Risk management is moving from the back office to centre stage and creating opportunities for risk management and insurance (RMI) professionals to reposition themselves as strategic business partners, according to the 2019 Airmic member survey.
The survey is based upon the responses of 157 members, surveyed between February and March 2019.
The survey results show the RMI profession is increasingly ambitious and Airmic members are keen to upskill, gain exposure to their leadership and attain new knowledge relevant for the
changing business landscape–as 75 percent of respondents want greater opportunities to influence strategic decision making within their organisation.
It also revealed an increase in the priority businesses are placing on risk management, as evidenced by a seven percent increase on 2017 to 29 percent in 2019 in members who are responsible for the management of risk.
Respondents answers suggest that visibility is key to the risk management of both the present and the future, as 58 percent believe developing communication and influence will be key to becoming a strategic business asset to their organisation.
Additionally, it showed that insurers are providing a wider range of services, and in particular are offering more guidance on how to manage risks rather than just paying out when things go wrong–a development that has been well received by risk managers.
Elsewhere, the survey revealed that risks related to geopolitical volatility, climate change and digital transformation are of most concern.
Respondents appear less confident in their ability to manage these threats and 64 percent want to see more innovative and bespoke insurance solutions.
Julia Graham, Airmic’s deputy CEO and technical director, said the research shows that the RMI profession is “responding to a changing business and risk landscape”.
She added: “The transformation of business models harnessing digital innovation is demanding a more agile and better-connected response from risk and insurance professionals.”
“The good news is, the profession is ambitious to take up this challenge and gain greater influence across the business. Risk managers must now respond by deepening their range of ‘soft’ skills, business acumen and collaboration.”
