By Jim Wetekamp, CEO of Riskonnect | Published by Corporate Counsel, August 2, 2023
The first half of 2023 brought a whirlwind of major risk events that will make history books. The collapse of Silicon Valley Bank. The rapid rise of ChatGPT. An open letter from Elon Musk and other technology leaders to halt AI advancements. Sam Altman’s surprising call for stricter AI oversight.
These disruptions and developments are reminders for companies everywhere that risks can show up with little, if any, warning and completely flip the world upside down overnight.
In the case of Silicon Valley Bank’s demise, which happened in just days, some companies it did business with were left scrambling to make payroll and keep their businesses running. With generative AI, many companies were caught by surprise as it quickly moved beyond hype and showed its potential to dramatically transform the way businesses operate.
Corporate risk and compliance teams play an instrumental role in helping their organizations navigate crises and disruptions. Read on to see what to keep top of mind in the next six months.
