Various surveys indicate that executive decision-makers and corporate risk managers have different priorities, and may not even be speaking the same language, as concerns risk. This apparent disconnect may create a barrier for professional growth for risk managers who desire more influence in strategic decision making. Advisen published a paper that analyzes the different risk perspectives and priorities within organizations and provides actionable suggestions for bridging the gap and expanding risk manager influence and responsibilities. This free, 11-page report is sponsored by FM Global.
Should risk managers be concerned that the focus of the insurance and risk management function may be very different than the risk priorities of the C-Suite? What more can risk managers do to highlight the contributions they make? Could they be contributing more under different circumstances? Do risk managers need to augment their knowledge base and improve their skill sets to earn a “seat at the table” for strategic risk-related decisions?
To answer these questions, Advisen interviewed risk managers and chief risk officers, analyzed various studies concerning CEO risk-related priorities, and called upon various RIMS surveys, conducted by Advisen, on the changing roles of risk managers, especially within the context of Enterprise Risk Management (ERM) programs.
Their responses are featured in this white paper.
Translating risk transfer and risk financing activities into the language of the C-Suite can go a long way in gaining greater recognition and appreciation into the contributions of the risk manager, and may open up a more productive dialogue between the risk manager and executive management and the board of directors.