Strategic priorities for operational and non-financial risk
In this interview, Helen L’Abbate, Deputy Director – Research & Information at ORX and Luke Carrivick, Executive Director at ORX, discuss ORX's vision for operational and non-financial risk management in a world defined by rapid technological change and external volatility.
They outline foundational elements such as governance, culture, and digital transformation, and explore six strategic priorities influencing the industry, including AI and speed of response. They also delve into challenges and opportunities created by the evolving risk landscape, emphasising the importance of creativity, curiosity, and a more integrated approach to risk and resilience. Watch now or read the summary below.
Understanding ORX's vision
Luke shared that this vision is structured to help organisations thrive amidst rapid digital transformation and external volatility. The core includes foundational elements such as governance, operating models, frameworks, culture, and skills, all integral for achieving success.
In addition, there’s also the digital core to consider, which encompassed technology, AI, and data – essential tools for managing non-financial risk in the future. Mastering emerging risks, understanding ecosystem dynamics, and managing change effectively are also critical capabilities for senior risk leaders. This holistic approach factors in not only loss prevention but also reputation protection and asset security.
Strategic priorities for 2025
The 2025 update outlines six key strategic priorities for operational and non-financial risk management, each essential for industry transformation. Resilience and strategy, AI integration, speed of response, and communication are among these priorities. Communication, especially, has risen to prominence, emphasising the need for a coherent message amidst complex situations.
Luke highlighted that mastering AI is crucial for success. AI presents an opportunity for automating controls and fostering proactive risk management. More importantly, aligning non-financial risk management with strategic organisational goals is fundamental for increasing its influence and effectiveness.
Challenges and opportunities in a changing landscape
Helen further elaborated on the complexities and opportunities presented by the current technological and geopolitical landscape. With organisations undergoing massive digital transformations, there’s an urgent need to understand the associated risks. As AI becomes more integral to operations, defining risk appetite becomes a pivotal challenge.
The use of third parties in transformations adds another layer of complexity, intensifying the need for careful management, particularly within financial services. Additionally, the geopolitical climate necessitates an understanding of the end-to-end process implications, especially concerning customer-oriented resilience.
Towards integrated resilience
A shift towards integrating resilience into risk management is already underway. Historically separate, these disciplines are now converging to create a robust framework that ensures ongoing service reliability amidst disruptions. The aim is to learn and adapt, blending risk management and resilience to enhance organizational agility and effectiveness.
Steps for future success
Looking ahead, Luke emphasised the importance of a creative approach to risk management. The digital revolution has transformed the financial landscape, demanding innovative solutions rather than simply faster iterations of current practices. Curiosity and creativity are therefore crucial skills for future risk managers.
By anticipating emerging risks and understanding ecosystem shifts, organisations can achieve a strategic advantage. As technology continues to evolve, the ability to foresee future challenges will be essential for maintaining resilience and driving strategic success.
Discuss operational risk challenges with leading experts at RiskMinds International. Save the date – 16-19 November 2026, London!
