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Risk management: Navigation digital disruption risks

FE Bureau
A panel discussion with new age entrepreneurs highlighted the innovative and bold approaches start-ups are taking to realise new business opportunities and the risks they entail.

IT services major Infosys recently hosted a thought leadership conference on "Navigating Digital Disruption Risks" in collaboration with RMNext and RIMS (Risk and Insurance Management Society, Inc). The conference witnessed participation from 60-plus chief risk officers and CXOs across sectors in the Indian market and focused on the state of the industry today along with the need to learn and adapt to disruptive forces within this dynamic space.

At the conference, delegates emphasised on the need for incumbent business leaders to visualise mega trends in the industry while clarifying the difference between digitisation and digital transformation. Leaders also highlighted the significance of having access to clean data coupled with digital technologies which could create meaningful business opportunities.

Some of the other major themes that were explored included use of AI in insurance, Blockchain in healthcare, personalisation of content, database management for the legal firms and integrating digital technologies into agricultural practices. The delegates further reiterated the need for chief risk officers to become strategic enablers by identifying and contextualising emerging risks for both disruptors as well as disrupted. A panel discussion with new age entrepreneurs highlighted the innovative and bold approaches start-ups are taking to realise new business opportunities and the risks they entail.

RMNext is India's largest informal knowledge-sharing network of chief risk officers, heads of risk/ audit functions with representation from 70+ companies across industries. RIMS, the risk management society, is a pre-eminent not-for-profit organidation representing more than 3,500 corporates, industrial, service, nonprofit, charitable and government entities throughout the world dedicated to educating, engaging and advocating for the global risk community.