experience has shaped his visionary outlook and wisdom, offering valuable lessons for aspiring leaders. Through his steadfast commitment to driving change and fostering innovation, Ranjit has empowered teams and propelled businesses forward. Join us as we embark on an immersive narrative exploring the dynamic leadership of this individual.
Views on Success
“Success is a complex and evolving concept deeply intertwined with personal values and goals,” believes Ranjit. It’s not just about reaching a destination but also about the journey, personal growth, and positively impacting those around you. For Ranjit, it was always about people and how they develop. He considers himself fortunate to have worked in 3 countries and 4 major cities worldwide. For that, he needed to adapt to different environments, see situations through diverse cultural and social lenses, and take people on a journey with him, and that is what helped Ranjit succeed.
Journey to Chief Risk Officer at DUAL North America, Inc.
Ranjit’s path to becoming the Chief Risk Officer at DUAL, is a testament to his extensive professional journey and pledge to organizational values. With a diverse background in professional services and corporate roles, he held key positions at prominent institutions. At Swiss Re, he defined reinsurance solutions for clients. As a partner at EY in Hong Kong and New York, he tackled complex problems for clients across the financial services sector. His journey led him to the role of Managing Partner for Mazars, where he led the Financial Services Practice.
The move to DUAL was driven by a desire to align with an organization that not only professed diversity in both business and its people but also actively practiced it. Ranjit sought to leverage his global experience in an environment undergoing change and redefining its operational model, and DUAL provided the perfect platform. DUAL is part of the Howden Group, who have a global footprint spanning over 50 countries, with a focus on Broking, Reinsurance, and Underwriting, managing over $35 billion in premiums with a workforce of 15,000 employees. Howdens “PEOPLE first” mantra sets it apart, reflecting its ethos to prioritizing individuals within its complex business framework.
Always open to learning, Ranjit has enriched himself with a broad spectrum of wisdom. This is evident as he shares an inspirational quote from his colleague Lyn Grobler, Howden Group, Chief Information Officer, who stated, “Working in partnership with risk management helps to support our business resilience working across our various operating entities, to have the tools and technology they need to optimize their operational infrastructure while minimizing business risks, managing the Group’s risk profile.” Embracing the complexity of the business, Ranjit aims to utilize his global experience gained from advising large organizations to support DUAL and Howden in their continued growth. His vision includes maintaining an pragmatic approach, fostering innovation, and upholding the tenet of putting people at the forefront.
Mastering Challenges for Professional Growth
Ranjit acknowledges encountering numerous challenges throughout his career. Reflecting on these professional hurdles, he emphasizes crucial learning: “A valuable lesson for all – we have two ears; listen more than you speak.” It’s common to be swayed by what one perceives as a priority, but gaining a deeper understanding of others and their perspectives enhances collaboration and introduces diversity of thought, ultimately yielding superior results.
Expanding on this insight, he highlights the varying maturity levels of risk management across different markets, particularly in highly regulated environments like the UK, Europe, Hong Kong, Singapore, and Australia. Ranjit quotes one of the lucid analyses by Rebecca Scott, Howden Group, Chief Risk Officer, who said, “Sound Risk Management, as any broker will tell you, is the foundation stone. It underpins successful corporate performance, robust quality of earnings by enabling DUAL/Howden Group to perform for our clients.”
Adopting pragmatic approach and functioning as a business enabler is paramount in these contexts. While winning hearts and minds may pose challenges, Ranjit underscores that it is arguably the most overlooked yet crucial aspect deserving their attention.
DUAL North America, Inc. and Its Services, in Brief
DUAL made its initial introduction in the United States in 2013, offering a range of five underwriting products. The brand has successfully attained long-term and stable growth through a strategic approach of carefully expanding its range of products, introducing state-of-the-art offerings, and emphasizing meticulous risk assessment. DUAL North America currently accommodates a workforce of more than 575 team members, offers over 45 underwriting programs, and operates six companies. And it achieved a gross written premium (GWP) above $1.5bn in 2023. The company engages in underwriting activities for more than 30 domestic carrier partners and over 40 overseas syndicates. At its essence, DUAL operates as an underwriting entity that underwriters primarily guide. The organization effectively maintains a highly skilled and knowledgeable team of underwriters from various regions in the country who have expertise in their respective areas and are motivated to achieve successful outcomes. The presence of an entrepreneurial culture enables underwriting teams to offer comprehensive and innovative solutions that align with the intricate demands of the contemporary market, bolstered by a carefully constructed infrastructure. The teams at DUAL utilize cutting-edge analytics and technology to make proactive business decisions based on data effectively.
Ranjit’s global experience has proven instrumental in navigating the complexities of an organization as diverse as DUAL. His multifaceted expertise has greatly contributed to the company’s growth and success, particularly in the following key areas:
- Expertise and Knowledge Sharing: Ranjit actively brings industry expertise to DUAL by staying abreast of trends, regulations, and best practices. This knowledge is shared with the team to facilitate comprehensive discussions on the company’s risk profile and the integration of approaches supporting strategic objectives.
- Leadership and Team Building: As a leader, Ranjit focuses on motivating teams to perform optimally. He champions open communication, sets clear goals, and provides constructive feedback to cultivate a culture of success. By fostering a transparent environment, he encourages no-surprises conversations, creating a safe space for addressing issues and challenges.
- Collaboration and Communication: Ranjit emphasizes a flat structure where all team members have a voice, fostering a culture where ideas, feedback, and information are openly shared. This collaborative approach enhances decision-making and stimulates innovation within the organization.
- Strategic Decision-Making: Ranjit plays an active role in providing concise insights to the business and leadership teams. His approach involves making risk-based decisions grounded in facts, historical experience, and future objectives. Designing a framework for decision-making ensures accountability and a clear understanding of the impact of decisions on the organization. Ranjit recognizes the collective effort required to build a culture of integrity and innovation. He underscores: “Creating a culture of integrity and innovation requires ongoing commitment and a shared vision among all team members, not based on personal goals or agendas.”
Career Genesis and Pre-DUAL Journey
Ranjit commenced his professional journey post-university, armed with a Law degree but uncertain about his path. After grappling with unsuccessful applications. Despite initial feelings of failure, he believes that this experience, though challenging, played a crucial role in propelling him forward. Supported by his great parents and a strong wife who also served as his counsel, Ranjit navigated through tough times.
The pivotal chapter in his career unfolded at Swiss Re, a period he deems defining. Swiss Re immersed him in a spectrum of endeavours as a market leader, from Insurance-Linked Securities to intricate capital market deals. Although demanding, the experience was profoundly rewarding.
Transitioning to EY, Ranjit relished collaborating across global markets and engaging with industry-leading clients. His role took him to over 35 countries, contributing to a global project portfolio. Grateful for the support and experiences, he acknowledges the significance of this phase in his career progress.
Mazars, in contrast, was a chapter less about technical skills and more about personal exploration. It marked a phase of self-discovery, where Ranjit delved into his values and personal principles and honed his ability to collaborate effectively with others.
His high-demanding role at DUAL added further valuable recognition to his already comprehensive career. Ranjit acknowledges that every experience, whether positive or adverse, contributed significantly to his personal resilience. He views life as a continuous learning curve and says, “You are never too old to stop learning – so bring it on.”
Navigating Leadership Challenges in the Insurance Industry
Thriving as a leader in the insurance industry presents a nuanced landscape, according to this seasoned professional. Ranjit views it as both challenging and filled with opportunities for growth and innovation. Successful leaders, he believes, must embody adaptability, a dedication to staying abreast of industry trends, and a proactive embrace of change—particularly crucial with generational shifts. Given the market’s constant evolution, prioritizing robust relationships with clients, regulators, and teams is essential for effective steering through industry challenges. His advice to aspiring leaders includes a continuous loop of listening, analyzing, questioning, and repeating this approach.
Future Vision and Strategy for DUAL.
As the Group Chief Risk Officer, Ranjit harbors an expansive vision and strategic plan for the brand’s future. His vision revolves around improving what they do, fostering a pragmatic approach that positions risk management as a strategic advisor to the business. Asserting his role, he declares, “I am your cynical friend.”
Balance and Leadership: Ranjit’s Winning Formula
Striking a harmonious balance between personal and professional aspects is a continuous pursuit. For Ranjit, achieving this equilibrium involves engaging in extracurricular activities outside of work. Specifically, he dedicates time to Muay Thai Kickboxing, something that he has actively pursued for many years, against the better advice from his wife! Engaging in this physical discipline contributes to his overall well-being. Likewise, it also enhances his ability to think and respond effectively under pressure—particularly useful when facing hurdles that mirror the intensity of a physicality of his chosen sport.
Ranjit embraces the role of an active listener in his leadership approach with his team, valuing their views. While he sets a vision and direction, he encourages team members to exercise their initiative in determining what to do and how to do it. The collaborative process involves open discussions within the team, with no rigid distinctions between right or wrong approaches. This method, which has yielded positive outcomes for Ranjit, underscores his belief in collaborative decision-making within the team.
Personal Goals in Motion
Ranjit’s plans to return to amateur Muay Thai competition—a personal goal he humorously acknowledges needs approval from his wife. A more attainable aspiration is trekking the Annapurna trail in the Himalayas, a plan originally intended as a pre-university adventure with his son, interrupted by unforeseen challenges posed by COVID-19.
Message to Aspiring Leaders
This seasoned executive has valuable insight to share with budding leaders: “Leadership is a journey filled with challenges and rewards. Whether you’re just starting or seeking to enhance your leadership skills.” He encourages them to embrace differences of opinion, identifying them as a strength. While easier said than done, leading by example has been a key principle throughout his career, particularly in the early years when taking calculated risks played a significant role in his progression. Ranjit underscores the importance of self-awareness, revealing that working with a coach has provided valuable independent views and enhanced his understanding of actions toward others. In conclusion, he notes, “There is plenty more, but these things have helped me.”
