How to hire and inspire the risk leaders of the future

Risk management is at a crossroads.

With an ageing workforce on the brink of retirement and new talent being lured into more prominent industries like finance and tech, the industry faces a recruitment challenge.

Yet, there are signs of change: the growing complexity of global threats makes the profession more vital than ever. But how can we harness this momentum to appeal to a new generation of ambitious professionals?

IN NEED OF AN IMAGE OVERHAUL

“Risk management is often perceived as a complianceheavy field,” says Simon Levy, CEO and company secretary of Risk Management Institute of Australasia (RMIA).

This perception is reinforced by regulatory-driven conversations at industry events, which paint the profession as reactive and restrictive.

“This compliance focus can give the impression that risk management is about ‘box ticking’ rather than strategic opportunity and impact.”

“The major challenge remains that the risk profession remains relatively unknown as a career option by many young people joining organisations at the beginning of their working lives,” says Fiona Davidge, a risk manager and chair of Airmic, highlighting the obscurity of risk management as a career path.

Despite advancements in industry practices, many organisations still do not prioritise hiring dedicated risk managers, and this limits awareness and appeal.

“Part of the challenge for increasing student interest is their struggle to pinpoint exact job opportunities in risk management” 

Simone Fassom, PR consultant at comms agency Free Partners, echoes these concerns, pointing out that the insurance sector, which is closely linked to risk management, suffers from an outdated image.

“Insurance is just not getting a look in, coming last in our survey of young people on the most appealing sectors to work in,” Fassom says.

One major issue is the ambiguity of career paths, says Mark Beasley, professor of enterprise  risk management and director of the Enterprise Risk Management Initiative at the Poole College of Management.

“Part of the challenge for increasing student interest is their struggle to pinpoint exact job opportunities in risk management,” he explains.

Unlike fields such as accounting, he says, where roles are well-defined, risk management students often find potential career paths unclear.

Another hurdle is the limited exposure to risk management courses. “Most business schools do not provide courses in risk management, except for those with a risk and insurance programme, which focuses on insurance careers.”

CHANGING PERCEPTIONS AND PATHWAYS

To attract young talent, it is crucial to redefine the narrative around risk management.

Levy believes this starts with showcasing the profession as an integral part of strategic decision-making. “We are committed to showcasing how risk management enables, rather than restricts, progress,” he states.

Modernising the image of risk management involves highlighting how the field contributes to resilience and growth, appealing to young professionals eager to make a tangible impact.

Fassom says the industry must communicate its dynamic nature. “Young professionals are very clear about what they want from a career – purpose, development opportunities, and an engaging environment. We know this industry can provide all that and more, but the problem is that we’re not very good at letting others know.”

“Opportunities are growing, and risk management skills are becoming an expected core competency for business leaders” 

Marketing, HR and industry leaders need to collaborate on a unified recruitment strategy, she says. “This requires a dynamic marketing campaign around recruitment that tells the stories of real young people from the industry and celebrates their achievements.”

The risk field has matured significantly, especially during the COVID-19 pandemic, says Soni Srivastava, regional head of corporate insurance for APAC at Deutsche Bank. “No longer seen as a reactive function focused solely on spreadsheets and heat maps, today’s risk managers balance risk and opportunity, combining strategic thinking with data-driven decision-making.”

There is an opportunity to attract young talent who seek roles that challenge them intellectually and offer a meaningful contribution to business success. And Beasley spies progress here.

“It should be covered more fully as a core subject in business management degrees and courses”

“Opportunities are growing, and risk management skills are becoming an expected core competency for business leaders,” he says.

Education is key. According to Davidge, while specialist risk management degrees exist, their integration into broader business management courses could be more impactful. “It should be covered more fully as a core subject in business management degrees and courses, as a core management skill for all,” she suggests.

Levy notes that structured career paths, with mentoring and professional development programmes, can make the field more accessible. “By creating clearer career paths, we show that risk management offers meaningful long-term growth and advancement.”

This helps to address the traditional emphasis on extensive experience, which can often be a barrier for newcomers.

MATCHING GEN Z VALUES

The evolving risk landscape, including areas such as cyber risk, data privacy and ESG factors, aligns closely with the interests of digitally minded young professionals.

Srivastava believes that the incorporation of technology in risk management is now pivotal. “The field is at the forefront of technological advancements, particularly in the use of AI and generative AI tools for risk modelling, predictive analytics, and operational efficiencies,” she states.

This tech-forward approach may attract Generation Z, who are not only digital natives but also enthusiastic about roles that integrate innovation.

Levy says that aligning the profession with values that resonate with younger generations is essential. “Attracting young talent requires improving visibility, creating accessible pathways, and aligning with values that matter today,” he says.

“The field is at the forefront of technological advancements”

Fassom suggests that social media is an underutilised tool in connecting with young talent. “We need to meet young people on their territory,” she says.

By showcasing success stories through platforms that young people actively engage with, the industry can better align its image with the aspirations of potential talent. Attracting young talent to risk management is not just about repositioning the field — it is about actively engaging with and investing in the future workforce.

As all the experts we spoke to stress, the industry must embrace a modern, inclusive approach that highlights its strategic importance, integrates technology, and aligns with the values of purpose-driven young professionals.

For risk management to thrive, it must shed outdated perceptions, build clearer pathways, and actively communicate its relevance in a rapidly changing world. The challenge is significant, but so is the opportunity to cultivate a new generation of leaders equipped for future risks.

As Levy puts it, “By doing so, we can ensure the risk management profession remains relevant, cultivating a new generation of leaders equipped for tomorrow’s challenges.”