LeadersConnect Live 2026 points to a new phase for operational risk

At LeadersConnect 2026, we heard a consistent message – operational and non-financial risk is being reshaped by a faster, more complex and more uncertain environment.

At LeadersConnect 2026, senior risk leaders came together to explore what this means in practice  – from how the risk landscape is evolving, to how operating models, capabilities and priorities need to change. This summary captures the key insights and industry priorities emerging from the discussions.

Benefits of attending LeadersConnect Live

"Benchmarking how others are approaching similar problems is extremely valuable"

"Getting insight on ideas, challenges and solutions."

"Benchmarking our own plans and thoughts for the future. Discovering new ideas and new angles from interactive discussions."

Key themes at a glance

We're operating in a complex and turbulent environment

There was strong alignment across participants on the scale of the challenge, with the risk environment becoming faster, more volatile and more complex. Increasing externalisation and interconnectedness of risks, combined with a compression of response time, are challenging traditional control models with the next 18 months expected to bring further uncertainty and the potential for destabilising shocks.

We need to respond by fundamentally rethinking the ONFR operating model

In this complex environment, firms see a clear and urgent imperative to transform ONFR, not just by enhancing existing frameworks, but by reimagining the operating model to deliver better outcomes. This is not about layering AI onto current processes, but fundamentally redesigning how risk operates to be dynamic, embedded, data-driven and outcome-focused, aligned to the pace and nature of today’s risk environment.

Data and AI as enablers

Data underpins many of the current challenges and, alongside the use of AI, is seen as key to unlocking ONFR transformation. However, firms continue to face significant barriers around data quality, access, consistency and integration, as well as the need to shift towards a truly data-centric mindset rather than retrofitting data into existing frameworks. Overcoming this challenge will also help to deliver better AI outcomes.

Emphasis on materiality and focus

As risk scope expands and capacity remains finite, firms need a clearer materiality-led approach, focusing on the most critical risks, services and vulnerabilities while controlling what they can, rather than trying to manage everything at once.

Where firms are focusing

Embedding risk appetite as a practical decision-making tool

Risk appetite remains a foundational challenge, with firms struggling to translate high-level frameworks into actionable, forward-looking decision tools aligned to business strategy. The direction of travel is towards more dynamic, outcome-based and embedded approaches, though significant work remains on data, metrics and industry alignment.

Building the capabilities and talent requirements to support and sustain transformation

A core concern expressed was that current risk teams are not fully equipped for the future, with growing demand for data, AI, judgement and business-facing skills. Firms are rethinking workforce strategies, focusing on multidisciplinary teams while addressing talent shortages, enabling stronger business alignment, and preserving core risk expertise.

Making resilience central to how risk is understood and managed

Firms are moving from a prevention-led approach to one focused on preparedness, anticipation and recovery, recognising that disruption is inevitable. There is a clear need to fully integrate resilience into risk management, moving beyond treating it as a complementary or compliance exercise, and to use it as a lens for better visibility, insight and decision-making.

• Scenario testing is seen as a particularly powerful tool to anticipate disruption, build muscle memory and guide strategic choices, while helping firms to focus on what matters most.

Five priorities explored further