As the risk industry continues to blossom and grow, the importance of nurturing the next crop of talent is increasingly understood.
With this in mind, the risk management society RIMS presented 20 students with Anita Benedetti Student Involvement Program (ABSIP) scholarships, funding their travel and attendance to the RISKWORLD® 2024 conference in San Diego, US, this May.
The ABSIP program, which is sponsored by The Spencer Educational Foundation, recognises and rewards the achievements of the most outstanding undergraduate and graduate risk management students.
“The overwhelming success of today’s risk professionals has brought risk management to the forefront, making the profession even more appealing to college students,” says RIMS president David Arick.
“Programs like the ABSIP are critical to ensuring that these up-and-coming risk leaders are ready to dive into the profession and succeed.”
We caught up with three of the grant winners, to get their take on some of the biggest risks facing corporates today, and how the industry must evolve to be fit for the future.
WHAT DO YOU THINK IS THE NEXT BIG RISK ON THE HORIZON?
Owen Ticer, University of Southern California: “Over the past few years, there has been a clear rise in labour disputes, from automotive workers to student athletes, and I believe that labour disputes will be at the forefront of risk management in the coming years.
“Strikes, unionisation efforts and mass resignations have the potential to disrupt the core operations of organisations and significantly impact financial results.
“Looking forward, risk professionals must focus on implementing controls and risk transfer mechanisms that mitigate the impacts of unavoidable labour disputes.”
Zuzana Nedeljakova, University of Calgary: “There is currently a big buzz around cyber, and for good reason, but in the light of all the attention it has been getting, I want to discuss a different risk that I had first-hand exposure to during my internship.
“Net zero has been a hot topic for several years, with many companies coming out with plans to become carbon neutral by ‘x’ year.
“However, even with strong plans and large investments being put towards net zero initiatives, particularly by oil sands production companies, some banks have been refusing to lend to such companies in order to obtain their ‘fossil-free certified’ status.
“This is a significant risk to many energy companies, because if they have one or two of their major lenders refusing to do business, it can seriously impact their capital investments, shareholder returns and overall company strength.”
Nick Patwardhan, Mississippi State University:
“Supply chain disruptions. With wars on multiple fronts globally – Russia-Ukraine, Israel-Palestine – supply chain disruptions will be a key risk to consider over the next year.
“We need to look at the historic data on the impact supply chain disruptions have had on the global economy.
“Just think about the most recent global pandemic – when China’s supply chain was disrupted, it caused chaos and price hikes across the world because that’s how much we all depend on China for our modern way of life.”
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