2 RISK MANAGER
An item titled “Thus far, 2016 has been an exciting year because a long predicted but never realized phenomenon is suddenly and rapidly becoming a reality” can be found in Riskonnect’s 2016 Q3 newsletter. I’m talking to the 30-year yearning among risk management experts to escape the confines of ‘insurable risk’ and enter actual risk management.
If you are still in doubt about this claim, you might be interested in a recent article on the 100 Best Jobs in America from CNN Money.
“Risk Management Director” is ranked #2. You read that correctly… The second. We may now finally crack the grin that our industry has managed to maintain after 40 years of hardship.
to start a journey of exposure and importance that years ago seemed like simply a pipe dream by pushing the traditional “rope up the hill” By the way, it is not a coincidence that “risk” came out on top by a wide majority in a recent study of CEOs asking what the #1 issue is that keeps them up at night.
So what is happening here? Why has the status of the risk manager risen so quickly? Without performing a scientific investigation, I’ll share a few findings from my 32 years of working in the risk management sector.
RIMS – One of the most powerful and well-organized trade groups in all of American business serves our sector. It’s incredible how hard this organization works. One of the things I’ve noticed about RIMS is a selfless drive for excellence that focuses on maximum benefit for all members.
Risk management is no longer an afterthought because to the efforts of the Spencer Foundation and some outstanding developments in our institutions. Some of the most gifted students on campus are drawn to it since it is now a prominent and sought-after degree. College risk management programs have been improving risk management skill levels overall for more than ten years.
Putting these first two findings along with another passage from the Riskonnect 2016 Q3 newsletter, we may state as follows: Innovative firms frequently find themselves on the “bleeding edge,” where horrible things are inevitably going to happen, as our world becomes wilder and business moves at an utterly supersonic speed. Up until this point, the victors were those who were fortunate and defied the probabilities of certain disaster. Though there is the board’s and the C-suite’s acknowledgment that the future winners are not the fortunate, but rather those that prepare for every possibility and effectively manage their risks.
In other words, risk management has become one of the most important business disciplines due to the confluence of brilliant minds joining the field and the organization’s demand for creative solutions to the problem of business speed.
Finally, I should note the role that technology has had in this shift. Prior to 8 or 9 years ago, risk management sputtered under the encumbrance of shoddy technology. When Riskonnect entered the battlefield with a whole new perspective, that changed, enabling risk managers to go past the mundane and innovate in ways that finally brought forth their true potential.