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RESEARCH AND BRIEFINGS

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From Risk to Strategy: Embracing the Technology Shift report 2019

 


Technological change and digitalisation can help risk functions increase their efficiency and effectiveness, but this will require new skills at an individual level, a supportive organisational environment, and a well-managed transformation program.

This is the key message of a new report titled From Risk to Strategy: Embracing the Technology Shift prepared by Marsh & McLennan Insights with the support of the Pan-Asia Risk and Insurance Management Association (PARIMA). This is a follow-up report to the 2017 joint publication Targeting a Technology Dividend in Risk Management, which discussed emerging technologies and a more digitalised risk function as a promising solution to the increasingly complex business landscape facing risk professionals.

The follow-up report now builds on this theme by examining the degree to which a risk manager’s role must evolve in order to effectively incorporate emerging technologies into the risk function. The paper also analyses how the technological shift will both enable and require the risk manager to contribute to more value-adding initiatives in a business advisory role, in order to remain relevant.

Underpinning this report are results from the Emerging Tech in Risk Management Survey 2019, which sampled more than 75 respondents across 13 different industries in Asia-Pacific, as well as interviews conducted with business leaders for additional insights.

This report aims to challenge risk managers to further develop themselves as agile professionals and embrace new perspectives when managing risks.

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.

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