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WTW Research Network Annual Review 2023

By Omar Samhan | May 17, 2023

As the year continued many of the risks on organizations’ lists have crystalized, and in the face of such change, there’s never been a better time to reconsider the risk landscape and opportunities.
Willis Research Network

2022 proved to be no exception to the accelerated adoption of technology that began alongside the onset of the COVID pandemic.  From the development of artificial intelligence (AI) and machine learning (ML) to the expansion of digital worlds via the Metaverse, technology advances  show no signs of abating.  Adjusting to the new realities of the pandemic, companies have had to adapt their workforces, business models, and organizational cultures to fit in an increasingly connected and technological world.  Many of these advancements will challenge society’s basic assumptions but companies must be willing and able to take the initiative on crucial investments in both platforms and individuals going forward.

As nearly every organization will develop and incorporate digital technologies within their business structure, having a solid foundation built around adaptive principles and a nimble workforce will be crucial for companies to have a leading edge.  The past year gave way to a whole new paradigm surrounding issues such as natural language processing (NLP), cyber security, large language models (LLM), the metaverse, quantum computing, and individual rights in the digital space.

Much of our current modes of operations and organizational architectures are based on the Internet as we know it today.  However, many of the most recent technological progressions such as the Metaverse and Web3 don’t abide by the traditional constraints that have defined the Internet over the last three decades.  Building the next generation of services will depend greatly upon the mastery of new domains, especially over the medium term.  Technological disruptions will become more norm than aberration as new paradigms will continue to emerge in the innovation landscape. 

The widespread adoption and use of ChatGPT presents a particular salient example.  As the most well-known of the LLMs currently in use, it has proliferated at an exponential rate, spurring rival companies to quickly bring their products to market in order to compete in the predictive text realm.  Cybersecurity also represents a significant disruptor as cyber-attacks have been on the uptick compared to recent years with both governmental and non-governmental infrastructure targeted.  Individuals will also experience significant digital disruption in a personal and professional capacity as remote works begins to take shape in a post-pandemic world. 

The WTW Research Network has worked closely with multiple universities and organizations to better understand these developments.  Partnering with Warwick University, we looked at how AI can be utilized for cybersecurity and the ways AI techniques can help corporates make their structures more resilient to cyber attacks.  We also looked at the importance of cyber bullying insurance in mitigating online crimes and how companies’ human resources practices can be amended to implement protections for minors as part of a larger benefits packages for their employees.  And  our work with Wharton’s Mack Institute continues, examining issues such as the future of digital skills, disruptive technologies, and key megatrends that will shape the technology landscape in the coming years.

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Technology Risks PDF 1.2 MB

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