Given the importance of enterprise risk management, efforts need to be directed to give prominence to this function. It is time for the stature of risk functions to be elevated. Professional bodies like the IERP play a crucial role in stewarding this transformation by equipping risk management experts and raising their credibility through branding and professional qualifications. Events like this conference can help propel the risk management agenda forward. However, beyond technical competency, risk managers increasingly require confidence and communication skills to be the resounding voice in promoting risk culture. Risk managers need to have a seat at the executive table and play a role in shaping the risk profile and risk culture of your organisations. A study conducted by Harvard Business School highlights how leadership and communication by risk managers can influence the significance of their role within organisations. As expected, the study found that risk managers that proactively sought opportunities to raise their visibility were able to assert risk management perspectives and were better able to position themselves as critical voices within organisations. Ladies and gentlemen The task of a risk manager in an organisation is like that of a ship navigator. As you work closely 4/5  BIS central bankers' speeches  with your captain to navigate your ship across unknown waters, your job is to ensure you get your ship to its destination in one piece. You never know what hazards may lie ahead but whether it be foul weather, rough seas or hostile forces, you stand ever ready to face them.
With a couple of taps I can hail a cab, and monitor my home CCTV, or buy any number of goods from across the world, which might, in the not too distant future, be delivered to my doorstep by a flying drone. Given how extensively technology has altered our world today, being technology savvy has become a crucial requirement for risk managers today. In what seems like a blink of an eye, companies like Uber, Waze and Airbnb which barely existed a decade ago have become household names. Now valued in the billions, they are a source of income for thousands of people across the globe, and are shaping our modern economy in a myriad of ways. Technological savviness is crucial for two reasons. First, technology can be harnessed to improve business operations and enhance risk management. Secondly, it allows us to quickly identify and respond to new sources of risks emanating from technological developments. The potential of technology in risk management is vast, not only for the automation of tasks, but increasingly as a tool for making business decisions as well. The application of big data analytics and artificial intelligence to assess and predict human behaviour, for instance, can provide great value to businesses in terms of reducing risks. In the motor insurance sector for example, General Motors Assurance in the US has been utilising mileage and driving behaviours captured through in-vehicle telecommunication devices.