A 20-year journey in risk and sustainability

Can you share a bit about your career journey and what led you to your current role as Fund Bank’s Chief Risk Officer (CRO) and Authorised Manager (AM) in charge of second line of defense?

My career started about 20 years ago when I moved from Italy to Luxembourg in 2005. Although I completed all my studies in Italy, I never had the chance to work there. At the time, Luxembourg was undergoing significant regulatory changes, particularly in compliance and anti-money laundering, and risk management, which drew me to that area. I wrote my dissertation on operational risk and did an internship to apply the theory. After finishing my studies, a professor informed me about a job opening in Luxembourg in operational risk. I planned to stay just three months, but that turned into a 20-year career!

I started at Intesa, then moved to Clearstream, where I gained valuable experience in risk management. However, at the age of 30, I felt stagnant and knew I needed a new challenge. This led me to Deloitte, where I spent 12 years, progressing from manager to partner. My time at Deloitte was incredibly enriching, allowing me to expand my expertise and work with diverse clients.

After 12 years, I returned to the banking sector at FundBank, where I could apply everything I had learned with a more mature perspective. Joining FundBank has been a fulfilling move, blending my passion for risk management and leadership with the broader experience I have gathered. I am excited about the future here!
 

How did your time at Deloitte shape your career trajectory, especially moving from risk to sustainability and leadership roles?

My time at Deloitte was a game-changer for my career. I am grateful for all I learned, not just technically speaking, but in constantly being challenged and pushed outside my comfort zone. Deloitte offered a unique environment where eager learners had endless opportunities to grow.

From the start, I was managing complex workloads, navigating relationships, and taking on responsibilities that required both technical and soft skills. Though the transition from the industry was tough, I thrived in the fast-paced, challenging environment.

A key takeaway was the emphasis on leadership. I had to build trust with clients and colleagues, and the flat structure encouraged me to take ownership, helping me develop strong leadership skills. I also learned to balance the commercial and risk aspects of the work.

Deloitte helped me become a well-rounded professional, developing both technical expertise and the soft skills needed for larger roles. It shaped my career and gave me the confidence to pursue sustainability and leadership positions, expanding my vision and preparing me to keep pushing forward—even when things were uncertain.
 

Experience at Deloitte

What are some of your favorite memories or proudest moments from your 12 years at Deloitte?

I still remember my first day at Deloitte—the "ugly" badge photo and sitting at my first desk. It’s funny how certain memories stick with you, especially when you are starting a new chapter. Over the years, I hit milestones, earned promotions, and received client recognition, but what truly impacted me were the colleagues who believed in me. Their trust gave me the responsibility and privilege to lead.

Though I sometimes questioned myself, I realized that my work affected not only my career but also those I was guiding. That sense of responsibility motivated me to develop my leadership skills and be someone others could rely on.

When asked to take on sustainability, I was honored. It was a chance to create meaningful change beyond just regulatory requirements. I learned a lot, especially working with a diverse group of colleagues from 98 nationalities, which required careful communication and leadership.

Deloitte was transformative, expanding my expertise in risk, leadership, and sustainability, and teaching me how to work effectively with people from different backgrounds.
 

Looking back, what do you think Deloitte taught you that still guides you today as a CRO and AM?

One of the key things I always carry with me from my time at Deloitte is the methodology I learned for approaching tasks. It is something I truly internalized through experience. I remember my first project there: My deliverable was sent back to me three or four times, with feedback to redo it from scratch. It was tough, but it taught me to pay attention to the smallest details, and to always strive for top-quality results.

That experience, though challenging, was a lesson in discipline and excellence. It’s not just about getting the job done; it is about how you approach the work, the methodology you use, and maintaining a high standard—whether you are working on risk, compliance, onboarding, or finance. The methodology, the focus on details, and the quality of work are evergreen skills that apply across any field.

What I also learned at Deloitte was the importance of believing in my own competence and capabilities. In consulting, you are often placed outside your comfort zone. You walk into client meetings, and it’s like swimming—you have to adapt quickly and figure it out on the spot. It teaches you to trust yourself and develop the ability to handle unknowns. You are constantly challenged to prove yourself, which builds resilience and confidence.

Is there a project, initiative, or challenge from your time at Deloitte that stands out as particularly meaningful?

The ability to deal with uncertainty and learn on the go is something that Deloitte instilled in me. It gave me the opportunity to learn by doing, and that is a gift. Sometimes you might need to adjust and go back to a situation, but the key is knowing you have given it your all. That mindset, that willingness to take on challenges and grow through them, is something I will always carry with me, and it is thanks to my time at Deloitte.
 

How did you prepare for your transition from sustainability leadership at Deloitte to risk leadership at FundBank?

At Deloitte, I worked on cross-functional projects, like sustainability initiatives, where I collaborated with departments such as Audit, Assurance, and Tax. This taught me to work across silos, manage diverse priorities, and build strong relationships.

In my current role at FundBank, I apply those skills daily. As an Authorized Manager, I interact with all functions within the bank, which requires negotiation and finding solutions together. Deloitte’s emphasis on understanding the big picture and working collaboratively across teams has been invaluable in my current role, where I approach challenges from a top-down perspective, focusing on alignment and joint problem-solving.
 

What skills or mindsets from sustainability leadership do you currently find most valuable in risk management?

In both sustainability and risk management, the ability to negotiate and find compromise is crucial. In risk management, much like in sustainability, you are often faced with contrasting views or extreme positions—such as when someone argues that there is no risk, while others see it as critical. The key is to navigate these differing perspectives and find a balanced middle ground.

Additionally, sustainability has taught me the importance of agility. In sustainability, for example, we need to balance the desire to fly with minimizing emissions, and similarly in risk management, we must constantly adapt to changing environments and find practical solutions that manage risk effectively while aligning with business objectives.
 

As a leader, what strengths do you believe are most critical in today's risk and sustainability environment?

In both leadership and risk management, one of the most important aspects is being surrounded by colleagues who possess expertise in areas where you may not have as much depth. It is vital not to feel threatened by colleagues who know more than you; instead, embrace their knowledge, as it can complement your strengths and help create a more well-rounded, effective leadership team.

Another critical skill is strong communication. In risk management, being transparent, open, and straight to the point is key. It is important to be able to communicate timely and in a comprehensive way about the reasons behind the risk assessment. For example, in each management meeting (whether ExCo or Boards), I made sure to explain my reasoning behind certain decisions and openly discussed possible different opinions with the first line of defense. By doing so, we foster a culture of trust and clarity within the team.

Ultimately, combining expertise with open communication and a strong risk culture is essential for effective leadership in risk management. It’s about creating an environment where people feel comfortable voicing concerns, learning from one another, and moving forward together.
 

How do you see the relationship between sustainability and risk evolving, particularly in the financial sector in Luxembourg and Europe?

The connection between sustainability and risk management is growing, but progress is slower than expected, partly due to delays in regulatory developments. While some use this delay as an excuse to hold back, there is still strong momentum from the EU and local authorities pushing for awareness and action.

In my company, we have focused on practical steps, like signing the Diversity Charter and supporting women in finance, while keeping our ESG strategy achievable. Although challenges remain, particularly around data and reporting, the integration of ESG into risk management is becoming increasingly crucial, and we are committed to making it happen.
 

What major trends in risk management and internal governance are you keeping a close eye on today?

I am closely watching geopolitical risks, especially the Russia-Ukraine conflict and U.S. tensions, which are becoming increasingly relevant and impacting us more than before.

Another key trend is integrating risk management into all activities since their inception. Risk management should not just be reactive; it needs to be proactive. In my current role, I am involved directly in decision-making, but I've seen colleagues in other organizations struggle when risk management is not part of the Authorised Management, or ex-post involvement.

Finally, communication and negotiation are essential. Risk management is not about policing; it’s about facilitating discussions that help anticipate and manage risks.
 

Based on your experience, what’s the biggest misconception companies have about integrating sustainability into their risk frameworks?

One of the biggest misconceptions companies have about integrating sustainability into their risk frameworks is the overemphasis on the environmental aspect, especially in the financial sector. While things like energy savings in homes are more tangible and pragmatic, the social (S) aspect often gets overlooked. There is still a lot of work to be done in that area, and with regulatory delays, it’s unclear how much progress companies will make. Additionally, with differing approaches across regions like the U.S. and China, global alignment on sustainability remains a challenge.

Francesca Messini