CFOtech Asia logo
Technology news for Asia's CFOs and financial decision-makers
Story image

Risk and reward: Report reveals what risks businesses should look out for in 2022

By Mitchell Hageman
Wed 12 Jan 2022

A new report by RiskBusiness Services Limited has revealed various challenges and opportunities that businesses could face in 2022 while also exploring new horizons for financial services firms.

The 12-page report titled “Emerging risks in 2022 - The challenges and opportunities ahead” details a culmination of learned and predicted experiences from a variety of companies and highlights what kinds of situations can be focused on in the future to help businesses going forward.

One of the most obvious risks cited in the report was the widely termed “Great Resignation”, in which multiple studies predict that as a result of the COVID-19 pandemic, many employees will resign in February/March 2022. According to a recruiter, the predicted Great Pay Divide will result in The Great Resignation peaking in February or March 2022.

Post-January appraisals that occur mainly amongst professionals with in-demand skill sets in legal, accounting and finance are achieving 20-30% pay rises when moving roles, which adds difficulty to hiring and maintaining staff.

Additionally, the report found that in the technology field, the pay rises can reach up to 50% for
individuals with software development or cybersecurity experience.

This inability to hire and maintain the right talent is said to possibly lead to gaps or errors in processes, compliance failures, or poorly managed risks. However, companies that are able to attract and retain suitable talent will find themselves having a competitive advantage.

Digital finance is also another hot topic when it comes to risk management, with open banking and digital currency paving the way for new enterprise and growth opportunities but also danger.

The research shows in June 2021, trading volumes in digital asset derivatives across all trading venues amounted to GBP $3.2 trillion, surpassing those of spot transactions and achieving a 53.8% market share of the total market in digital assets. According to a recent analysis, this represents an almost eightfold increase in global trading volumes in digital asset derivatives since June 2019. 

With constant changes to financial markets and regulations, this rapid growth can bring both growth and risk, with experts believing that firms need to seriously think about how to anticipate and manage potential risks related to digital assets.

Acquisition value changes, vulnerable customers and the future of blockchain are also mentioned as potential risks, as many of these new developments have come as a direct result of facing the challenges of the pandemic. 

The report summarises that the best way to tackle the risks and challenges in a general sense is to collaborate with other firms through industry associations, groups sponsored by regulators and other forums to share information about risks and potential management of them. This sense of community will create a culture of understanding that will enhance and prepare companies for the future. 

Related stories
Top stories
Story image
Artificial Intelligence
Siemens expands NVIDIA partnership for industrial metaverse
Siemens is expanding its partnership with NVIDIA to enable the industrial metaverse and increase the use of AI-driven digital twin technology.
Story image
Multi Cloud
Cloud is a tool, not a destination
For many years, “cloud” has been thought of as a destination which has led to a misguided strategy that sees an enterprise trying to shift all its applications to a single cloud provider – regardless of the specific needs and nuances of each individual workload.
Story image
Supply chain
Supply chains continue to be disrupted, enterprises embrace circular economy
“Businesses urgently need to find a solution that can help them to manage this disruption, and transition to a circular economy."
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
MarTech
Martech experts reveal the “buzz” on personalisation
In the digital age, innovative technology must be leveraged to power an efficient and effective relationship marketing strategy.
Story image
Data ownership
Brands must reclaim trust by empowering data ownership
According to Twilio's new State of Personalisation Report 2022, 62% of consumers expect personalisation from brands, and yet only 40% trust brands to use their data responsibly and keep it safe.
Story image
BitTitan
How to achieve your monthly recurring revenue goals
Monthly recurring revenue (MRR) is the ultimate goal, the most important issue on which anyone in the IT channel should focus.
Story image
Public Cloud
Public cloud services revenues top $400 billion in 2021
"For the next several years, leading cloud providers will play a critical role in helping enterprises navigate the current storms of disruption."
Story image
Tech job moves
Tech job moves - Boomi, Limepay, Thales, VMware & Zoom
We round up all job appointments from June 6-16, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Infosys
Preparing for the digital decade with the right workforce strategies
For a decade that started under the pall of the pandemic, the 2020s is poised to end with a bang with the digital economy swelling to a high across the world.
Story image
Motorola Solutions
Motorola Solutions deploys communication system to 5th Japanese airport
Motorola Solutions with its partner, Nippon Airport Radio Services deployed the mission critical communication system to Kansai.
Story image
Music
Mastercard reveals first-ever album titled Priceless
Mastercard's music album Priceless has been unveiled at the Cannes Lions Festival of Creativity and features 10 songs by 10 artists worldwide.
Story image
Open source
DataStax secures US$115 million to fund database expansion
DataStax has secured US$115 million in funding, which it will use to develop and expand its Astra DB multi-cloud database and Astra Streaming service globally.
Story image
Market growth
Salesforce unveils new offerings for consumer goods companies
Salesforce has announced new products for consumer goods companies to help brands navigate increasing market complexity more easily.
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Collaboration
IT and security team collaboration crucial to data security
Many IT and security decision makers are not collaborating as effectively as possible to address growing cyber threats.
Story image
Digital Transformation
What CISOs think about cyber security, visibility and cloud
Seeking to uncover the minds of CISOs and CIOs across Asia Pacific, my company recently asked Frost & Sullivan to take a snapshot of cloud adoption behaviour in the region.
Story image
Cybersecurity
Vulnerable APIs costing businesses billions every year
Large companies are particularly vulnerable to the security risks associated with exposed or unprotected APIs as they accelerate digital transformation.  
Story image
Artificial Intelligence
Salesforce harnesses automated solutions with new developments
Salesforce has launched Sales Cloud Unlimited, a new feature to help accelerate productivity with AI and automation.
Story image
Contact Centre
Customer service agents don't want to return to contact centres
A new report has revealed that 85% of customer service agents want to work full-time at home and not return to contact centre offices.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Data
How a single mandate changed software development forever
There’s conjecture about exactly when it was issued and by whom, but a mandate made twenty years ago is continuing to shape the software development process today.
Story image
Testing
Video: 10 Minute IT Jams - An update from Tricentis
Tricentis provides software testing automation, and software quality assurance products for enterprise software.
Story image
Shouta
The rise of digital gifting in the workplace
The name itself does most of the explaining; it’s a gift you receive virtually. But a misconception about digital gifts is that they need to be redeemed virtually as well. 
Story image
Bandwidth
India's used international bandwidth to grow 38% from 2021 to 2028
TeleGeography says India is experiencing an influx of investment in its data centers due to its significant market potential and relaxed policies and regulatory environment.
Story image
DNS
DigiCert acquires DNS Made Easy and affiliated brands
Greg Clark comments, says, "This combination enhances the security of certificate validation and enables the automation of future validations."
Story image
Digital wallets
NFTs are ready to disrupt the ticketing world
The last few months have seen NFTs wielded by digital creators to take ownership over their craft and content. Now other industries are beginning to understand the real-world value that these nifty decentralised tokens can provide.
Story image
Talend
Forrester names Talend Leader in enterprise data fabric
Forrester has named Talend a leader among enterprise data fabric providers in the Forrester Wave: Enterprise Data Fabric, Q2 2022 report.
Story image
Robotic Process Automation / RPA
Salesforce announces latest generation of MuleSoft
Salesforce has introduced the next generation of MuleSoft, a unified solution for automation, integration and APIs to automate any workflow.
Story image
Cybersecurity
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
Story image
Infrastructure
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from CrowdStrike
Scott Jarkoff joins us today to discuss current trends in the cyber threat landscape, and the reporting work CrowdStrike is doing to prevent further cyber harm.
Story image
Tech job moves
Tech job moves - ActiveCampaign, Arcserve, LogRhythm & Qlik
We round up all job appointments from June 17-22, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Cryptocurrency
NOWPayments launches new service to analyse cryptocurrency fees
NOWPayments has launched a new network fee optimisation solution that analyses current network fees and picks the most profitable option out of the client's payout wallets.
Story image
Fintech
Corpay announces new collaboration with Triterras
Corpay and fintech firm Triterras have announced a new collaboration between Corpay’s Cross-Border business and Triterras Inc.    
Story image
State Library of Victoria
State Library of Victoria entrusts Oracle support and security to Rimini Street
“Our finance team are very happy with the support and security that Rimini Street provides, which keeps our assets and our customers secure."
Story image
Broadband
Singapore found to have the speediest internet rates in the world
New research from BanklessTimes has shown that Singapore has the highest recorded median internet speed in the world at 207.61 MBPS.
Story image
Sustainability
Honeywell launches new carbon energy management software for buildings
The new Carbon & Energy Management service allows building owners to track and optimise energy performance against carbon reduction goals, down to a device or asset level.
Story image
Amazon Web Services / AWS
Qualtrics goes live on AWS Cloud Infrastructure in Japan
Organisations across Japan will now be able to access the Qualtrics XM/OS platform locally via data centre in the AWS Asia Pacific (Tokyo) region.
Story image
Partnerships
Thailand announces launch of the Thailand 5G Alliance
It will promote collaboration between the public and private sector, through companies such as Huawei, to commercially drive Thailand's 5G development.
Story image
Gartner
Gartner's top recommendations for security leaders
"Leaders now recognise that major disruption is only one crisis away. We can’t control it, but we can evolve our thinking, philosophy, program and architecture.”
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Hybrid workforce
Why hybrid working is here to stay and how to ace it
Citrix's new report reveals hybrid workers are more productive and engaged at work than their office and completely remote counterparts.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.