Organisations, employees, contractors, including risk professionals, face a turbulent future impacted by new digital technologies such as artificial intelligence, global connectivity, big data and robotics. This future is here now. It brings change at a continuously accelerating pace and presents many risks and challenges, but also affords great opportunities.
The authors present a model for describing this risk and challenge in the form of a ‘turbulent environment heat map’ and a strategy to manage it. They introduce a model of capability and show how it can be used to develop a response that involves ‘magnifying the impact of human brains’ as an essential component for working successfully with AI. They consider the impact of current trends on the ‘future of risk’, its main characteristics and discuss its impact on the risk function.