The next ten years in risk management may be subject to more transformation than the past decade. Regulation will continue to broaden and deepen as public sentiment becomes less and less tolerant of any appearance of preventable errors and inappropriate business practices. Simultaneously, customers’ expectations of banking and insurance services will rise and change as technology and new business models emerge and evolve. Risk functions will also have to cope with the evolution of newer types of risk such as model, contagion, and cyber. These will require new skills and tools.

Risk management is becoming a more and more crucial business function and its impact on a company’s performance might still be underestimated by some of the key stakeholders. So let’s…

Make Risk Great Again!

Risk officers will need to balance the operational needs of the business today while preparing for more intense competition and regulation in the long term. Solvency II, IFRS 17, IFRS 9, Stress Testing and Basel III are some of the current and near-term targets. They will also have to deal with limited budget and cost reduction programs at the same time.