LinkedIn has evolved significantly from a Web-based platform just for professionals to tout their qualifications. The site is now populated with interest-specific groups, which risk managers have been utilizing for the past four years to connect and share news and advice. In this context, the social site goes beyond mere networking to foster true learning.

Some of the larger ones: The Risk Managers group with 37,979 members, and the Workers Comp Analysis group with 14,342 members. Those joining range from top executives and managers to entry-level employees.

Content includes news, surveys, questions, links to conferences and webinars, and provocative articles such as “Top 10 Reasons Your Enterprise Risk Management Program Won't Work,” and “How Does Your Organization Address Social Engineering?”

The questions being asked during group discussions run the gamut from best practices in operational risk and regulation to the implementation of Basel II (the global regulatory standard on bank-capital adequacy, stress testing and market-liquidity risk), to the more esoteric (“What is the biggest risk to human society?”).

Subgroups often emerge out of the larger groups, allowing for deeper discussion on specific topics such as credit risk, compliance issues of every variety, and what internal controls risk managers are using when dealing with the Whistleblower Act reforms of Dodd-Frank.

While links to job postings do appear along the way, LinkedIn groups exist far more as a tool for exchanging information.

“Finding a job is not why anyone belongs to the group; it is for professionals to connect to each other,” says Chris Mandel, executive vice president of risk/performance management firm RPM3 Solutions and “owner” of the Enterprise Risk Management group, which boasts 6,270 members.

“There is an endless list of posted topics, with not a lot of overlap or repetition,” Mandel continues. “Everyone's got something new to say.”

In order to enter discussions, LinkedIn members must apply to join a group and then wait for their profile to be vetted by the group owner. This prevents spammers and marketers from infiltrating networks and keeps the flow of information relevant.

Jim Oakes, managing director of security and investigative-consulting firm Financial Crime Risk Ltd. and owner of the Financial Crime, Risk, Fraud and Security group on LinkedIn with 15,363 members, says his role is to “provide a trusted platform for members to develop and extend industry-relevant connections within our specialist fields, gain and share knowledge, and provide career-development opportunities.”

His advice for newcomers: “Start posting relevant articles on the discussion board and seek out and encourage other interesting members to post discussions and articles. Some discipline is required, particularly if you have a members-only specialist group.”

Online relationships often take off in the real world, says Anthony J. Carfang, partner and director of Treasury Strategies Inc. and owner of the Financial Risk Management Network on LinkedIn. Because topics link to the profiles of the most active users, there is a chance to connect to group members outside of the office.

Carfang tells an anecdote of meeting LinkedIn connections a world away from his workplace, which sponsors 25 forums with an average growth rate of 250 new members weekly.

“I'm based in Chicago, but as I was walking down the business district in Hong Kong, wearing our company badge for a conference, I had people approach me and say they belong to my LinkedIn group as well. So it's pretty good evidence that it builds the brand.”

Special Reports /

How Risk Managers Are Linking Up via LinkedIn

Related Stories

Recommended For You