Big Data and technology present opportunities for risk management, but there are also challenges, an Actuaries Institute conference heard last week.

Australian Prudential Regulation Authority (APRA) Chief Risk Officer Ben Gully told the enterprise risk management seminar “the velocity of risk is changing”.

Co-operation is key in managing cyber threats, and harnessing new tools and skills will be critical, he says.

Partnerships and information-sharing will be key to future success in risk management, “given greater interdependencies across the system”.

“We are all increasingly interconnected, whether we like it or not,” he said.

“Thinking about these shared risks is going to be an important mitigant against the challenges that confront us.”

Mr Gully joined APRA last year, having previously worked at Canada’s Office of the Superintendent of Financial Institutions.