The Future of Risk and Compliance for Fi is an informative event highlighting the potential risks of legal sanctions, financial forfeiture, and material loss arising from non-compliance with industry laws and regulations, internal policies, or prescribed best practices. The process of identifying, assessing, and mitigating potential losses that may result from an organization's non-compliance with laws, regulations, standards, and internal and external policies and procedures Experienced professionals from international brands share their understanding of operational risk management principles to create safer, more profitable organizations.
Technological upgrades in the financial sector
New forces are creating new demands for operational risk management in financial services. Disruptive technology has increased the availability of data, and new business models and value chains are changing the way banks serve customers, interact with third parties, and operate internally. Legacy processes and controls need to be updated from the start, but banks may also see the urgency for change as an opportunity for improvement. The adoption of new technologies and the use of further data can improve operational risk management itself.
Now risk management is more centralized, implemented with greater efficiency, and truly integrated into business decision-making. The benefits to financial services firms of doing so are enormous. For now, efforts to address new challenges are having a measurable impact on outcomes.
Although banks have come a long way, managing operational risk remains challenging for several reasons. Compared to financial risks such as credit risk or market risk, operational risk is more complex, involving dozens of different types of risk. Second, operational risk management requires monitoring and transparency of most organizational processes and business activities. Third, separate definitions of the roles of the operational risk function and other oversight groups, in particular compliance, financial crime, cyber risk, and IT risk, have become flexible. Finally, until recently,
operational risk was more difficult to measure, manage, and recognize constraints than financial risk. This last restriction has been lifted in recent years: detailed data and metrics on business processes, employee performance, customer feedback, and other sources of information are now disseminated.
Defining Next-Generation Operational Risk Management
The operational risk discipline must evolve into a mandate that must expand to include second-line monitoring to support operational excellence and resiliency. Business processes, analysis-based problem detection, and real-time risk reporting should replace manual risk assessments; talent needs to be realigned as digitization and data and analytics advances roll out; banks will need experts to manage specific types of risks such as cyber, fraud, and risk behavior; and human factor risks will need to be
monitored and assessed, including those related to misconduct (such as sexual harassment) and diversity and inclusion. This will require adopting more flexible working methods with greater use of interdisciplinary teams that can respond quickly to problems, near-misses, and risks. or emerging threat to resilience.
“Being able to be repeated controllably is one key element in risk management.” ― Toba Beta
Regulatory compliance is critical to managing risk.” ― Hendrith Vanlon Smith Jr
Innovative keynotes delivered by the industry's true heavyweights, covering practical challenges and subjects which are exclusively entailed in our agenda. Gain subject matter expertise, network, and collaborate to explore solutions that shed light on future business models impacting revenue inflows.
Boost your Business
Futurista Start-up Elevate is a dedicated platform for Startups and VCs. We offer industry-specific startups a showcasing opportunity, enabling them to connect with corresponding VCs and Mentors. A win-win dynamic is created to attain the desired exposure for startups who are looking forward to scaling up their businesses.
Intelligent Event Experience
A smart application will help you connect with key decision makers, share files, brainstorm ideas, and have a seamless networking experience. A comprehensive module covering the entire event, compiled for training purposes, to be made available post-conference, exclusively for the attendees.
IT Compliance Management
Regulation & Compliance
Compliance Management Systems
A premium networking experience with a pristine venue, smart applications, and fine dining services, enabling our delegates to make the most out of their time in a business class environment.
Filtered invitations for the selected key decision makers representing the world's largest organizations across industries, academia, and government organizations, making the conference apt and productive in all aspects.
Provision of a platform to innovative start-ups, leading solution providers, and cutting-edge product developers.
Customized packages designed for the right id of exposure, for the right kind of audience.
Most creative people in business: leaders who are shaping the Future of business in creative ways.
World changing ideas: Products, concepts and policies that are perusing innovation for good.
Innovation by design: the best products, services, interfaces and design ideas in business.
Most innovative companies: The top companies in technology, media, finance and more.
Futurista Startup Elevate is a platform that transforms big-ideas into reality! The FRCFI023 15th November, 2023 will fuel start-ups to take themselves to the top by providing access to VC's, Mentors, and Potential Clientele from the corresponding industries. The perks include Product Showcasing, Speaking Slots, and Campaigns running among our thoroughly researched pack of delegates.
“One of the main cyber-risks is to think they don’t exist. The other is to try to treat all potential risks. Fix the basics, protect first what matters for your business and be ready to react properly to pertinent threats. Think data, but also business services integrity, awareness, customer experience, compliance, and reputation.”― Stephane Nappo