Rapid Advances in Technology Outpacing Risk Management: Marsh/RIMSSource: Business Wire
Annual Survey Finds Unease Around Managing Disruptive Technology Risks
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Annual Excellence in Risk Management report delves into risk
professionals’ knowledge of and role in managing technology innovation
such as artificial intelligence (AI), blockchain, and the
Furthermore, the report found that most risk professionals would benefit from viewing digital technology from a balanced lens. When asked what it means for their organization to be “digital”, a majority cited operational improvements, such as automating core processes, more so than growth initiatives, including new ways of doing business and interacting with their customers.
By ignoring how digitization is changing the way companies interact with their customers, risk professionals cannot fully understand the changing risk profiles of their organizations, the report notes.
“Emerging technologies like AI, blockchain, and IoT are fast becoming
the new normal, yet risk management is not keeping up,” said
Other highlights from the report include:
- The majority of respondents said they are most interested in technology that enables them to identify emerging risks (57%) and enhance data security (57%).
- Of the respondents whose organizations have cross-functional risk committees, 31% said disruptive technologies are discussed at every meeting.
- 40% of respondents said they would consider switching insurers and other advisors based on their ability to provide innovations in the claims area.
The Excellence report, Maintaining Relevance Amid Technology
Disruption, is based on 450 responses to an online survey and a
series of focus groups with leading risk executives in January and
Findings from the report were released today at the RIMS 2018 Annual
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30,000 colleagues advise individual and commercial clients of all sizes
in over 130 countries. Marsh is a wholly owned subsidiary of
As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society™, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 11,000 risk practitioners who are located in more than 60 countries. For more information about the Society’s world-leading risk management content, networking, professional development and certification opportunities, visit www.RIMS.org.
Source: Marsh and RIMS