Joe: Hello, and welcome to On Boards, a deep dive at what drives business success. I’m Joe Ayoub, and I’m here with my co-host, Raza Shaikh. Twice a month, On Boards is the place to learn about one of the most critically-important aspects of any company or organization – its board of directors or advisors – with a focus on the important issues that are facing boards, company leadership, and stakeholders.

Raza: Joe and I speak with a wide range of guests and talk about what makes a board successful or unsuccessful, what it means to be an effective board member and how to make your board one of the most valuable assets of your organization.

Joe: Before we introduce our guest today, we want to thank the law firm of Nutter McClennen & Fish who again sponsored our On Board Summit this year and have been [00:01:00] incredible partners with us in every way. We appreciate all they have done to support this podcast. Our guest today is Lucie Claire Vincent.

Lucie is a global consumer products leader of P&L’s Fortune 100 companies, including Colgate Palmolive and Philip Morris International. She is also an independent board director at Toluna, the leading global insights technology and panel provider, and is co-president of the International Women’s Forum Connecticut.

Raza: Lucie Claire has lived and worked in multiple countries and continents and has done business throughout the world. She also serves as an advisor to startups in retail technology, consumer goods, and consumer health tech, and is an adjunct professor at New York University’s School of Professional Studies.

Joe: Finally, included in her deep educational background, Lucie Claire has a [00:02:00] certificate in risk governance and cyber risk governance from the DCRO Institute and is a qualified risk director. We will be discussing that and the work she’s done with the DCRO during this podcast. Welcome, Lucie Claire. Thanks so much for joining us today on On Boards.

Lucie Claire: Thank you, Joe and Raza. It’s a pleasure to be here with you this afternoon.

Joe: As many of our listeners know, David Koenig, a former guest and longtime friend of On Boards Podcast, is the founder of DCRO, the Directors and Chief Risk Officers Institute, which is the global leader in risk governance education, and credentialing. Raza and I believe that identifying the governance of risk is one of the most important responsibilities of a board.

Given the incredible importance for board members to be able to identify and [00:03:00] address risk, we think the work that David and the DCRO are doing is vitally important for raising the level of board governance generally, and we’re really happy to have Lucie Claire with us to discuss some of her work with the DCRO.

Given your deep background as a global products leader, addressing risk and identifying risk must have been something with which you were quite familiar. Talk a little about that in your background and how it impacted you as a board member.

Lucie Claire: Yes, definitely, risk has been always something that I have experienced throughout my career. Going from typical product risk, which could be taking care of issues related to products and formulas to country risks, which could be either political risk, could be a weather risk, could be [00:04:00] reputational risks also for a company perspective.

So, throughout my career, I have experienced, in the different countries and continents where I have lived, a crisis management, business continuity plans, all these type of risks have been part of how I grew up, and that’s why I thought that it was fascinating to complement that experience with what the DCRO Institute offers in terms of education and content.

Joe: Now, you mentioned when we talked recently that DCO is a partner with women’s execs on boards with which you’re very involved. Once you learned of them, what was it that caused or motivated you to qualify for the certificates and ultimately have your qualified risk director certification?

Lucie Claire: Well, yes, the DCRO partners very well with the WomenExecs on Boards, and what it attracted me, it was because of the content, because this program of the DCRO, they have two main [00:05:00] certificates. They have one that is the Certificate in Risk Governance and they have the Certificate in Cyber Risk Governance, and I thought that these two programs could help me to broaden and deepen my experience in the area of risk and just complement all what I have grown throughout my career.

The good thing about these programs was also the fact that, in addition to having the actual content, which I guess that we will probably talk a little bit later about it, but one thing that it appealed me a lot was that they included cohorts. So, with the cohorts, in addition to the content, you would be experiencing and sharing ideas and analyzing cases with other board members and C-suite executives that enrich the conversation, and this is in addition of the faculty, the faculty is very experienced and they have great, great content as well.

Joe: You know, that sounds great. So, let’s actually walk through the experience, because I [00:06:00]think walking through what you did and what was particularly impactful for you would be great. So, let’s start with, you said you saw the content before you signed up, so that was on the website or was it talking to David or other people at the DCRO?

Lucie Claire: Yes, it was a combination. I went to the website, but also I got the brochures. They have brochures which are very thorough in terms of content on what they provide, and obviously, they send you also emails and additional information as you may need, and that’s what attracted me because, for example, the one in risk governance, it contains 17 lessons.

You can go at your own pace, but when you engage into the cohorts, it really incentivize you to keep the pace because the cohorts meet monthly. So, if you didn’t have the cohorts, you could do it like in a year. But in this case, because of the cohorts, really it goes monthly and you have to work also on business cases.

So, in that one, I thought that it was really interesting because the [00:07:00] topics went, in addition to, the typical enterprise risk management is a topic that is covered. It covers things like intangible risks. It talks about the legal and regulatory risks. It talks about credit and liquidity risks, planning and resilience, how to engage with the stakeholders. The content is so broad and deep that even though my experience throughout my career has been great, I thought that there are areas that I could deepen the learning , and that’s one of the things that really attracted me.

Joe: So, when you’re studying the material, what is it that you’re actually receiving from the DCRO?

Lucie Claire: You get enrolled, so you have access to the website. So, you have a login, and in that one, then you have the content, which are the lectures. You have a lot of reading materials. You have videos that you go through them, and usually the videos can be half hour. In [00:08:00] addition to that, you have the module content, which is like the slides and everything that you have as additional material.

But then after that, there is a lot of literature. You can dedicate yourself to read and read and read and you can go as deep as you want to cover each model. Then at the end of each module, you have an exam. You have to pass the test, and you have to have at least. minimum 80%, otherwise you don’t pass and that goes for every module until you get to the end of the program of the 17 sessions, and then after you finish all the tests, if you pass them all, then eventually you get the certificate.

Joe: Sounds pretty comprehensive.

Lucie Claire: It is very comprehensive, it’s very thorough, it’s strict, and I think it talks very well about the DCRO, because they want to make sure that people that get the certificate really go through it properly, and you really get the learning and you really have the knowledge. It’s not just going through each chapter.

Joe: I think that’s great. [00:09:00] So, talk about your cohort. How many were in it? What were their backgrounds like? How did that group work for you?

Lucie Claire: Well, my cohort, in one, I think it was six, and in the other one, eight, because I also did the cyber, we haven’t talked about the cyber risk, but I had different cohort groups, and all of them were board directors. All of them were women that are C-suite and board directors. I had women that were experts in finance. I had, like for me, it was consumer products. There was another one that was a general counsel and she was expert in real estate. There was another one that was expert in the publishing industry. So, it was very diverse group, another one that was a digital expert.

Because of that, that diversity of industry, diversity of thought, diversity of verticals, enriches a lot of the conversation because then you start seeing the [00:10:00] risk, how you apply that into the program, and then on top of that, the conversation about positive governance in risk taking. And I think that’s one thing that differentiates. That’s part of the mission of the DCRO Institute, on how we look at positive governance of risk taking.

Joe: So, how long did the conversations last? How often did you have them with your cohort?

Lucie Claire: The conversations lasted one hour, usually one hour and a half, and it went every month. Every month formally with, like connecting via Zoom and having the sessions. Separately, we had to work on our own because we had to prepare the business cases and we had to answer questions. So, it was additional work outside of that, plus the content, obviously, of the program, which that was on an individual basis.

Joe: Sounds actually like a pretty time consuming. How did you fit that into your very busy schedule.

Lucie Claire: Well, we tried to [00:11:00] find spaces of time where we could get together or where we could share information. When we had to prepare for the presentations on the cases that we were working on, sometimes we had to do it via email or just find a space where everybody could work because everybody’s agenda was different. But we managed to do it, and since we had the due dates because we had the cohort date, we had to make it work.

Joe: Sounds great. Be great to hear a little bit about after you finished the courses and got the certification, talk a little bit about what you think you were able to bring to the boardroom after that. Did you feel different? Was discussion in the boardroom any different at all?

Lucie Claire: Definitely, I felt different in the sense that I felt even more prepared. I felt that I knew more. I think that one of the things that is very relevant and here is also about the cyber risk governance, it’s like we don’t have the luxury of staying without learning. Right [00:12:00] now, the world is changing so fast. Technology is changing so rapidly and everything that we are seeing about AI and cyber, I felt that having taken these two programs kept me updated and kept me ready.

I am just a curious learner by nature, but this gave me this confidence that I am updated and also encouraged me to continue learning, which is another thing that also the DCRO Institute has, because they have all of these positive case studies, they have newsletters, they have articles that keeps us also learning constantly.

What did I bring into the boardroom? I think that the whole thing about the positive governance in risk taking, I think it’s something that changes the way that you see risk, that you see the value creation, that you see a more positive view of risk. That’s something that has helped me in how I see the risk governance.

Joe: That’s great. [00:13:00] That makes a lot of sense. Thank you.

Raza: Lucie Claire, in the introduction, we mentioned the qualified risk director designation. I also went through in the early cohorts through that designation. Talk a little bit about the qualified risk director designation.

Lucie Claire: Yes, the qualified risk director designation, you have to go through a very thorough self-assessment first to be able to be allowed to utilize the designation of qualified risk director. Because the qualified risk director, it would be like an equivalent of qualified financial expert provided by the DCRO Institute. In order for you to get this, you have to feel a self-assessment.

In that self-assessment, you have to put all your background, you have to have enough business acumen. You have to have the relevant educational background. You have to have the experience in risk governance and risk management. And in addition to [00:14:00] that, there’s a very thorough evaluation that they do. That’s why it’s advisable and better to aspire to do that assessment and potential application for the qualified risk director once you have done the risk governance and the cyber risk governance program, because definitely that content and that learning helps you to even further strengthen the probabilities of getting the qualified risk director.

It’s not that everyone gets the qualified risk director designation. On top of that, you also have to have some references. They request three references that you have to have from people that know you from the time that you have been working to validate your experience.

What it brings to the board? Well, I think that it brings experts in risk. Right now, we are seeing that on boards, and that part is changing, I guess, but most of the boards still have the risk component inside the audit committee. I think that right now in the times that we’re living, [00:15:00] more and more companies are starting to explore the option of having a separate risk committee because of what it implies. So, having the QRD, you become a perfect candidate for that committee and also to bring to the board a very different perspective about risk. It’s not just the financial and the reporting, it’s all the other aspects of risk and enterprise risk management.

Raza: I think I also really admire the way you described that similar to the qualified financial expert, there is room, need. and importance for somebody who understands the governance of risk. And I think the credentialing of qualified risk director provides for that opportunity for the boards to say that we do have at least one, two or more folks who do understand risk governance a lot better and a lot more formally.

In doing so, I think Joe asked you this [00:16:00] earlier as well, when you then went to the boardroom, what else did it give you in terms of examples or how it prepared you to have better conversations about risks in the boardroom?

Lucie Claire: Well, I think that in terms of conversations, I would say like, for example, because of the board that I am in is about technology and because the business is also a B2B business, the whole conversation about how to engage from like a third party and be ready to provide service to companies on a B2B platform, that’s an area that became very, very relevant.

But the other part is the whole thing about product innovation, how we foresee how we look forward now that we are dealing with this AI and large language models, that discussion and looking around the corners and making sure that we are really looking into the future for that, that’s definitely an area that has helped me to bring the [00:17:00] discussion, so that comes top of mind, I would say right now.

Raza: Lucie Claire, who should consider the qualified risk director credentialing or the certificates in risk governance or cyber risk governance? Who would benefit the most from these?

Lucie Claire: I would say that any person that is already a board director or aspiring board director, definitely they should consider taking both programs. I would also say that even senior executives in companies, because at the end of the day, the boards usually provide the oversight and the governance, but also the executives are the ones that are in the operations and in the day to day, and they are the ones that deal with risk on a daily basis. So, having these programs definitely gives you a very broad perspective. It helps to build value and trust. It provides you the opportunity to be more strategic about risk and how you think about the long term of the [00:18:00] business. It allows you to be sure that you will be resilient and at the same time compliant. So, I would say that it’s board members, but also executives running companies.

Raza: And I think maybe I’m thinking for aspiring board members, that if you have the qualified risk director credential, that it may make you a more attractive candidate for boards.

Lucie Claire: I would think so, yes, because then you have this credential that validates that you are ready to talk and manage and govern risk. It also helps because the good thing about the DCRO is that it’s present in so many countries because this is an organization that is global, it’s not just for the US. It has presence in other geographies and has board qualified risk directors in multiple countries, I would say it’s in more than 120 countries, but the QRDs are around 60 and you have a great network.

So, also for [00:19:00] aspiring board members, just to have access to the network that moves in the board is great. It also helps them from that perspective, just to make the right connections for potential board opportunities, and just to discuss, because you get the learning.

Joe: Have you kept in touch with members of your cohorts?

Lucie Claire: Oh, yeah, absolutely. Yes, I keep on a regular basis, and the thing is that even if we are not in the same locations, Zoom call or email, and just sometimes it’s just to compare notes, bounce ideas, discuss topics, or even share things that are happening that we are reading in the news just to stay relevant.

Raza: And Joe, at any board-related event that I go to, often there is a group of qualified risk directors, and I think that a DCRO then in that sense has built a great community of practitioners of risk governance that is also tremendously helpful to each other.

Joe: Yeah. That’s terrific. You [00:20:00] mentioned the faculty, the faculty you learn from via videos or are there any live lectures?

Lucie Claire: Some of them are videos, some of them, they connect to the Zoom and they have the conversation. Especially the ones of cyber, we had multiple of them. Several of them just joined the call and they were doing the lecture. I cannot say in person, it was in Zoom, but they were there and we were interacting with them and Q&A and it’s very rich. It is really good. And all of them are really experts, are authors and board members and C-suite.

Joe: You find yourself using the DCRO to keep up with the literature and what’s going on in the world of risk identification?

Lucie Claire: Yes, I do. And I also join the additional events that they organize, like the positive case studies, the opportunities, articles that they issue. Sometimes they organize events, like for example, at the beginning of this year, they had an in-person [00:21:00] event in the New York Stock Exchange, which I attended, and there were multiple other QRDs, as Raza was mentioning, and they also do some other Zoom ones they organize with other groups, like the WomenExecs on Boards, which is the other organization. They also organized a risk panel to talk about risk positive governance and risk taking. So yes, I take advantage of all of that.

Joe: That is terrific. Lucie Claire, it’s been great speaking with you today. What a great conversation. Thanks so much for joining us.

Lucie Claire: It was a pleasure to speak with you, Joe and Raza. Thank you for the invitation and look forward to staying connected.

Joe: I hope so. And thank you all for listening to On Boards with our guest Lucie Claire Vincent.

Raza: Please visit our website at OnBoardsPodcast.com. That’s OnBoardsPodcast.com. We’d love to hear your comments, suggestions, and [00:22:00] feedback. If you’re not already a subscriber, please be sure to subscribe at Apple Podcasts, Spotify, or wherever you get your podcasts and remember to leave us a five-star review.

Joe: Please stay safe and take care of yourselves, your families, and your communities as best you can. And we hope you’ll tune in for the next episode of On Boards. Thanks.