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This Week in Consulting

Friday, August 17th, 2018

The Future of Risk Management in the Digital Era

THIS WEEK’S MUST READ

“…the annual steady-state value from digitizing risk management (including revenue effects) will be approximately the same as the total investment over the first three years. This equates to a return on investment of about 450 percent for a first-mover bank with a well-executed program.”

Digital is the new normal. It has already transformed industries such as media, transportation, and retail and is now sweeping through financial institutions. But when it comes to a financial institution’s risk function, unique challenges and opportunities accompany digitization.

This Week’s Must Read features a report from McKinsey, in which the consultants explore various critical questions on the future of risk management and share insights to help organizations navigate a digital transformation of the risk function—now and in the long term. The report also discusses the challenges in digitizing risk management, the potential benefits, and a path forward.

Read on to Find out More: “The Future of Risk Management in the Digital Era”, featuring SHolger Harreis, Luca Pancaldi, Kayvaun Rowshankish, Hamid Samandari from McKinsey.


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THIS WEEK’S VIDEO:

Risk cannot wait. McKinsey partner Holger Harreis discusses the challenges in digitizing risk management, the potential benefits, and a path forward.

INDUSTRY NEWS & INSIGHTS

  • Mercer to Scoop Up Two Consulting Firms: Mercer, based in New York, is set to take over Pavilion Financial’s investment consulting, alternatives consulting, and wealth management businesses, as well Summit Strategies Group in its entirety. The deals are each expected to close during the fourth quarter of 2018. | Market Watch
  • Bain & Company Grows UK revenues by 7% to £149 Million: Global strategy consultancy Bain & Company has recorded revenue growth of around 7% in the year leading up to December 2017. The firm boosted revenues by roughly £10 million in the UK, and will now look to kick on with a series of expansions in 2018. | Consultancy uk
  • Can AI Give Better Advice Than Management Consultants?: Management consulting was born from the combination of systematic knowledge sourcing and analytics. In the age of cheap analytics and accessible information, the management consultant role will not disappear but rather shift to meet changing client needs. | Sascha Eder, Forbes

THOUGHT LEADERSHIP

  • Why Smart Technologies Have Increased Your Digital Risk: Smart devices are pieces of information technology (IT) and are designed as such. However, they are increasingly being connected to, and controlling, operational technology (OT). And OT was not designed to be connected to the internet. What do businesses need to be aware of in this new era?  | EY
  • Smart Risk Management the Key to Digital Damage Limitation: The adoption of digital platforms, automation and artificial intelligence (AI) is reaping significant benefits for many organisations around the world. As risk practitioners, we must work with our businesses to help them to both maximise these benefits and manage the inherent cyber risk. | Gareth Byatt, Risk Insights Consulting
  • 3 Steps to Help Mitigate Digital Risk: Mitigating this risk is a difficult task, and the stakes are high. Cyber attacks happen across all industries, to companies of all sizes. So every organization needs to create and implement an effective risk strategy. CFOs can apply a basic, three-step approach to digital risk mitigation.  | Jeremy Sucharski, Armanino
  • Managing the Digital Risks of New Business Models: To address the most significant digital risk—created by business model disruption by competitors—it is critical to examine whether the core strategy itself remains sufficient in the face of new technologies and as nontraditional competitors enter the marketplace.  | William Ribaudo, Deloitte Risk and Financial Advisory

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CONSULTANT CORNER

  • The Consultants Are Eating Madison Avenue’s Lunch: The consultants’ financial clout, expertise in technology, and strong relationships with senior executives all pose a risk for traditional ad shops. What do you think of this trend? Where is it going next? | Bloomberg
  • What Consultants Can Learn from Perceived Value: TMany consultants are great at what they do. However, what really differentiate the top performers from the rest is their ability to create value in the client’s mind during every stage of the engagement. | Helene Laffitte, Consulting Quest

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About Consulting Quest

Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.

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