On November 25th, 2016 the Saint Petersburg risk manager’s club held a meeting at the TGC-1 office. Thank you so much to Aleksey Starkov and TGC-1 leadership for organizing and helping to conduct the meeting. A special thank you to Aleksey for the TGC-1 museum tour for the risk manager attendees.
Alex Sidorenko spoke about four contemporary challenges in risk management:
- The transition from risk management as a stand alone system to a quantitative instrument of risk evaluation built into the key processes of an organization
- Risk management is not characteristic to people in an office. It is counter to human nature. We must approach this by contributing to the development of a risk management culture
- The role of a risk manager in a company must change. The concept of three lines of defense is morally obsolete
- To execute its new role the risk management team must possess four key competencies: standards, quantitative evaluation, the psychology of risks and business specificity
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