The industry’s next generation is coming into the market, laser-focused on building careers in risk management. We asked three up-and-coming ‘ones to watch’, what changes the industry needs to make to meet the needs of an evolving risk landscape
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.
HOW DO YOU THINK THE PROFESSION NEEDS TO EVOLVE IN THE FUTURE?
Owen Ticer, University of Southern California:
“Many of the risk professionals I have met did not set out to work in risk management, primarily because college students and young professionals aren’t aware of what the profession has to offer.
“What I admire about the risk management program at USC is its dedication to developing the next generation of risk managers.
“In order to meet a growing demand for risk professionals, I believe the profession must evolve to focus on education. Forming strong partnerships with universities will help to create new talent pools full of knowledgeable and passionate risk professionals.”
Zuzana Nedeljakova, University of Calgary:
“The biggest risk that I personally foresee for the profession in the future is a lack of strong talent being attracted to it. I say this from my own experience at my university, but also as an echo of the sentiment among risk professionals in my city.
“The Risk Management and Insurance program is one of the, if not the, smallest business program at my school, even though all of my peers in it have had incredible experiences.
“There seems to be a general assumption among my non-risk management peers that insurance just means auto insurance or whole life insurance, and there is a lack of awareness around the corporate insurance space.
“Given that a large portion of risk professionals are eligible to retire in the coming years, there needs to be an increase in awareness of what risk management is and the various fulfilling careers that young professionals can have in the field, in order for it to remain a strong profession.”
Nick Patwardhan, Mississippi State University:
“Two main areas: advanced analytics and cybersecurity emphasis. Advanced analytics and AI are going to significantly improve the profession’s ability to analyse datasets, predict risks and automate routine tasks.
“Additionally, with technological advancements becoming more mainstream by the day, there needs to be an increased emphasis on cybersecurity risk management.
“Multiple companies have been exposed to cyber threats in the past decade. We must l earn from these exposures and understand how we need to evolve in terms of cybersecurity.”
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