XLoD Global Surveillance Summit New York 2024

The XLoD Global New York 2024 event delved into broader aspects of non-financial risk management, with the following key takeaways: 

• Holistic Risk Management: Integrating risk management within core operations is vital for handling disruptions from global crises and geopolitical events, enhancing organizational resilience.  
• AI and Emerging Technologies: With only 6% of attendees advanced in generative AI, there’s an urgent need for risk management teams to acquire new skills to harness AI's potential, supported by strong governance frameworks.  
• Third-Party and Supply Chain Risk: A major concern for 76% of attendees, emphasizing the importance of monitoring and managing these dependencies to maintain operational resilience.  
• C-Suite Involvement: Active participation from CEOs and C-suite executives is critical for embedding risk considerations into strategic decisions, fostering a culture of shared responsibility. 
• Evolving Risk Landscape: Organizations must develop strategies that consider the interconnected nature of geopolitical, economic, cyber, and environmental threats, adapting quickly to new challenges. 
• Regulatory Scrutiny: Regulators highlighted the importance of staying ahead of evolving risks, particularly in operational resilience and cybersecurity, urging firms to proactively enhance their risk management capabilities.  
• Technology Integration and Challenges: While AI and machine learning are crucial, many organizations struggle with implementation, particularly integrating new technologies with legacy systems and overcoming internal resistance.  
• Human Capital and Expertise: The growing complexity of risks demands skilled professionals in areas like cyber risk, data analytics, and geopolitical analysis, making talent development a priority for organizational success.