Risk Management in an unpredictable world: Ariane Chapelle reflects on two decades of change
Written by Ariane Chapelle, 19/05/2025 • Risk, Finance & Treasury
Economic crises, the COVID-19 pandemic, rapid technological acceleration, rising cyber threats… the world is changing at lightning speed, and so is the way we assess and manage risk. In this ever-evolving landscape, Dr. Ariane Chapelle, Partner at BDO Belgium, author, and long-time lecturer of the Operational Risk Management Masterclass at Febelfin Academy, has spent more than twenty years guiding professionals in the financial sector.
During her very last session of the training, we took the opportunity to look back with her on the major shifts in the field, the challenges ahead, and the principles that remain constant.
What has been the most enriching part of teaching this Masterclass over the years?
Ariane: What stands out most to me is how much I have learned from the participants themselves. A training only becomes truly valuable when it’s interactive and people openly share their experiences. Over twenty years, I have gathered hundreds of stories, good practices and not-so-good ones. Teaching is genuinely a form of continuous learning.
What major changes have you observed in risk management?
Ariane: The biggest shift, in my view, has been the move from trying to prevent everything to building resilience. The world has become too unpredictable, and major risks are difficult to foresee. That’s why risk management has evolved: less focus on preventive controls, and more on detection, crisis planning, business continuity, cybersecurity… and, of course, tackling today’s major challenges like climate change and technological disruption.
Are there core principles that remain valid, no matter the context?
Ariane: Absolutely. Identifying risks, assessing them, responding to them, testing controls, monitoring, and reporting, these are the pillars of sound risk management. On top of that, strong risk governance (who does what?) and a clear risk taxonomy are essential. The specific risks may vary across sectors, but the principle remains the same: having a clear view of risks, causes, controls, and impacts is fundamental.
What risks do you see emerging for financial institutions in the next five to ten years?
Ariane: No one can predict the future, but some clear trends can be extrapolated. Technology and automation will further reshape the sector. Banks are becoming tech companies, just look at players like Revolut or Monzo. That shift brings risks around systems, cyberattacks, modelling, coding… and a growing war for talent.
We are also facing persistent economic uncertainty: inflation, geopolitical tensions, a slowing global economy. As an economist, I do not see much short-term relief. These factors also trigger significant risks, both for financial institutions and the economy as a whole.
What advice would you give to trainers or risk professionals who want to make an impact?
Ariane: Show your passion: enthusiasm is contagious. Try to explain complex topics as clearly and as simply as possible. Decomposing complex realities into simpler components requires a deep understanding of the subject matter. As Nobel Prize-winning physicist Richard Feynman said: “If you can’t explain it in simple terms, you don’t understand it.” I really believe that.
Finally, what would you like to say to current and future participants of the Masterclass?
Ariane: I hope I have been able to pass on my interest for the profession and the importance of prioritisation and humility in an uncertain world. If I have inspired participants to become better risk managers, and to share their knowledge and insights with others, then I will look back on this journey with delight and pride.
About the Masterclass
The Operational Risk Management Masterclass is an advanced training programme for financial professionals who want to take their risk management expertise to the next level.
Interested in organising this training in-house or looking for more information? Don’t hesitate to reach out to our business development team.
