Did anyone catch the highlights of Anant Ambani’s lavish wedding, the youngest son of India’s wealthiest individual?

While some have criticized the wedding’s grandeur, others see it as a boost to India’s soft power. Funded privately by Mukesh Ambani, it’s akin to the UK’s Royal weddings. Such billion-pound events significantly bolster British soft power, enhancing tourism, stimulating the economy, and highlighting cultural traditions.

The Ambani wedding is set to do the same, epitomizing ‘soft power’—the capacity to influence through attraction and persuasion rather than force or money.

In the corporate world, soft power is the ability of a business to shape stakeholder preferences and actions through cultural or ideological means.

So, how can soft power elevate risk management? What does it entail for risk managers, and why is it crucial? Let’s explore:

The Importance of Soft Power for Risk Managers:

• Trust Building: It’s vital in forging stakeholder trust, a cornerstone of sound risk management.
• Behavior Influence: It involves convincing employees to follow risk management protocols.
• Reputation Boost: A robust risk culture strengthens an organization’s reputation and resilience.

Enhancing Risk Culture with Soft Power:

• Leading by Example: Risk managers must embody risk management values.
• Narrative Communication: Articulate the significance of risk management compellingly.
• Inclusive Engagement: Create a culture where risk management knowledge and participation are widespread.
• Acknowledgment Incentives: Offer recognition and rewards for compliance with risk management practices.

What soft skills have been instrumental in enhancing your success in strengthening risk management?