Risk Management in 2030- Stay Ready

The risk- management industry needs to get comfortable with change

Enterprise risk management and the role of corporate risk directors has changed almost beyond recognition. Traditionally it was centred around procuring company insurance to cover events like fire damage to offices, or hazards relating to the company’s particular industry. Risk identification has become a much broader exercise and the skills required in a risk manager can change daily.

Reputational risk management has been rewritten with the rise of social media and the ease of access to information. Health risk management has now been rewritten with COVID-19. Companies are exposed to a new kind of risk and, one that risk directors of a certain generation will not have covered in their training.

The risk-management industry needs to get comfortable with change. At the dawn of the 2020s, risk directors know they need to be ready to step away from the status quo, keep abreast of slow-forming socioeconomic developments or fast-forming global health threats that may expose their employer, and explore new strategies for protecting their company.

According to a survey from RIMS (the Risk Management Society), 94% of respondents believe risk management-professionals will need to develop new skills to meet future challenges yet just 32% believe they are prepared to make the changes needed. What’s more, only 16% of respondents think there will be enough graduates to fill open positions in risk management by 2025.

Some businesses simply have higher risk due to the nature of their work. Examples include places and events of mass gatherings, construction businesses, entertainment venues, industries that deal with vulnerable persons and any other business that may attract adverse behaviour from those with opposing ideologies - such as RSL clubs, places of worship and sporting organisations.

Barringtons security risk management and assessment team has decades of experience working with clients of all shapes and sizes across a broad range of industries. Their arsenal of Risk Assessment Management Services includes Public liability risk assessments, detailed onsite inspections, location accessibility assessment, customised risk minimisation policies, crisis management and business continuity planning, cyber security risk assessments and cyber penetration testing. They are able to provide a quick turnaround on any enquires and develop valuable solutions, reporting on any weaknesses in an organisation.

For more information on how Barringtons can help your business click here. 

Source: https://www.regus.co.uk/work-uk/risk-management-in-2030-stay-ready/?utm_source=linkedin&utm_medium=social&utm_campaign=organic_regus_20200127#__prclt=ek7Zjv4G