On October 14th 2016, I had the privilege of providing the keynote presentation at the first annual FAIR Conference in Charlotte, NC. Preparing for this was one of the most challenging things I’ve had to tackle in a long time. When I began preparing I wasn’t sure I’d have enough to say that would be inspiring (or at least interesting) to fill the time. I wanted to give credit to some of the excellent work that’s been done in the industry, recognize the challenges we still face, and emphasize the tremendous opportunities that remain for moving the needle in our industry. When you put it in those terms, the challenge for me became staying within the time limits. Of course, you will have to be the judge as to whether any of it was the least bit inspiring or interesting.
Regardless, this is an exciting time to be in the cyber and operational risk profession. Huge opportunities exist to make new discoveries, turn on the mental lightbulbs of our colleagues and stakeholders, and make a real difference in the maturity of the profession. All we have to do is open our minds (and ears), think creatively and critically, question the status quo, and be patient and persistent in the face of inertia – of which there is plenty. That said, the tide appears to be turning in our favor as witnessed by the rapid growth of the FAIR Institute, the exceptional attendance at this first FAIR Conference, as well as by things like the newly announced Cyber Risk Management Enhancements proposed by the Federal Reserve, OCC, and FDIC. Barring the unforeseen, the future for FAIR and quantitative methods in general is extremely bright. Welcome aboard!