Last week we attended (and sponsored) the Risk Management Association's 12th Annual Governance, Compliance and Operational Risk Conference in Cambridge, MA. What follows are some key takeaways and summary.
First of all, it was a great conference filled with operationally oriented risk professionals discussing the current issues, challenges and best practices. The keynote speakers were very interesting and for me, the Day 1 address by Vanessa Sutherland, the Chairperson of the U.S. Chemical Safety Board set the tone regarding high consequence operational risk management.
One of the interesting yet telling themes throughout the conference was that financial institutions MUST embrace innovation in order to effectively manage risk. However, in a lot of cases, the innovators are emerging companies that lack the sophistication required to engage financial institutions as vendors.
Third Party Risk Management has been our focus since launching our platform several years ago. GCOR XII had an abundance of quality information from suppliers, regulators and operators regarding this very important issue. The cornerstone of this theme was led by the Day 2 keynote Linda Tuck Chapman from Ontala Performance Solutions Ltd. who launched her book, "Third-Party Risk Management: Driving Enterprise Value," at the conference. She is a clear leader in the space and her keynote was full of best practices and detailed analysis.
The agendas for each track were informative and had a nice mix of operators and service providers discussing solutions to the emerging challenges facing risk management professionals. There was also lively discussion surrounding emerging technologies such as Artificial Intelligence, Crowdsourcing and Blockchain. We participated during the Innovation Session with our partner CBIZ and presented our take on Artificial Intelligence and Crowdsourcing entitled: "The Role of Artificial Intelligence and Curated Crowdsourcing in the Future of Compliance."
If you're interested in learning more or following up with us regarding our presentation please feel free to contact us here: