From Ideas to Innovation: PARIMA AI Labs 2026 Showcases the Potential of AI in Risk Management
(Credit: PARIMA)
PARIMA successfully concluded its inaugural AI Labs initiative at the PARIMA Singapore Conference 2026, held on 14–15 October at PARKROYAL COLLECTION Marina Bay, Singapore. Four finalists showcased their AI prototypes, with Simon Thomas ultimately emerging as the inaugural PARIMA AI Labs winner.
Designed to encourage innovation and the practical application of artificial intelligence (AI) in risk management, the initiative provided risk professionals with an opportunity to develop AI-powered solutions addressing real-world challenges.
The initiative began with a two-day workshop on 3–4 October 2026, bringing together 14 participants for a hands-on learning experience facilitated by Erik Ingvoldstad, Founder of Acoustic and Creator of Weekend Startup Lab, and Maxwell Davis, Enterprise Risk and Resilience Leader at Rolls-Royce.
Throughout the workshop, participants were introduced to the process of developing AI-powered applications, exploring how their ideas could be translated into practical solutions to address challenges faced by risk professionals.
During the workshop, participants explored how to transform their ideas into practical AI applications, with four prototypes subsequently selected for presentation at the PARIMA Singapore Conference 2026.
From Concept to Creation: Four Finalists Take the Stage
The finalists were:
- Esther Hwee, Senior Manager, Risk & Compliance, Keppel Management Ltd, Singapore
- Glenn Pinonggan, Risk Manager, Pilmico Foods Corporation, Philippines
- Sebastian Wong, Senior Manager, Safety, Security & Operational Risk, Singapore American School, Singapore
- Simon Thomas, Executive Director of Facilities and Services, Singapore American School, Singapore
During the PARIMA Singapore Conference 2026, each finalist was given seven minutes to present their AI prototype and its potential applications in risk management, followed by a five-minute question-and-answer session with the judging panel.
Sebastian Wong, one of the four finalists, reflected on how the workshop encouraged participants to explore AI, regardless of their prior coding experience.
“My biggest takeaway is that even without any coding experience, AI has made it so much easier for anyone to get started. I would encourage everyone to step out of their comfort zone, explore AI and embrace the opportunity to learn something new,” he shared.
Following the presentations and judges’ deliberations, Simon Thomas, Executive Director of Facilities and Services at Singapore American School, was named the inaugural PARIMA AI Labs winner.
Simon’s winning application, RiskSee, is an AI-powered risk management platform that uses organisational data to keep risk registers updated, identify emerging risks and support decision-making while maintaining human oversight.
Developed to address the limitations of traditional risk registers, which often rely on periodic reviews rather than real-time information, RiskSee aims to provide risk professionals with greater visibility into emerging issues.
“For risk professionals, the aim is honest visibility and reclaiming the time spent chasing updates so we can focus on strategic judgment,” Simon explained.
Reflecting on his experience and the potential of AI in risk management, Simon emphasised the value of translating ideas into practical applications.
“My biggest takeaway is that AI will significantly enhance risk management and visibility across organisations. Every person who attended this PARIMA workshop produced something practical with commercial impact for their business in just 16 hours,” he shared.
(Credit: PARIMA)
Encouraging Innovation and Practical Learning in Risk Management
For Erik Ingvoldstad, Founder of Acoustic and Creator of Weekend Startup Lab, the workshop highlighted the importance of hands-on learning in encouraging innovation and equipping professionals with practical problem-solving skills.
“Everyone who works in almost any industry should have experience trying to build something, because it teaches you about complications, it teaches you about finding the problem that you want to solve, and then suddenly you can do it,” he shared.
Similarly, Maxwell Davis, Enterprise Risk Manager, Asia Pacific at Rolls-Royce and Board Member of PARIMA, highlighted the progress made by participants throughout the initiative, from developing their initial ideas to presenting working AI prototypes.
“Seeing PARIMA AI Labs come to life has been incredibly rewarding. It was inspiring to see the participants’ creativity and enthusiasm as they transformed their ideas into practical AI applications within such a short time. I hope this experience encourages more risk professionals to embrace innovation and explore how AI can enhance the way we manage risks,” he shared.
PARIMA AI Labs highlighted the potential of emerging technologies in addressing real-world risk management challenges, reinforcing PARIMA’s commitment to fostering innovation, professional development and equipping risk professionals with the skills to navigate an evolving risk landscape.
