CRO Circle Milan - Innovation through operational excellence
28 November 2016
After London, Frankfurt and before upcoming CRO circles in Istanbul, Paris, Moscow, Stockholm, New York and other cities in Asia and the Middle-East, Milan was the 3rd stop (24th Nov) of Misys CRO dinner’s series.
7 CRO’s working for prestigious Italian financial institutions agreed to participate in this roundtable and exchange the latest trends, current challenges and the inevitable transformation of their mission due to regulation and market conditions.
The debate was supported by one of major consulting firms and started with a comparison between insurance prudential rules vs. banking ones. Between starter and main course, we shared an interesting exchange around the role and relation between a CRO and the CEO/Board. The risk profession has just entered into its biggest transformation since end of last financial crisis. Participants recognized that there is a big discrepancy between countries/regions and type of institutions. Within the Misys Risk team, we are working on worldwide scorecard showing the profile of CRO per location! Just fascinating!
After having discussed the subject of cost vs. opportunity generated by new regulations, dessert and coffee were reserved to innovation. The first point of agreement was that innovation will come with new profile of employees working in risk department. Consent was given to the fact that many financial institutions hiring CIO/CTO and other C-level positions seek to hire from other industries that are excelling at operational excellence, such as car manufacturers, retail, fintech and others in order to bring innovation!
Conclusion was that innovation is a mindset that requires new blood and now!!! Banking and insurance sectors are under attack from disruptors that are not subject to the heavy financial regulation!
So what is the response? We didn’t conclude but put some possible paths that would require more discussion and exchange.