The Resilience Revolution is Here – PwC’s Global Crisis and Resilience Survey 2023
Business leaders face an unprecedented level of disruption and uncertainty in today’s rapidly changing environment. From geopolitical instability and the lingering COVID-19 pandemic to climate crises, cyber threats and faltering supply chains – a multitude of external macro forces are converging on the market.
Risk Management in a Technology-Driven World – 2024 Survey
Over the course of two weeks from March 20 to April 2, 2024, we surveyed approximately 200 professionals
working in third party risk management, procurement, vendor management, and similar roles in the United States, Canada, United Kingdom, France, Germany, and Ireland.
Defining Cyber Risk
Rapid digitization of the economy and social relations is the main reason why the issues of cyber risk, cyber threats and cybersecurity are continually gaining importance. Despite the increase in the number of research papers in these areas, scholarly articles defining cyber risk are relatively scarce. Moreover, the uniform broadly accepted definition of cyber risk has not been adopted yet, probably due to the interdisciplinary nature of this concept and the dynamics of its change. The paper contributes to the literature on the cyber risk, cybersecurity and cyber risk management.
Minimum Capital Requirements for Market Risk (BCBS)
This document sets outs the amended minimum capital requirements for market risk that will serve as the Pillar 1 minimum capital requirement as of 1 January 2022, replacing the current minimum capital requirements for market risk as set out in Basel II1 and its subsequent amendments.
Thriving Through Uncertainty: The Role of Risk Professionals in Building Future-Fit Organisations
Future-fit organisations thrive amid uncertainty through adaptability, innovation and integrated risk thinking. Risk professionals are key enablers, shifting from compliance to strategic foresight. By embracing systems thinking, ethical digital transformation and opportunity-led risk practices, they help organisations build resilience, drive value creation and navigate an increasingly complex global landscape.
Risk Professionals as Futurists: Shaping Tomorrow’s Uncertainty Today
The article explores how risk professionals can adopt futurist approaches, such as scenario planning and futures thinking, to anticipate and manage uncertainty. By integrating risk management with strategy, leveraging technology, and embracing behavioural insights, risk professionals can transform risk from a defensive function into a driver of innovation and organisational resilience.
Strategies for Resilience in a Dynamic World: from VUCA to BANI
This paper delves into the evolving landscape of business resilience, examining five conceptual frameworks shaping strategies for success in an era of unprecedented uncertainty. The concepts of SPOD-world, VUCA-world, BANI-world, RUPT-world, and TUNA-world are scrutinized to provide a comprehensive understanding of the challenges and opportunities they present.
Cyber Risk in Central Banking (BIS)
The rising number of cyber attacks in the financial sector poses a threat to financial stability and makes cyber risk a key concern for policy makers. This paper presents the results of a survey among members of the Global Cyber Resilience Group on cyber risk and its challenges for central banks. The survey reveals that central banks have notably increased their cyber security-related investments since 2020, giving technical security control and resiliency priority. Central banks see phishing and social engineering as the most common methods of attack, and the potential losses from a systemically relevant cyber attack are deemed to be large, especially if the target is a big tech providing critical cloud infrastructures. Generally, respondents judge the preparedness of the financial sector for cyber attacks to be inadequate. While central banks in most emerging market economies provide a framework for the collection of information on cyber attacks on financial institutions, less than half of those in advanced economies do. Cooperation among public authorities, especially in the international context, could improve central banks’ ability to respond to cyber attacks.
Beyond Ethics: The Strategic Economics of Digital Trust
Digital trust is fundamentally the belief that digital technologies and organisations will act securely, ethically and transparently, building stakeholder confidence that enables greater economic growth and resilience. Organisations that excel in digital trust practices—such as robust cybersecurity, ethical data usage and transparent processes—see tangible benefits including increased consumer loyalty, reduced risk, and enhanced market reputation. Recent consulting and research findings show that even a small increase in digital trust can significantly boost GDP per capita and business growth. However, the digital trust gap—differences in perceived versus actual trust in digital platforms—can impede innovation and market development, leaving societies vulnerable to cybercrime and undermining the value created by digital transformation.
In practice, embedding digital trust within strategy, risk and audit functions fosters lasting economic advantage, as strong trust environments lower transaction costs, encourage innovation and ensure higher rates of digital adoption.