Summary Why risk management is the key to responsible innovation | World Economic Forum www.weforum.org
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The text emphasizes the importance of responsible innovation through effective risk management, including compliance with regulations, setting high standards of self-regulation, and actively managing risk across the organization.
Slides
Slide Presentation (9 slides)
Key Points
- Responsible innovation requires effective risk management.
- Companies should exceed regulatory requirements and set their own gold standard.
- Risk management should be a shared responsibility across the organization.
- Tech leaders should consider the costs and benefits of innovation and implement new norms and regulations.
- A culture of risk management is crucial for organizations to navigate disruptions and recover from crises.
- The use of cookies is common for tracking user behavior, optimizing advertisements, and collecting data for statistical purposes.
- Cookies are categorized by type, expiry, and purpose, and are set by various websites and services.
- Cookies help improve the user experience and enable responsible innovation on websites.
Summary
432 word summary
Responsible innovation requires effective risk management. Organizations must face risks fearlessly and prioritize responsible practices alongside innovation. Circle, for example, strives to comply with regulatory requirements and sets high standards of self-regulation. Companies should not just meet regulations, but exceed them by setting their own gold standard. Risk management should not be limited to specific departments but should be a shared responsibility across the organization. It is important for companies to actively manage risk and not just rely on specialists. Companies must go beyond checking ESG boxes and demonstrate how their core business serves the public interest and manages externalities. Tech leaders should consider the costs and benefits of innovation and implement new norms and regulations beforehand. A culture of risk management is crucial for organizations to navigate disruptions and recover from crises. Organizations need to think through their responses, rebuild, and recover in the wake of bad events. Responsible innovation requires understanding risk from all angles and areas of the business. The document contains a list of various cookies used by different websites for tracking user behavior, optimizing advertisements, and collecting data for statistical purposes. The cookies are categorized by the type, expiry, and purpose. Some of the notable websites and services mentioned include Instagram, YouTube, Google AdSense, LinkedIn, Spotify, SoundCloud, Baidu, and Alibaba.com. These cookies collect information such as IP addresses, geographical locations, website navigation, and user preferences to personalize content and improve advertising efficiency. The excerpt provides a list of various cookies used on the website for data collection and analytics purposes. These cookies track user behavior, navigation, and preferences to compile statistical reports and optimize the website's content. Some cookies are used for split-testing, advertising efficiency, and language settings. The cookies are set by different providers such as Google Analytics, Twitter, Vimeo, LinkedIn, and others. They have varying expiration dates ranging from one day to one year. The cookies help improve the user experience and enable responsible innovation on the website. Risk management is crucial for responsible innovation, according to the World Economic Forum. The organization emphasizes the importance of distinguishing between humans and bots on websites to generate accurate reports. Various cookies are used for different purposes such as handling page redirects, setting topic preferences, and identifying logged-in users. Additionally, cookies are used for split-testing and improving visitor experiences. Some cookies are necessary for specific functions like PayPal login, while others detect errors and optimize user experiences. Consent cookies are also used to store user preferences. The World Economic Forum acknowledges the necessity of necessary cookies for website functionality, but also offers optional marketing and performance cookies.