From Audits to Advice: The Risk and Governance Expert Helping Founders Find Success
Drawing on extensive experience leading financial services audit teams at major institutions including Credit Suisse, UBS, and Santander, James Walker has dedicated significant time and energy to supporting good causes. Beyond his charitable commitments, he offers governance, risk, and internal audit services through his business, Lightning Oak, bringing a wealth of expertise to a diverse client base.
James reflects on the unique perspective he has gained from working across internal audit, audit committees, and wider board roles. “Most people spend a career within internal audit, an audit committee or on the wider board,” he explains. “Experience across all three has given me useful insight into the perspectives of each and which questions each tends to miss.” His voluntary roles as a trustee and non-executive director have enabled him to apply his skills meaningfully, often in environments with far fewer resources and infrastructure than a typical bank.
James challenges a common misconception that running a bank is fundamentally different from running a charity. Instead, he identifies a common pattern: “they get the same thing wrong from opposite directions.” In larger banks, controls are typically established proactively, sometimes spending a year developing processes before they are strictly necessary. In contrast, smaller businesses often confront risks directly, experiencing consequences before instituting controls, if they do so at all. “The sector matters less than people expect – the question always worth asking is ‘what is the thing you already know you should have fixed, but have not had time to get to yet?’”
Good Causes and Growing a Business
When not advising clients, James applies his leadership skills in various charitable and social impact roles. He currently serves as Board Chair at Nature Impact, an organisation supporting the Biodiversity Net Gain market by transforming unused land into thriving ecosystems. He also advises Footstep AI, a geospatial AI platform dedicated to locating missing persons faster.
His commitment extends to serving as a Trustee at Missing People and The Start Line, acting as a Search Operations Manager with London Search and Rescue, and holding the position of Non-Executive Director and Chair of the Finance, Planning and Performance Committee at Avon and Wiltshire Mental Health Partnership NHS Trust.
Despite the diversity of these roles, James sees common leadership themes emerge when growing organisations. “The biggest mistake is trying not to make any mistakes,” he says. “Treating every error as a failure of judgement can deter companies from trying new things, whereas they should be opportunities to assess the mistake honestly, implement changes, and enable the team to grow from it.”
He cautions, however, that some mistakes are avoidable—such as assuming you can do everything alone or relying solely on your own viewpoint. “Learning from your own mistakes is crucial, but learning from other people’s is far cheaper! And that is why advisors, non-executives and mentors are important.”
Another frequent misstep is centralising every decision through the founder, even as the business scales. “This impacts how fast everything can move, that person’s time, reporting – and is a clear argument for bringing additional expertise in deliberately, rather than when something breaks.”
Bringing in an Expert Outsider
James is a strong advocate for enlisting external expertise, especially in the form of non-executive directors, board advisors, or fractional executives. When asked about the ideal timing for founders to seek this support, his answer is unequivocal: “yesterday.”
“That sounds flippant, but I have yet to meet a business that brought somebody independent in too early, and I have met plenty that left it too late.” He emphasises the importance of distinguishing between the roles of non-executive directors, board advisors, and fractional executives to ensure the right fit for a company’s governance and capital needs.
James explains that one key benefit of outside experts is their ability to identify when a business has outgrown its existing management style. This often surfaces in two ways: founders either become reactive “firefighters,” constantly addressing urgent problems across departments, or they spend excessive time making decisions outside their training or expertise.
“Wearing several hats is necessary early on, but if you find yourself wearing the wrong hats or unable to give anything the attention it deserves because you’re spinning too many plates, that is the signal that change is needed.” He adds, “If questions are arising that nobody in the founding team has had to answer before, and things you did not expect start happening more often than they used to, that can evidence growth and mean the business is no longer being run in the way that fits its current stage.”
A Real Challenge
For founders not yet ready to formalise relationships with external advisors, James suggests starting with mentors or unofficial advisors who can constructively challenge strategies and decisions. However, he stresses the importance of creating the right environment for such challenges to be effective.
“There should also be enough safety that raising a point does not require bravery, and enough trust and support to absorb it. Which means the relationship, and the choice of person, matters more than their credentials. Someone can be extremely well qualified and still not be the right person to challenge if the rapport is not there.”
He distinguishes challenge from criticism: “A challenge is not an argument, but rather raising thoughtful, curious or strategic questions while a decision can still change, rather than afterwards. Challenges should be rooted in evidence – an opinion delivered loudly is not a challenge.”
“Challenge without support is criticism. The people worth having around you will back you publicly and take you apart privately, and it has to be the same people doing both.”
Key Takeaways
- James Walker’s extensive experience across internal audit, financial services, and board advisory roles demonstrates that the sector matters less than expected; governance and risk management skills transfer effectively across industries.
- The biggest mistake founders make is trying to avoid all mistakes, which fosters risk aversion and stifles growth by preventing bold decision-making.
- Centralising decisions solely through the founder as the business grows creates bottlenecks that slow progress and hinder leadership development.
- Bringing in an independent advisor early—whether a non-executive director, board advisor, or fractional executive—adds significant value by providing fresh perspectives and governance expertise.
- Effective challenge is thoughtful, strategic questioning during decision-making, not criticism. Trusted advisors support founders publicly while providing candid feedback privately.
For more insights from James Walker on scaling businesses through risk and governance expertise, visit Here.
