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The new rules of risk: From playing defence to playing to win

By Martin Stevens, Audit Director, Gjensidige Forsikring ASA

In the spreadsheet era, risk management was about avoiding losses based on today’s or yesterday’s position. But in a world moving at AI-speed, that kind of static compliance is its own kind of risk.

Instead of focusing on avoiding defeat, we should shift our approach to actively creating opportunities for success. Here is how the most resilient organizations can turn risk into an advantage.

1. Risk isn't a department. It’s a mindset.

Managing risk across a company requires both attention to detail and a clear view of the whole field. We use statistical models and scenario-thinking not just to anticipate shocks, but to prepare decisive responses. It’s about defending what matters while creating room to attack—so the business can protect value and gain ground.

2. The Board must ask the uncomfortable questions.

Risk management mustn’t be stuck on the side lines. The Board needs a clear, shared view of the organization’s risk profile—and the discipline to act on it. That means moving beyond oversight into active stewardship: probing assumptions, stress-testing decisions, and strengthening the organization’s playbook as conditions change.

3. Compliance is the bare minimum - not the end goal.

Compliance keeps you in the game -but it doesn’t help you win. Enterprise Risk Management (ERM) creates an advantage by making trade-offs explicit and measurable, so strategy is grounded in a real view of exposure and opportunity. When risk is built into planning and performance discussions, leaders can allocate resources with confidence—protecting what matters while pursuing the best plays.

4. Kill the noise with a common language.

From the front-line teams to the boardroom, risk discussions often get lost in competing terminology. The solution is a shared scorecard—using a common monetary language to compare priorities and trade-offs. When everyone talks about impact the same way, decisions get faster, alignment improves, and the organization can respond as one team when the game shifts.

5. Model the un-modellable.

6. Stop being forward-thinking. Start being forward-acting.