Building Strategic Resilience in Fintech and Banking
What’s Up in Banking, Fintech and Technology with David Milligan and Avinash Singh.
What’s UP this Week is a month video update from the Ulysses Partners team on all things Fintech, Banking, and Innovation. We’ve added the video and short text summary of the episode below:
Summary:
The Role of the World Economic Forum
The World Economic Forum brings together leaders from various sectors to debate and strategize on global economic trends and challenges. This year, the forum highlighted the intricate web of uncertainties facing businesses, emphasizing the need for strategic foresight and adaptability. The global risk outlook report, a focal point of the forum, underscored the interconnected nature of emerging risks and their potential impact on the global business environment.
A Framework for Strategic Resilience
In this video, we introduce a strategic resilience framework, specifically tailored for the financial sector. This framework encourages organizations to rethink their approach to risk, advocating for a holistic understanding of risk relationships and the adoption of advanced scenario planning and innovation. By doing so, businesses can anticipate future challenges and position themselves to leverage opportunities in uncertain times.
Understanding the Nature of Risks
We discuss the complexity of modern risks, categorized as interconnected, cumulative, and novel. This nuanced understanding of risks, including the spotlight on AI-driven misinformation as a significant emerging threat, illustrates the evolving landscape businesses must navigate. Recognizing these risks' interconnectedness is vital for developing comprehensive strategies to address them.
The Power of Modern Scenario Planning
Modern scenario planning tools are essential for organizations to dynamically adjust their strategies in response to changing conditions. This approach enables businesses to explore future scenarios, combining different factors to anticipate challenges and identify opportunities.
Fostering Innovation in Response to Uncertainty
Innovation emerges as a key theme in the conversation, as a critical response mechanism to the uncertainties highlighted in the discussion. By fostering a culture of innovation, organizations can develop novel solutions to address unique challenges, transforming potential threats into opportunities for growth.