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Risk managers expected to know more today than ever before, survey reveals

Lockton’s 2018 risk management survey reveals executives expect risk managers to know more

ST. LOUIS, Mo., June 19, 2018 – Risk managers are expected to develop new skill sets to keep up with emerging global trends in addition to their day-to-day activities, Lockton’s 2018 risk management survey reveals. Lockton surveyed risk managers representing publicly traded companies, privately held organizations, nonprofits and public entities to learn how the role is evolving.

“Risk managers are being asked to solve increasingly complex business issues dealing with supply chain, technology, brand impairment and business interruption,” said Ryan Brown, senior vice president and risk management consultant at Lockton who conducted the survey. “Many of these challenges fall outside of traditional coverages and require a unique strategic approach.”

Risk managers recognize that contract reviews, accrual discussions, and mergers and acquisitions due diligence require risk managers to improve their financial, accounting and legal acumen. The survey revealed that risk managers from all businesses emphasized a need for continuing education and those with enterprise risk management (ERM) oversight responsibility were three times more likely to deal with uninsurable risk.

Executive leadership across the industry is aware that cyber breaches are a major potential problem and are asking risk managers to figure out ways to mitigate that risk.  Other questions they are asking include:

  • How does our insurance program respond to a cyber event?
  • What is the impact of diabetes on workers’ compensation claims?
  • Why have our claims costs become unpredictable?

The survey reveals that approaches that may have worked in the past will not necessarily be sufficient to address today’s challenges. Risk managers need new tools, ideas and coverages as well as a broker partner willing to act as a true extension of their team.

See the full report below.

http://s3-us-west-2.amazonaws.com/lockton-corporate-website/Articles/2018_Risk_Management_Survey.pdf

About Lockton

Lockton is a global professional services firm with 7,000 Associates who advise clients on protecting their people, property and reputations. Lockton has grown to become the world’s largest privately held, independent insurance broker by helping clients achieve their objectives. For nine consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance.”

    
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