The Paradox of Technology Risk: A Q&A With Omid Mostavi

Technological trends, ranging from the rise of generative AI to the growth of blockchain and digital assets to constantly evolving cyber risks and opportunities, have driven substantial transformation in the financial services industry. But has the role of the risk manager truly changed, or has it just ballooned in terms of day-to-day responsibilities and expectations?

Seventy-two percent of risk managers responding to GARP’s 2024 Risk Careers Survey reported an increase in the scope of their risk responsibilities within the past 12 months. Nearly half of those respondents, moreover, cited “technology, cybersecurity and data privacy” as a top driving factor behind the increase.

Omid Mostavi, VP of Compliance Innovation and Technology, State Street

At the same time, more than half of surveyed risk managers feel they lack the knowledge to effectively anticipate and manage crypto assets, cyberattacks, AI, and other top technology risk drivers of today.

For Omid Mostavi, vice president of compliance innovation and technology at State Street Corporation, the key to closing that knowledge gap lies with the mastery of traditional...