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RISK MANAGEMENT BLOG

The Ever-Changing Risk Environment

 As the global economy continues to change, all organizations and industries must adapt and evolve to stay relevant and successful. Risk management is no exception. Once a siloed department in large companies, risk management is now being formalized and integrated throughout organizations across the world. As this change takes place, risk professionals must adjust to three primary changes: an increasingly uncertain environment, risk management becoming primarily digital, and cultural shifts.

Topics: future of risk management changes in risk management

Six Reasons All Organizations Should Embrace the Cloud

 Moving data into the cloud is an intimidating step for most organizations. IT teams must worry about security and privacy issues, while employees are concerned about the implementation of such a substantial change. However, in today’s increasingly automated environment, cloud computing is the best way to manage data and effectively compete in the marketplace: in 2017, 74% of Tech Chief Financial Officers said that cloud computing had the most measurable impact on their organization. The cloud lowers workload and cost, enables flexibility and collaboration, and actually increases security. Here are six reasons all organizations should embrace the cloud:

Topics: cloud computing benefits of cloud computing cloud data storage

How to Gain Support for a New RMIS

 Implementing a change is difficult in any kind of organization. You must handle employee resistance, convince top management, and satisfy a number of different requirements from multiple departments. In fact, research from McKinsey and Company has shown that approximately 70% of large organizational transformations fail. However, with effective planning and communication, you can overcome these issues. You simply have to prove the new system or process is worth it. Here are some strategies for gaining support for a new risk management system: 

Topics: obtaining buy-in RMIS management support

Risk and Mitigation for Property Managers

 

Property managers face a wide variety of risks in their work, and a study by Deloitte found that risk management is now one of the top three concerns held by property managers.  As their portfolio grows, so does the number of property and tenant risks. A potentially overwhelming amount of information has to be effectively managed and used. There are legal risks every step of the way, as well as the general market exposure that almost every organization has to overcome.

Topics: property managers property management risk

Skills of a Successful Risk Professional

 

The risk industry and the professionals within it have changed drastically over the last few decades. Once, risk professionals simply purchased insurance to transfer losses onto another company. Now, they are expected to monitor the risk environment, identify and predict risks, and implement proactive strategies to prevent issues from occurring or minimize their impact when they do. Top-leadership positions based on risk management, such as Chief Risk Officer (CRO), are becoming increasingly common.

With this in mind, what skills and competencies are now necessary for a risk professional to be successful? Certainly a general knowledge of the insurance industry and financial risk will no longer suffice. In addition to an understanding of many topics and environmental factors, there are necessary personality traits, such as influential, flexible, and collaborative.

Topics: effective risk management risk professional risk professional skills

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