The views and opinions expressed in this article are those of the thought leader as an individual, and are not attributed to CeFPro or any particular organization.
By Wei Shi, Chief Risk Officer, Bank of China
What are some of the most significant emerging risks that organizations and managers should be wary of?
Technology risk and climate change financial risk are two particular areas should draw more attention from organizations and managers.
Technology operating models and risk management models which are closely linked with the overall operation efficiency and operational resilience, have huge impact on the efficiency and effectiveness of day-to-day operation. Moreover, the escalated alarms on cyber security and data security also request continuous improvements and enhancement of the risk management framework and mechanism in information and technology area.
Climate Change financial risk is another emerging area which no organizations can afford to ignore. It is also more forward-looking. Especially the transition risk should be fully taken onboard and thoroughly considered when providing products and services, or dealing with customers. Considering the challenge and difficulty of the relative long time horizon, organizations need to endorse effort today to protect its sustainability in the future.