Seed partners with SiGMA on industry’s first dedicated risk barometer
In partnership with SiGMA, Seed has released the first dedicated risk barometer for the gaming industry. JP Fabri, a Founding Partner of Seed Consultancy examines some of those risks.
Can you give some advice to companies who are thinking of applying for the next Startup Pitch event?
Do not fall in love with your idea, fall in love with your execution. The product will go through a lot of changes, but the vision remains – this is what people will invest in.
What are your next steps?
We’re looking to close the launch of new features that we have planned, such as those pertaining to gamificiation and the world of the NFTs. We are also looking at expanding in the GCC. It’s a $4 billion industry and, in the future, we’re planning to build partnerships with big companies and social networks.
Thank you for preparing and organizing this amazing event. The preparation for it was worth every effort and minute of my time. It’s a priceless experience, and I would encourage anyone toapply for SiGMA Pitch.
There is no doubt that we are living in a volatile, uncertain, complex, and ambiguous world. Originally termed for military operations, VUCA is becoming ever more synonymous with the global situation, especially the business climate.
Over the past year, the world has continued to recover from the global pandemic with a number of business interruptions due to social restrictions and structural changes happening in the world of work. More recently, we have seen the outbreak of the war in Ukraine, reaffirming the fragility of the world order.
These global events did not happen in isolation. They happened against the backdrop of continued cybersecurity threats and on the ever-increasing regulatory changes and reforms taking place across sectors, including gaming and gambling. The increased focus on compliance, due diligence and anti-money laundering is becoming an increased risk for operators.
Risk management is today a critical function for any business, even more so for regulated entities. In conjunction with SiGMA, we are proud to be releasing the first dedicated risk barometer for the gaming industry. This publication contains the views of over 100 risk professionals coming from the sector in a dedicated quantitative and qualitative study rating and identifying the key risks operators face.
Adopting an adequate and comprehensive risk management framework is an essential step towards risk management, whereby risks are identified, assessed, rated, and eventually treated and monitored in a proactive and effective manner to safeguard the company’s operations. This study aimed to delve deeper into the first 3 steps of such a framework, focusing specifically on risk identification, assessment and finally risk rating. This collectively serves as a necessary foundation to seek adequate treatment and monitoring plans in the short, medium and longer terms.
The results highlighted key similarities across all segments analysed within the industry. It was evident that regulatory divergences, legislative changes, and regulatory compliance are considered the top 3 risks, deemed in the industry to be of critical nature in most instances, with other major risks such as cyber security, reputational risk, market developments and human capital risk, regularly featuring amongst the most concerning risks.
To limit or lessen these risk exposures, save costs, and enhance value for stakeholders, companies require dynamic and flexible risk management to navigate an unpredictable future in which change comes quickly. Through the development and implementation of a predictive risk identification and management framework, operators can create a culture of risk and accountability for employees across all levels within the organisation, having the confidence to report potential risks, issues, or incidents to the relevant teams, so that they can be addressed. Thus, through proper communication between all stakeholders across functions and harnessing the benefits of technology, operators may obtain better clarity on the breadth of risks facing the business and understand the potential threats and opportunities these risks pose to the overall business strategy.
Albeit the level of risk-management maturity varies across different companies within the industry, a strong risk culture is a vital component to risk management for all organisations. To this end, operators need to regularly refresh and strengthen their risk management frameworks and approaches to risk management, to be better prepared for the volatility and uncertain future that lies ahead.
“It was evident that regulatory divergences legislative changes, and regulatory compliance are considered the top 3 risks”
We believe that this report can shed light on risks and risk management and act as a common industry reference point. We have shared the insights of over a 100 risk managers in the industry aggregating their risk ratings to give a detailed and first industry barometer.
Being a research-driven advisory firm, Seed remains committed to delivering quality research as a vehicle of enhancing the debate on a sectoral and national level. We truly believe that embracing risk and risk management enhances business resilience and continuity and augur that this publication will contribute to such debate.
This is the first research report we have published in conjunction with SiGMA Group and the beginning of an alliance that will bring quality research and content to the industry. As a firm, we believe in the power of applied research and look forward to sharing more of these insights in the coming months.
to the industry. As a firm, we believe in the power of applied research and look forward to sharing more of these insights in the coming months.
Read more interviews like this in our latest SiGMA Magazine here.
THE 300 SPARTANS:
After triumphing in key locations across Asia and Europe, AGS is flying 300 top affiliates to Malta, for an all inclusive deluxe trip. The event will happen alongside SiGMA, 14-18th November, during SiGMA Europe.
Risk management is today a critical function for any business, even more so for regulated entities. In conjunction with SiGMA, we are proud to be releasing the first dedicated risk barometer for the gaming industry. This publication contains the views of over 100 risk professionals coming from the sector in a dedicated quantitative and qualitative study rating and identifying the key risks operators face.
