46. 4 amazing trends in risk management – Alex Sidorenko

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.

Aleksey Starkov spoke about the club, and about past and future events for risk management in Russia. Then, Aleksey 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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