Jessica Chew Cheng Lian: Innovative risk management - GO BOLA! (Go Beyond, Go Original, Go agiLe, Go Ahead)

Speech by Jessica Chew Cheng Lian, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Malaysian Association of Risk and Insurance Management (MARIM) Conference 2018, Kuala Lumpur, 17 July 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

It is my great pleasure to be here today at the MARIM Conference 2018. With well-documented lessons on the links between corporate management and sport, and the 2018 FIFA World Cup final just behind us, the "GO-BOLA" theme must have been much too tempting to resist! As displayed on the football pitch, the quest to anticipate, defend and overcome continues to challenge risk and insurance management practitioners as we grapple with profound changes in the operating environment.

The Allianz Risk Barometer for 2018 revealed that today's risk management world is more fluid than it has ever been. The impact of many of the top risks identified is also more interlinked. Not surprisingly, business interruption and cyber incidents are the top threats for corporations of all sizes and sectors. Risk scenarios have also expanded - going beyond traditional risk exposures such as natural catastrophes and fires, to new risks associated with technological and social change.