Precise and timely risk management has taken centre stage as organizations grapple with the lingering effects of the COVID-19 pandemic, the threat of a recession, geopolitical instability and rapid pace of change. The number of businesses that’ve filed for bankruptcy are rising globally and in some countries reaching rates that’ve not been seen since the 2008 financial crisis. United States bankruptcies in the first six months of 2023 were the highest since 2010 among the companies covered by S&P Global Market Intelligence, while corporate insolvencies in England & Wales are near a 14-year high. The role of a Chief Risk Officer has never been more important, especially in today’s ever evolving and unpredictable business landscape. The importance of the role of a Chief Risk Officer cannot be overstated, especially in today’s ever evolving and unpredictable business landscape.
Advancements in AI & analytics that are catalysing innovation are able to aid in identifying and weeding out potential threats to business. PwC found that 62% of risk personnel agree that policy shifts in technology and data are driving the most significant changes in their businesses. Organizations must be prepared to face new risks and ever-changing customer demands and demographics in order to survive this new era.
To keep up in the coming decade, risk professionals must adopt a comprehensive approach and target on six key aspects being finance, operations, technology, organization, reputation, and business model. A study by Gartner’s found that 57% of boards of directors have increased or are planning to increase their risk appetite in 2023. This shows the necessity for companies to revise their strategies and operating models to foster business agility in order to provide accurate and timely risk insights for crucial decision-making. Being susceptible to change and reacting to emerging challenges will be critical for businesses to thrive and stay relevant.
The Chief Risk Manager Summit by Trueventus is aimed at equipping risk professionals with insights and perspectives on strategies to manage risk for future-readiness. Join us and discover how to successfully navigate fundamental disruptions, emerge stronger and gain a competitive advantage in the new now. Learn from leaders across different industries, uncover case studies from reputable speakers, experience the latest technology to improve data quality insight and take advantage of the excellent networking opportunities throughout the conference.