A profession in transformation

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We embarked on this research with an assumption that risk management is a profession going through a period of unprecedented transformation. However, we kept an open mind about this assumption.

The survey of 152 members concluded that risk management is as much a profession as law or accountancy. Our research shows that individuals are on a career journey in risk management, with the expectation that this journey could satisfy their professional ambitions, giving them the opportunity to gain new knowledge, learn new skills and develop in seniority.

As organisations adopt emerging technologies, experiment with new business models and are increasingly rated by the value of their intangible assets – such as reputation, data or intellectual property – the greater is their need to update some of the more traditional approaches to quantifying, managing and transferring risk.

In this report, we explore the ‘why’, the ‘how’ and the ‘now what?’ of a profession in transformation. We explore what transformation means in practical terms and set out the key priorities for risk managers as they take on the role of tomorrow’s risk leader.

At the same time, we are publishing three reports that draw on different elements of the same data used to construct this report, to help deepen and enrich the story, and I urge you to seek them out:

• Is the insurance market fit for the future? An exploration of how insurers are supporting risk managers for tomorrow’s world, supported by AXA Corporate Solutions.
• Digital transformation. A consideration of how digitalisation is transforming business models while creating strategic opportunities for members, supported by Chubb.
• The value of risk and insurance management. A discussion about why there is a greater need for risk and insurance managers to demonstrate the value of their role and the strategic contribution they can make to businesses, supported by JLT.

I would like to thank our project advisory group, comprising project sponsors – AXA Corporate Solutions, Chubb and JLT – as well as Airmic members who provided invaluable insight to the development of this research, and the experts from other associations and institutes who gave their time to talk to us in depth. I would also like to extend my gratitude to the Airmic members who completed our survey.

There will be more to come. Over the coming months, further insights from our research will be shared through a series of short papers, webinars and blogs.

Finally, I would like to say how excited I am to see the profession evolving. I feel incredibly positive about the support that Airmic will be able to provide its members in the years to come and look forward to talking to you more about how we can work together for the benefit of our profession and the organisations we serve.

Julia Graham, deputy chief executive and technical director, Airmic