The Risk Landscape in the Digital Transformation of Finance and Insurance

Dear Colleagues,

Artificial intelligence (AI), blockchains (B), cloud computing (C), big data (D), and the Internet of Things (I) are considered to be the ABCDIs of emerging technologies that are transforming the financial services landscape around the world. ABCDIs and the COVID-19 pandemic sparked the current digital transformation, resulting in substantial changes in the structure of products and services provided by the financial sector. A change has taken place in the way financial services are provided and consumed, as well as who provides these services. As financial solutions become more integrated into the lives of consumers, consumers can take advantage of seamless transaction experiences and access financial services anywhere and anytime.

The financial services landscape is undergoing a major transformation in terms of the types of players involved, how money is used and provided, and the role that finance plays in relation to the natural environment, which is increasingly impacted by innovation in business models, technology, and environmental initiatives.  Institutional investors are weighing climate change risks into the financing decisions they make, while consumers are increasingly aware of the impact of their decisions on the environment and other social factors and expect corporations to reflect their concerns.

However, using modern equipment and software is only one aspect of digital transformation in finance and insurance, as it also involves reviewing the management methods, communications, and organizational culture.  The understanding of risk areas is key to identifying and managing all of the risks a company may encounter within the digital environment. For companies to fully exploit the digital transformation, they must also manage the risks introduced into the environment and manage their impact on the existing ecosystem to drive optimum value from their digital initiatives.

In this new financial landscape, there are both opportunities and challenges for new and existing players as a result of the entry of new players, the arrival of digital financial services, and the greening of finance. Despite the ever-changing financial landscape, the purpose of finance remains the same: to provide for the needs of consumers, businesses and society while improving people's lives.

We welcome papers related but not limited to the following topics:

• Technology Risk;
• Strategic Risk;
• Cyber Risk and cyber security;
• Third-party Risk;
• Competitive Risk;
• Distribution Risk;
• Data Risk;
• Underwriting Risk;
• Discrimination Risk;
• Talent and Culture Risk;
• Artificial intelligence Risk;
• Privacy Risk;
• Reputation Risk

Prof. Dr. Ramona Rupeika-Apoga
Prof. Dr. Pierpaolo Marano
Guest Editors

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