\n<\/p>\n
PHILADELPHIA \u2013 The Role of Risk Managers Evolving<\/strong><\/p>\n Risk managers are finding that their roles are changing significantly. Instead of just focusing on insurance, they are now being asked to anticipate, measure, and lessen risks as part of a larger business plan, according to a recent discussion at the Risk & Insurance Society\u2019s Riskworld conference.<\/p>\n Panelists noted that this shift is largely fueled by improved data usage, advancements in technology, and a stronger emphasis on teamwork and clear communication within organizations.<\/p>\n Jennifer Pack, vice president of risk management at Hyatt Hotels in Chicago, emphasized the growing importance of forecasting and modeling. She explained that risk managers are expected to foresee potential challenges\u2014not just those on the horizon, but in every aspect of the business.<\/p>\n Ms. Pack mentioned that insights now come from a blend of internal data, external analytics, and industry knowledge, rather than relying solely on one model. \u201cYou can measure almost anything; what matters is finding the right way to inform your decisions. It doesn\u2019t have to be flawless,\u201d she stated.<\/p>\n Manny Padilla, president of RIMS and vice president of risk management and insurance at MacAndrews & Forbes in New York, highlighted the need to balance costs and benefits. Organizations must consider potential risks alongside opportunities for growth. \u201cYou need to define your priorities; if you don\u2019t, you won\u2019t know if you\u2019ve reached your goals,\u201d he said.<\/p>\n Chris de Wolfe, director of risk management at Mars, added that insurance should be viewed as just one tool in a larger toolkit. Risk management should focus more on preventing issues rather than depending solely on insurance coverage afterward. He said, \u201cIf someone asks, ‘Is it insured?’ the first question should be, ‘Why is that important?’ Followed by, ‘What measures are you taking to prevent that issue?’\u201d<\/p>\n Emerging technologies like artificial intelligence are starting to impact the field, though some risk managers are slow to adopt these advancements. Franck Baron, group deputy director at International SOS in Singapore, pointed out that AI can significantly enhance risk analysis and help make better decisions.<\/p>\n Moreover, building relationships with stakeholders throughout the organization is crucial for risk managers. They need to step outside their usual roles and connect with other leaders in finance, operations, and beyond. Baron noted that many colleagues are willing to share their insights if asked for their opinions.<\/p>\n In summary, the role of risk managers is evolving, requiring a proactive mindset and collaboration across various departments to effectively manage risks while pursuing business goals.<\/p>\n\n","protected":false},"excerpt":{"rendered":" PHILADELPHIA \u2013 The Role of Risk Managers Evolving Risk managers are finding that their roles are changing significantly. Instead of just focusing on insurance, they are now being asked to anticipate, measure, and lessen risks as part of a larger business plan, according to a recent discussion at the Risk & Insurance Society\u2019s Riskworld conference.<\/p>\n","protected":false},"author":1,"featured_media":30872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[30],"tags":[],"class_list":{"0":"post-30871","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-news"},"_links":{"self":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/30871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/comments?post=30871"}],"version-history":[{"count":0,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/30871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media\/30872"}],"wp:attachment":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media?parent=30871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/categories?post=30871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/tags?post=30871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}