The Institute of Risk Management and the Hubei University of Economics in Wuhan, China, have released a research report looking at how the university sector is responding to the growing demand from Chinese organisations for people with high quality risk management skills. It is believed that this is the first study of its kind to be conducted on the subject.

Socrates Coudounaris, chairman of the IRM, says excellence in risk management is essential to support economic expansion and this in turn requires effective education from academic and professional bodies.

"Enterprise risk management is now an established concept worldwide and requires a broader, integrated approach beyond safety management, insurable and financial risks. We are pleased to see this approach maturing within the Chinese University System, building on the valuable foundations of existing management risk courses across the country. We agree that the demand for skilled risk management professionals in China is likely to increase in line with economic development and commend the intentions to develop education and to build the profession in China to global standards," he explained.

“The education system holds the key to how we embed and nurture enterprise risk management (ERM) within commerce and government systems. Given that mitigating risk, in all its forms, is fundamental to global competitiveness, economic growth, sustainability, investment, compliance and good governance, its importance to China – and to our place in the wider world – cannot be underestimated. The IRM is pleased to offer its support to this process.”

The risk management centre at the university is led by Professor Ming-Che (Martin) Sung. Professor Sung explained: “We have found that while the volume of lectures and spread of content is solid, it must be in a position to increase with demand over time. We need to ensure we exploit the learning opportunities from international best practice, encourage international co-operation and integrate risk management education at a national level. While basic insurance and safety management is well established, ERM is broadly limited to larger organisations.

“We cannot yet say that risk management in China is a mature discipline. This must change and represents a major cultural shift that needs to be driven through education, internships and apprenticeships.”

Copies of the report are available in both English and Chinese: https://www.theirm.org/knowledge-and-resources/thought-leadership/survey-report-2019-risk-management-education-courses-in-the-chinese-university-system.aspx

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