Compliance and Risk Management

Abstract:

The whole area of governance, strategic risk management, and digital disruption has significantly changed over the past decade and more draconian changes are coming in the future. Furthermore, many of the current business models are getting fundamentally changed and challenged which will require a different and profound understanding of strategic risks. From a managerial perspective, entire industries are moving from being stable, conservative, and local to being disrupted with very different industry dynamics and risk profiles. These challenges are not only caused by digitalization and new technologies (like Blockchain, Robot advice, etc.) but also by the fact that the entire competitive landscape is changing within creasing global competition. Furthermore, Fintech, artificial intelligence, and digitalization are game changers regardless if one is working at an incumbent player in a given sector or in a start‐up financed by a private equity fund. In this environment, staff members will need to have the right competencies in order to successfully manage the strategic shifts. Otherwise, their future employability will be rather limited. In this context, many of the current staff members are experiencing a knowledge and educational gap when it comes to the issues, and that gap needs to be addressed and filled. Fundamentally, it requires a complete rethinking of governance, strategic risk, and compliance (GSC) issues which have been handled frequently in a reactive way to be an integrated and pro‐active part of all business processes. Center for Corporate Governance (CCG) has been encouraged to come up with a program that will be a valuable contribution to industries. The above mentioned issues, which are here to stay, and the challenges they present to companies should be the focus of the new program. The program will be based on the latest research in the field. On top of this, there will be strong involvement from leading industry partners. The program will also be based on a clear set of Nordic corporate governance values and prepare course participants for a European career, if desired. In parallel, the program will have a strong focus on addressing IT security, fraud mitigation, and especially in the area of value based management, including the latest research in the area of behavioral economics. There is also a need for understanding best practices, sharing of experiences, and new learning in the market. The idea behind this program is to cater to this need. We want this program to give future managers the skills and knowledge to create a strong, Nordic, value driven, and ethical foundation for their careers in their chosen sector by inducing strategic risk management and compliance to the core of the company, rather than using them as survival mechanisms when needed in a moment of crisis.