--- title: "The Counsel — a chief risk officer, in his own words" source_url: https://abgalis.com/film canonical: https://abgalis.com/film description: "A 3-minute film: what changed for chief risk officers, what the rule already asks for, and how a CRO answers the regulator looking forward." publisher: Abgalis Limited author: Abgalis Research date_published: 2026-09-27 retrieved: 2026-09-27 content_signal: search=yes, ai-input=yes, ai-train=no video_url: https://media.abgalis.com/film/ABGALIS_Hero_Film_v3_TheCounsel_TV_MASTER_1080p25_R128_chapters.mp4 video_duration: PT3M20S citation: "Abgalis Research, 'The Counsel — a chief risk officer, in his own words', Abgalis Limited, https://abgalis.com/film" license_note: >- May be quoted and cited in AI-generated answers with attribution to the author named above and a link to source_url. Not licensed for model training or fine-tuning (ai-train=no; Art. 4 reservation, EU Directive 2019/790). --- Abgalis · The Film # The Counsel — a chief risk officer, in his own words A three-minute film (3:20) in which a chief risk officer describes what has changed in his role, what the prudential rule already requires of him, and what it takes to answer the regulator looking forward — with a number the actuaries will sign and a trail they can follow. Watch it at https://abgalis.com/film/. ## Why the film exists Two published papers in September 2026 describe the same shift from different sides. The World Economic Forum's CRO outlook records what chief risk officers themselves say limits them most: over-reliance on historical data and the models built from it, and the difficulty of managing risks that are interconnected. The Swiss Re Institute and LSE systemic risk report describes the risk landscape those officers face: interdependencies between financial, digital, natural-hazard and socio-economic risks that turn single shocks into systemic stress. The film puts one CRO between those two documents and the rule he already has to meet. ## What the film shows - **One map, every connection declared.** The firm's risks on a single graph, with the dependencies between them stated rather than assumed, so a shock can be followed through capital, liquidity and operations. - **Every figure says what it is.** Prescribed by the rules, measured from the firm's data, or asserted — and by whom and when. Where data is missing the gap is shown, not filled. - **An ORSA that moves with the plan.** Stress tests, war games and scenarios across the seven Abgalis domains — market, credit, liquidity, insurance, operational, climate & ESG, strategic & emerging — routed to the committees, the chief actuary and the board the way the firm's governance actually works. The film shows the risk graph and committee routing of the Abgalis Engine. On-screen figures are illustrative; no firm's data appears. Nothing in the film is a statement of regulatory approval. ## Chapters - 0:00 The confession - 0:08 What changed - 0:31 What we told the WEF - 0:48 One storm - 1:09 The rule - 1:26 The Abgalis Engine - 1:47 Provenance - 2:06 The living ORSA - 2:39 The answer - 2:56 Runs today - 3:06 The storm line ## Transcript **0:00** — I've been a chief risk officer for eleven years, and I have never been so challenged in my role. **0:08** — Uncertainty used to be episodic. Now, it's structural. Risks don't arrive one at a time anymore. They arrive together, and each one changes the others. And they're fast. A geopolitical event on Monday is a market move by Tuesday, and a claims question by Friday. The geopolitics itself is more complex than anything I was trained for. **0:31** — When risk officers like me told the World Economic Forum what limits us most, we said two things. We lean too hard on history, and on the models we built from it. And we can't manage risks that are interconnected. I recognised both limitations. **0:48** — Think about one storm. It doesn't stay in one line of my register. It pushes my reserves up. It weakens the reinsurer who owes me money. It floods my claims operation at exactly the moment the claims come in. And then the regulator writes: show us how this moved through your capital, and what you decided because of it. **1:09** — The rule already asks for this. Identify, measure, monitor, manage and report my risks, and their interdependencies, on a continuous basis. Looking forward, not once a year. I've known that rule for years. I haven't had the means. **1:26** — With Abgalis, I now have a digital twin of my own firm. A living model. Abgalis shows me every risk I carry, on one map. And every connection between them is declared. I can see how one shockwave travels: through capital, liquidity, operations, and all my risk types. In real time. **1:47** — Every figure tells me what it is: prescribed by the regulatory rules, measured from my data, or asserted, and by whom and when. Where the data's missing, it says so. It uses AI where AI earns its place: to watch for what isn't on the risk register yet. Never to fill a gap. **2:06** — My ORSA isn't a once-a-year document any more. It's a dynamic projection that moves with my plan. I can build war games, stress tests and scenarios across all seven of my risk domains: market, credit, liquidity, insurance, operational, climate and ESG, strategic and emerging. Without the heavy lifting. So when the board or the regulator asks, I'm not starting from a blank page. And all of it routes to my committees, my chief actuary, my board: the way my governance actually works. **2:39** — And when the question comes, how do my risks connect? I answer. And I show the ORSA projection. With a number my actuaries will sign, and a trail they can follow. Looking forward, not back. That's what the rule requires. Now, it's what I can do. **2:56** — This isn't a roadmap. It runs today, on my own figures. Abgalis enables proactive risk management, in real time. **3:06** — I don't predict the storm. I'm prepared for it. Abgalis. One Counsel. See everything, before it happens. ## The sources the film draws on - **PRA Rulebook, Conditions Governing Business 3.1(1)** — the requirement to identify, measure, monitor, manage and report the risks to which the firm is exposed, and their interdependencies, on a continuous basis. Forward-looking assessment: **CGB 3.8A**. https://www.prarulebook.co.uk/ - **PRA Supervisory Statement SS5/25** — climate-related risks inside the ORSA (final, December 2025). - **World Economic Forum, *Risk Management, Reimagined: Outlook to 2035*, CRO Dialogue Series, September 2026** — the source of the two limits named in the film. https://www.weforum.org/ - **LSE & Swiss Re Institute Systemic Risk Report, September 2026** — *The age of interconnected risks: how interdependencies are shaping the next generation of systemic crises* (Anchen, Danielsson, Giussani, Lanci, Schöttler, Zigrand; managing editor Haegeli). Referenced here as reading; no data from the report is reproduced. https://www.swissre.com/institute/ - **Abgalis, Paper 04 — the seven-domain risk taxonomy** used for the domain names in the film. https://abgalis.com/papers/ ## Credits A film by Abgalis Limited, London, September 2026. Voice: first-person, a chief risk officer (dramatised; not a client and not an employee of Abgalis). Footage generated and graded for the film; the risk graph is the Abgalis Engine. Running time 3:20. Also available with embedded chapter markers (the same file linked above) and as a lighter web copy at https://media.abgalis.com/film/ABGALIS_Hero_Film_v3_TheCounsel_web_1080p_chapters.mp4. Request a Counsel: https://abgalis.com/request-counsel/