The renaissance age of risk management
The Renaissance bridged the Middle Ages and what we now consider the modern era—and like today, was a period of extraordinary scientific and cultural change. Those were transformational times. To paraphrase Spyro Karetsos, Director, Enterprise Risk Management at Vanguard, during his passionate keynote address at the start of IBM Vision 2015, when it comes to governance, risk and compliance (GRC), we’ve passed out of the Middle Ages and need to get to the “modern era” of risk management. To succeed in this journey, Karetsos challenged the 150 or so GRC professionals in attendance to think in new ways—to adapt and force change in our industry. With the right blend of art (the way we use risk reporting to tell a story to our leadership, enabling them to make the right decisions) and science (that is, a shift toward forward-looking predictive analytics) we can advance the profession. Fail to do so and we’ll become stagnant—an undesirable overhead function.
This strong challenge set the tone for the keynote and the sessions to follow. The world’s leading GRC professionals from around the world—17 nations in all—gathered in Orlando at IBM Vision 2015 to learn about technologies and best practices to improve governance, manage risk and ensure compliance for a strategic advantage.
After Karetsos, Mina Wallace, Vice President of IBM Risk Analytics, reflected on the considerable advancements we’ve made in the past year and laid out IBM’s top priorities for GRC in the year ahead. One of the highlights that Wallace mentioned will be coming soon is a set of IBM OpenPages Solution Accelerators that will help IBM customers get to value faster than ever before in areas such as model risk governance, conduct risk, vendor risk and more. Building on Karetsos’s imperative that we must do things differently and drive change in the industry, Wallace emphasized the importance of anticipating the future—to create technology solutions that will enable GRC professionals to “see around the corners.”
Next, Neil Dodgson, Worldwide Head of IBM Risk Analytics Customer Solutions Group, observed that 20 years have passed since the monumental collapse of Barings, yet we’re still talking about putting in GRC systems. Well, as Karetsos mentioned earlier, “a masterpiece takes time.” Now, virtually all new regulations address GRC, and Dodgson discussed how a transition is underway from an emphasis on the quantitative aspects of reporting to the importance of qualitative factors. He then introduced Greg Mueller, leader of technical sales for IBM OpenPages, who showed some of the current capabilities and innovative new ideas that are underway, including the solution accelerators that will be available on AnalyticsZone.
The session wrapped with a spirited panel discussion. In keeping with the modern age, if you missed it you can view this session and much more from IBM Vision 2015.