Earlier this year WeDo invited me to speak at their Kuala Lumpur conference, and I took the opportunity to share my theories on why Asian telcos are well placed to drive the improvement of risk management techniques. Several factors mean Asian telcos are in an advantageous position when it comes to developing and investing in superior ERM.
- Population trends and historic data show that most Asian countries have entered a key phase for economic development and social change, and this will lead to an intensification of business opportunities and risks.
- New technologies like the internet of things and smart cities will be key to solving economic and social challenges in Asia, thus leading to heightened opportunity and risk for Asian telcos.
- Asian school leavers and graduates are more likely to have skills suited to the practice of advanced risk management techniques.
- The rise of Big Data and data science makes it viable to use far more sophisticated risk management techniques than previously exploited by businesses.
- Niche telco risk management silos like RAFM have been pioneers in conducting high-grade risk analyses that draw on large volumes of data.
- History provides relevant examples of Asian businesses using data to gain a significant commercial advantage by reducing their key risks.
WeDo have kindly shared the video of my presentation, which includes examples of flaws in well-known risk management methods and stories that challenge prejudices about which countries are the ‘leaders’ in risk management. You can watch the video below, and scroll down further to see the slide pack too.