VIEW: Taking advantage of game-changing risks

Cyber security, Brexit, geopolitics and financial market fluctuations are among the chief concerns for businesses voiced by some of the UK’s leading risk experts as they look ahead to 2019. At the start of year, senior members of the Institute of Risk Management were asked to identify key risk areas for businesses in the year ahead. A broad range of financial, political and healthcare risks were highlighted. Many of these align with risks identified in the World Economic Forum’s 2019 ‘Global Risks Report’ – a publication with which readers of this magazine will I’m sure be familiar.

Further areas of risk concern identified by IRM risk experts were the as yet unknown effects of Brexit in the UK, and the consequences of technology enabled disruptive business models.

The impact of current macro trends and risks, such as cyber security, AI and Brexit in the UK will continue to put pressure on, and potentially change entire business sectors. Leaders that think critically about the future, anticipate disruption to their sectors, while building resilience and agility in their models, will be in a better position to tackle and thrive in a challenging risk environment in 2019, and beyond.

This year the IRM will be placing a significant emphasis on helping businesses and risk professionals understand, manage and take advantage of game-changing risks such as cyber. The launch of our new Digital Risk Management Certificate, developed with support from Warwick University, is one example of our commitment in this arena. In addition, our qualifications and training, thought leadership and research projects (including the launch of the Cambridge Judge Business School and IRM research report: ‘Perspectives of Global Corporations’ highlighting the top global risk management concerns over the next 12 months) will, we hope, encourage leaders to think tactically and strategically about change and to question whether and how a threat can be turned into an opportunity. As risk professionals, you will be key strategic advisers in this journey.

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