Successfully Navigating "The World as It Will Be"

For whatever reasons (presumably long buried and forgotten), business thinking long ago coalesced around the conclusion that change is bad and must be difficult. We need to fundamentally recalibrate this thinking. Change is natural. Humans sit atop the food chain because we are, in fact, wired for change.

Every vertical market has a natural rate of change. When the Dow Jones Industrial Average was created in 1896, it included a dozen "smokestack" stocks selected on the basis of their expected staying power and representation of the economy. Of those 12, only GE remains on the index today. Likewise, of the companies that constituted the original S&P 500 in 1957, 426 (85 percent) had fallen off the list by 1997. The lesson for the general population is clear – change or disappear.

The first step is to recognize that substantive change is necessary. This can be easier said than done. Consider this: Forty percent of all commercial airline crashes in the United States are due to CFIT – controlled flight into terrain. In other words, the leading cause of crashes is a team of trained pilots looking at their instrument data and refusing to accept that they are flying into the ground. Their refusal to break their frame of mind leads to disastrous consequences.

When you implement a new technology or business solution, disruptions in your organization’s natural "flow" are inevitable. While challenging in the short run, the opportunities presented by disruption can be pivotal to an organization and catapult it to a new level of success.

IT futurist Thornton May will explain why an interruption can allow your enterprise to realize a greater return on investment, bring a product to market faster, execute existing tasks more effectively and efficiently, and garner a greater competitive advantage.

Fraud Prevention as Part of an Enterprise Risk
Management Strategy
Derek Wylde, Head of Group Fraud Risk, HSBC

As a leading global financial institution, HSBC recognizes the need for continually improving fraud prevention efforts to combat losses incurred in the global card market. HSBC has been working with SAS as a global development partner for an enterprise risk management platform with fraud detection and prevention at its core. Derek Wylde will share HSBC’s experiences of how fraud fits in an enterprise risk management strategy, its global rollout plans and challenges, and its approach to the future vision of leveraging the infrastructure to reduce credit risk.

Fraud is growing at an alarming rate across the insurance and banking industries, as criminals continue to evolve their skills and methods. In response, many insurers and banks are devoting considerable resources to acquiring new technologies that detect fraud. But recent evidence shows that companies and financial institutions must do more to better understand fraud's true financial impact on their business. Much of the fraud that has traditionally been defined as "opportunistic" is, in fact, highly organized. Worse still, organized fraudsters are continuing to exploit current loopholes because they are simply not noticed by traditional detection systems.

Imam Hoque, founder and Chief Technical Officer of Detica NetReveal, will outline the complex challenges faced by insurers and banks in identifying the true scale and nature of fraud within their organizations. He'll also use recent case studies to demonstrate how the United Kingdom’s insurance and banking industries have begun fighting back by identifying organized fraud earlier so criminal networks are effectively shut down and serious financial losses prevented.