From Risk to Strategy: Embracing the Technology Shift

The role of the risk manager has always been to understand and manage threats to a given business. In theory, this involves a very broad mandate to capture all possible risks, both current and future.

In practice, however, some risk managers are assigned to narrower, siloed roles, with tasks that can seem disconnected from key business objectives. Amidst a changing risk landscape and increasing availability of technological tools that enable risk managers to do more, there is both a need and an opportunity to move toward that broader risk manager role.

In this report, Marsh & McLennan Insights and the Pan-Asia Risk and Insurance Management Association (PARIMA) examines how a risk manager’s role must evolve in order to effectively incorporate emerging technologies into the risk function.

The report also looks at how this shift will both enable, and require risk managers to contribute to more value-adding initiatives in a business advisory role, in order to remain relevant.

This is a follow-up to Insights’ and PARIMA’s successful 2017 joint publication which identified emerging technologies and a more digitalized risk function as a promising solution for risk managers in an increasingly complex business landscape, allowing them to do more with less.