In the complex dichotomy between potential and risk that characterizes the contemporary business environment, few positions are as central as that of the Chief Risk Officer (CRO). At the forefront of this essential function for HALA, a forward-looking and innovative company, is Hitesh Masand. His path to this crucial position is more than a record of professional rise but a tribute to an abiding interest in the art of delicate balance between risk and opportunity. For Masand, managing risk is more than the conventional idea of protection against danger; it is a strategic imperative, a driving force for innovation, and indeed the very engine that drives long-term growth in an ever-growing, more intricate world. His philosophy, honed through years of real-world experience and a sharp intellectual interest, makes him not only a custodian of the bottom line but also a visionary leader steering HALA into a future characterized by resilience and strategic insight.
The Genesis of a Risk Navigator: From Academic Inquiry to Real-World Challenges
Masand’s initial inclinations prefigured his eventual deepening in the field of risk. His academic life was characterized by a keen interest in the fields that aimed to comprehend the complexities of decision-making in ambiguous situations. Statistics, probability, game theory and behavioral economics were some of the subjects that he credits for giving him a theoretical understanding of the human factor in dealing with ambiguity. This intellectual inquisitiveness found its ideal vehicle in the area of risk management, an arena that provided a concrete means of converting intangible uncertainties into actionable insights with the potential to drive organizational results.
His first days in the world of finance were during the infamous Global Recession of 2008. This initial experience gave Masand a bird’s-eye view of the global implications of seemingly isolated events in a certain region. He saw how decisions made within a certain geography or even an unrelated industry could have meaningful implications in far-flung parts of the globe. They could reverberate through intricate supply chains, seemingly unrelated industries, companies and countries. Instead of being intimidated by the magnitude of those uncertainties, Masand became fascinated with the challenge of comprehending, measuring, and eventually managing them. That early curiosity evolved into a deep and abiding passion for the field of Risk and Finance in general.
As his career unfolded, Masand’s awareness of risk management became more nuanced than its traditional understanding. He had come to comprehend that risk was more than just a defensive function meant to ward off impending crises. Rather, he came to realize its latent creative qualities. An articulate and well-executed risk strategy, he noted, could enable organizations to spot and leverage opportunities that would otherwise be unavailable. This two-sided nature of risk management – as a defense shield against adversity and as a compass pointing the way into unexplored territory – became the core pillar of his professional ideology, an ideal that guides his practice even to this day as Chief Risk Officer at HALA. For Masand, heading the risk function is not merely about preventing losses; it is about strategically facilitating the organization in taking thoughtful risks that open doors to innovation and long-term growth. This combination of strategic thought and pragmatic problem-solving is what attracted him to the profession in the first place and now keeps his passion and commitment burning bright.
Masand does not see risk as a fixed threat to be reduced but rather as a dynamic force inextricably bound up with valuable progress. He suggests that risk, if well understood and properly managed, is the very catalyst that drives innovation and stimulates organizations to drive the limits of what is thought possible. In today’s business world, defined by the instant creation of new markets and the disruptive force of changing technologies, risk moves beyond its historical meaning as a hurdle. Rather, Masand contends, it is a strategic lever that can be used to become competitive.
When Masand discusses “risk,” his definition involves a synergistic interaction of uncertainty, exposure, and, most importantly, opportunity. Though uncertainty inherently has the potential to interrupt business as usual, it also has the potential for revolutionary breakthroughs that can transform whole industries. Those leaders that understand this very duality know that good risk management is all about establishing a system through which it’s possible to experiment on purpose. Identifying, quantifying, and carefully tracking risks through their processes is not only for the purpose of avoidance. Instead, they are created to allow organizations to strategically leverage such risks, turning potential threats into opportunities for sustainable growth and innovation.
The Changing Role of the CRO: From Gatekeeper to Innovation Catalyst
Reflecting on the evolution of his profession, Masand notes a significant transformation in the perception and responsibilities of the Chief Risk Officer over the past decade. Historically, the CRO role was often perceived as primarily that of a gatekeeper – an individual focused on ensuring compliance, navigating regulatory landscapes, and safeguarding the company’s financial stability. The risk management function was frequently siloed from core strategic planning processes, often being engaged only when specific problems or potential crises arose. However, Masand highlights the considerable expansion of the CRO’s purview in recent years, driven by a growing recognition of risk management as a strategic function integral to informed corporate decision-making. Nowadays, CROs are not just viewed as the ones who define limitations; they are also being appreciated for having the capacity to pose key “how?” and “what if?” questions at the early stages of the strategic planning process and frequently spotting potential issues and opportunities ahead of the rest of the organization.
This radical change in the role of a CRO reflects the growing volatility and interdependence of the international business environment. Boardrooms and executive leadership teams today are aware of the strategic benefit of involving risk officers in early involvement in major initiatives, like entering a new market, introducing new products, or adopting new-age technologies. The arrival of advanced data analytics and real-time monitoring systems has also enabled risk professionals to transcend reactive repairs, providing predictive insights that can inform proactive strategies.
Looking ahead, Masand sees the CRO role continuing to evolve, perhaps into something more like an “Innovation Catalyst.” As the speed of technological progress and social transformation continues to increase, CROs will increasingly be called upon to not only spot potential disruption but also to decipher these changes and translate them into drivers of growth. Their roles will go beyond conventional prevention tactics to include designing and implementing organizational resilience – building frameworks that will allow firms to respond quickly and effectively to tomorrow’s inevitable uncertainties.
Creating a Culture of Resilience: Transparency and Mutual Responsibility
For Masand, creating a truly resilient organization starts with developing a culture that is marked by transparency and trust. He underlines the need to generate a culture in which people do feel empowered and able to speak up about possible risks, near misses, or underlying vulnerabilities without fear of retribution. This requires actively tearing down any “blame culture” and installing in its place a supportive culture in which raising concerns is not only to be encouraged but actively valued. After all, Masand observes, the initial major step towards successfully reducing any risk is the open recognition of its presence.
To successfully instill risk awareness among various teams within HALA, Masand supports a policy aimed at elevating risk management to a collective duty. This entails the implementation of collaborative training programs, interactive workshops, and authentic scenario simulations that cater to the unique functions of respective departments from sales and marketing to operations and information technology. The key aim is to enable each team to comprehend the obvious overlap between risk management principles and their everyday operational functions. When staff members understand how their behaviors, or in fact, their lack thereof, can not only amplify or decrease possible hazards, but make them more personally engaged and concerned about the process of overall risk management.
The Balancing Act: Aligning Innovation with Prudence
Balancing the inevitable tension between the pressure to innovate and the necessity of measured risk management is an essential function of Masand’s job at HALA. His opinion is that properly managing these ostensibly competing forces essentially comes down to alignment – ensuring the taking on of new technological capability and the attainment of ambitious strategic goals are meticulously aligned with the company’s wider risk tolerance and general strategic focus. Masand recognizes that a firm with ambitions to become a technological trailblazer may in itself be predisposed to accept a greater level of risk in the quest for potentially game-changing rewards. But he resolutely maintains that even the boldest innovators need a sturdy structure of clear guardrails in place to safeguard sustainable and ethical expansion.
Being Ahead of the Curve: A Combination of Questioning and Relationship
In the fast-changing world of risk, keeping ahead demands a forward-thinking and ongoing passion for learning and flexibility. Masand describes his approach to staying ahead of the curve as a blend of both rigorous analytical inquiry and the cultivation of diverse perspectives. He consciously dedicates time each week to exploration and learning, whether through in-depth readings of white papers from leading think tanks, engaging with expert podcasts that offer nuanced insights, or participating in webinars that address emerging industry challenges. Additionally, he consciously endeavors to read broad sets of news outlets and research journals in order to accrue multifaceted views about the drivers impacting the world risk landscape.
Finding the Key Characteristics of a Contemporary Risk Professional
As one reflects upon the attributes marking a successful contemporary risk professional, Masand puts great stress upon the value of a balanced toolset including analytical acumen coupled with creative intuition. He feels that professionals in this industry need to be at ease with the quantitative nature of risk management – having the skill to painstakingly crunch numbers, examine intricate data sets, and become experts in advanced modeling tools. But he also highly appreciates the lateral thinking ability, the capability to relate apparently unrelated pieces of information, and the creativity to come up with innovative solutions to complex problems.
In addition to technical competence, Masand emphasizes the imperative of collaboration and communication capabilities. Risk management, he notes, is not a standalone activity; it cuts across all functional domains of an organization – finance and operations to marketing and human resources. The skill to simply and persuasively articulate sophisticated risk metrics and subtle analyses in terms of easily understandable and implementable insights to audiences with varying levels of technical sophistication is an essential ability that separates truly effective risk managers.
Advice for Aspiring Risk Leaders: Fostering Curiosity, Connections, and Empathy
Borrowing from his rich experience and profound knowledge of the field, Masand provides some excellent tips for those who want to become leaders in risk management. His first and most important tip is to develop an unshakeable spirit of inquiry. He advises potential risk professionals to pose difficult questions, to review underpinning assumptions critically, and never to treat the status quo as inviolate. The constantly changing nature of risk, he makes clear, will be repaid by those with the courage to venture into the unknown – perhaps that means breaking into a specific technology or developing an appreciation of the subtleties of some new market overseas.
Masand emphasizes the absolute need for establishing solid and trust-based relationships. He identifies that risk leaders cannot work alone effectively. Developing meaningful relationships with peers, internal stakeholders within various departments, and even external partners is imperative for success. Whether navigating an intricate cyber threat or addressing a sensitive reputational crisis, the capacity to best mobilize a team and work in perfect alignment with others frequently dictates the outcome.
