Introduction to the practical applications of Complexity Theory in managing Risk within complex environments

Please note that the event’s time and date are according to BST!

Most risk management practitioners would agree that we currently operate in an increasingly complex business environment. Our working world is not getting simpler, only more complex. The increase in use of technology for supporting core business processes as well as the growing reliance on a global network of third parties is further adding to the degree of complexity. However, the risk management practices adopted by most organisations do not cater for the specific behaviors, characteristics and phenomena which arise in a complex business environment. Most organisations still rely on the traditional risk management practices of identifying, measuring and treating a broad range of mainly obvious risks rather than attempting to control the inherent organisational complexity which creates both obvious and non-obvious risks.

In this session, Warren Black will introduce the principles of Complexity Theory and how these can be applied to the management of risks. He will highlight how traditional risk management practices are impaired in controlling risks in environments of advanced complexity and how these inadequacies can be better addressed using known concepts and practices which exist within the Complexity Sciences.

Warren Black specializes in helping broader stakeholders of complex projects & programs to embed governance, risk and assurance practices. He is amongst handful of risk professionals who has built a full end-to-end risk management & reporting framework for an organisation of over $25 billion. Warren is currently researching how the accepted principles of “complexity science” and “complex system theory” might provide a more appropriate risk management solution for projects that are highly complex, dynamic and unpredictable. He believes that the complexity science discipline can provide a new lens to develop next generation of risk management frameworks and processes.

This session will be hosted by Manoj Kulwal who is the Chief Risk Officer at RiskSpotlight and Director for Marketing at the IOR. He has 18 years of professional experience covering operational risk management, enterprise risk management, strategic performance management and business intelligence.