As the modern risk team looks at a much wider range of risks than the traditional financial and operational risks, both within the firm’s perimeter and beyond, it needs to change the way it works and it needs to adopt a new mindset, according to Keith Davies. The CRO’s new challenges are to provide greater foresight, be more commercial, have greater focus on resilience and to embrace new tools that are available to better equip the risk team in undertaking its work. He considers these matters in this blog.

With the geopolitical, macro and technology environments all changing at an accelerating rate, and stakeholder capitalism raising the importance of firms’ social licence to operate, Keith Davies explains that Risk teams now need to manage a raft of emerging, complex, and inter-connected tangible and intangible risks. This means that they need to change the way they work, all underpinned by a change in mindset.