Digitization and automation in the financial sphere are inevitable and happen much faster. At the same time, however, there are global tendencies to increasingly focus on security in this area. This in no way stops development, just these processes go and continue to run in parallel. Moreover, security and risk mitigation are a catalyst for the ever-evolving development of digital technologies and will support them more and more. This was clear from the sixth consecutive afternoon Coface Conference on Risk Management on Digitization, Automation and Artificial Intelligence: Taking Governance.
At the beginning Declan Dalli, CEO of Coface CEE, talks about the dynamics of modern business and the need from better and more active risk management. In their greetings, Milena Videnova, Cofas Bulgaria's Managing Director, particularly highlighted the role of Coface and credit insurers in the environment of digitization and automation ̵ to help assess the risks to business, which will lead to their more efficient management. In the special sectoral presentation, she noted: "The most promising sectors for the Region of Central and Eastern Europe, including Bulgaria, are pharmaceuticals, automotive and information technologies, while construction, metals and transport remain the most risky." In the Country Risk Review, Gregory Shilevich, a Coface Group regional economist, noted that there is a global recovery but the risks remain – especially those related to a potential trade war. In Europe, the labor market continues to be a major challenge for companies
In three panels and several plenary lectures, the participants noted that digitization and automation would in no way supplant or replace the human factor in the financial sphere, simply facilitate and optimize work. Security should be fully guaranteed, as evidenced by recent problems with the unauthorized use of personal data. Here comes the role of block, shared economy and shared resources. This has considerable potential as it is related to freedom of action, more transparency and fewer resources, but security must also be guaranteed and risks managed well. Some of the participants noted that here and the state played an important role in supporting not only the development of innovation but also the guarantee of stability
In their presentation Tsvetan Simeonov, Chairman of BCCI Managing Authority, emphasized that digitization and automation are an opportunity for businesses to re-evaluate their cadres while remaining the most productive. Asen Velikov, Member of the Board and Finance Director of Vivacom, further developed these topics, noting that under current technology about 50% of the tasks performed by people can be automated, but only 5% of the activities can be fully automated. This is related to a change in the way in which activities are carried out, as well as occupations and specializations.
China and India are sufficiently promising markets but must be approached with care. The success for Bulgarian exporters vis-à-vis these countries is through an excellent knowledge of the environment and consumers and combined efforts. The participants noted the serious chances we had, but also the accompanying risks. "Through the support of the state and the creation of a united national brand, we can successfully enter large markets such as India and China, and others" – summed Tsvetelina Nikolova, Managing Director of Katarzyna Estate and Platinum Brands
Coface Conference risk management has brought together over 200 business and institutional representatives who have discussed topics related to global processes, financial management, risks, prospective and losing sectors in the economy, and so on. The event was held with the partnership of Katarzyna Estate, Dimoroma Group, Vivacom, Julius Meinel and Mineral Water Baldaran. Media partners were Bloomberg TV, Manager, Economics, Logistics, Business Club, Your Business, economy.bg, money.bg, economic.bg, SeeNews and Entrepreneur.
*This article is published as part of a media partnership between SeeNews and Coface.