Magazine article Risk Management

The Future of Risk Management

Magazine article Risk Management

The Future of Risk Management

Article excerpt

As the discipline of risk management develops and matures, risk managers must broaden their knowledge and capabilities in order to meet the challenges that lie ahead, declared Suzanne Crager, RIMS president, at RIMS 26th North Central Regional Conference held in Indianapolis, Indiana, on Oct. 21-23. "Risk management has a very viable future if we redefine the task and develop the appropriate skills to match this redefinition," she says. Ms. Crager suggests there are many ways that risk managers can accomplish this task. "One example is the increasing globalization going on in the world today. This requires us to be conversant with what is happening in other countries."

Ms. Crager also says that this new definition of risk management must include human resource issues. "When we talk about risk management's role in protecting the company's assets and resources, employees should be included as part of these assets and resources," she says. In addition to global and human resource issues, Ms. Crager suggests that a knowledge of financial planning and product review issues should also be included in the new definition of risk management.

Ms. Crager emphasizes that this redefinition is vitally important, particularly in light of the challenges facing the risk management profession. "In the past, we did a wonderful job of improving ourselves and selling our skills," she says. However, she remarks that risk managers have not completely sold the value of risk management techniques to their employers. …

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