PRMIA took its signature regional events virtual in 2020
As the pandemic forced lockdowns and digital adoption, this was the first year the PRMIA Risk Leader Summit went virtual. It was an experimental year for all of us, but there were pockets of strength and improvement that we can draw upon. In our case, this was the year where we had the most diverse participation in the Summit from a greater number of countries than ever before. John Kay provided a keynote lecture related to his and Mervyn King’s timely published book, Radical Uncertainty, as it applies to risk management, followed by a CRO panel about the practical implications to the risk office. We looked at the wild swings in pandemic macro and at the adaptive capacity of the consumer and tried to evaluate the largest fragilities in the economic sector. Panelists discussed adaptations to the stress testing and risk identification process that the pandemic has brought. The pandemic has proved to be a Sputnik moment for the regulatory community in financial services. The NGFS has strengthened to almost 80 members, and climate risk methodologies are advancing all over the world. Operational Resilience was another key area discussed, and new ways to think about resiliency and capacity were brought to the table. There is more emphasis on resiliency than on operational efficiency at this point in time. Cyber and credit risk were key concerns during the year, and both were excellently addressed by our panel. We would like to thank our strategic partner, Bloomberg, and Avantage Reply and CubeLogic for supporting this year’s event.
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Intelligent Risk - February 2021
