A new vision for ONFR, strong risk management foundations and digitalisation were among the key themes discussed at this year's LeadersConnect Live.
Free for our members, this event brought together 60 senior operational risk leaders from around the world for two days of discussion and shared learning focusing on the future of operational and non-financial risk (ONFR) management. Continue reading for a recap of the event's key takeaways and to watch exclusive videos featuring insights from Luke Carrivick, Roland Kennett, and Steve Bishop of ORX.
60
senior leaders
22
countries
6
regions
Themes from this year's forum
Day one focused on exploring what's next for operational and non-financial risk, emphasising risk culture, implementing data-driven risk management and managing risks throughout their lifecycle. On the second day, discussions included strategic approaches for ONFR, effectively managing ecosystem risk, and prioritising non-financial impacts.
“The topics were extremely relevant as was the dialogue. The ability to have an in-person dialogue was invaluable”
LeadersConnect Live 2024 delegate
Key discussion points
A new vision for ONFR
We kicked off by discussing what the successful future for operational and non-financial risk management will look like. Digital transformation is changing our risk profile, risk priorities and risk environment. Delegates all agreed that ONFR is continuing to increase in importance. We have been working closely with our LeadersConnect community over the last year to develop a new vision for ONFR, and will publish a thought leadership paper on this topic later in 2024. This paper will be freely available, so make sure you've signed up to our mailing list so you know when it's released.
Key foundations
Making good progress depends on strong risk management foundations. Many firms are working to make existing foundations fit for purpose. While this covers a variety of areas, two key elements stood out:
1. Risk culture
Throughout the discussions, delegates highlighted the importance of risk culture, with an acknowledgement of the need to move towards a more positive and balanced portrayal of risk culture.
2. Skills
While the risk function has many technical skills, there is a growing need for additional digital skills and business experience.
A digital core
The future of ONFR management is set to revolve around data and digitalisation, and this theme was seen across multiple discussions at LeadersConnect Live 2024
New insights
With the evolving risk landscape, there's a demand for new insights that capture and monitor external risks, emerging risks, interconnections and overall impacts.
Artificial Intelligence
Interest in AI remains high. Discussions on the topic included highlighting the potential breadth of AI applications, the breadth of AI risk implications, and different routes into risk management.
The ORX Executive Team's highlights
Watch the videos to hear the ORX Executive Team share their personal highlights and for more insights from LeadersConnect Live 2024.
More about LeadersConnect Live 2024
LeadersConnect Live is our flagship event, designed specifically to support senior leaders in the ONFR discipline. Tailored to the topics of most interest to our Strategy and Leadership Community, this invitation-only conference is free for members of ORX to attend. Free access to our events is one of the key benefits of ORX Membership.
How you can get involved and find out more
If you're a member of ORX, then you can read the full summary of the event on the LeadersConnect Live 2024 page. You can also explore our Strategy and Leadership Community and take a look at our calendar for upcoming events and discussions.
If you're not an ORX member, then you find out more about ORX Membership so you can be involved in events like this in the future. You can also sign up to our newsletter to keep up to date with the latest developments.
