Risk management in the past, present and future: The Infinite Game

Second Annual Risk Conference 2024

What it is about

Modesto Rivero, Associate Director at Risk Insights, presented at the Second Annual Risk Conference (September 26, 2024) a look at risk management across three time frames under the idea of the "infinite game".

The 11-slide presentation, mainly visual in nature, covers the past (the origins of bond ratings), the present (the different faces of greed, with money laundering and its impact on society, and the evolution of anti-money laundering regulation since the 1970 Bank Secrecy Act) and the future (new technologies, artificial intelligence and an era of exponential risk).

Objectives

Place risk management in context with its historical origin and the evolution of regulation.
Show money laundering as one of the faces of greed and its impact on society.
Set out the challenges and opportunities that new technologies and artificial intelligence bring.

Key takeaways

Risk management is an "infinite game": it has no end, only stages that require adaptation.
Anti-money laundering regulation was built through milestones: the Bank Secrecy Act (1970), the Financial Action Task Force recommendations, the UN Convention against Transnational Organized Crime and the US Patriot Act (2001).
The fintech era and artificial intelligence open new opportunities and new challenges for risk control.
The presentation speaks of an era of exponential risk, in which technology accelerates both threats and defense tools.