Future of risk: emerging markets of opportunity

How has risk management changed in the past decade?


A decade ago, risk managers focused much more on insurance matters and insurable risks. Globalisation has changed the risk landscape and so risk managers now have to take a global view and spend time on researching global solutions.

Compliance and regulation have become a greater focus and multinational companies with operations in several countries must be confident with changing legalisation.

The risk manager’s role has become even more important in this respect – it is now part of their responsibility to help companies comply with these requirements.

What responsibilities do risk managers now have?


The future for risk managers is to be closer to strategic planning. For this to happen there needs to be greater communication between risk managers and chief executives and directors. Companies need to take a global view of their risks, and risk managers are well placed to help chief executives make good decisions for the future of the company – but also to take risks.

What emerging risks have changed the risk manager’s role?

New technology can be viewed as an emerging risk – for instance, the internet of things will provoke new risks – but this can also be seen as an opportunity for risk managers.

What is so interesting about new technologies is that they enable risk managers to play an important role in evaluating the threats and establishing innovative risk mitigation and prevention plans, as more businesses come to use and rely on these new products. As such, risk managers have another opportunity to add value to their business.

Is there anything else?

Uninsurable risks are a big challenge for risk managers. But, just as with new technology, uninsurable risks present an opportunity for risk

managers to play a more significant role in their companies.

They will be the professionals to whom executives turn for advice on how best to manage this risk, for example. It will be down to the risk manager to find new, alternative and innovative solutions such as captive insurance.

For me, this is an emerging risk that will enable risk managers to exercise their talents.