UK risk managers face more work in hard times
Risk managers working in the UK enjoy many enviable advantages. Their profession is well established in this country and is taken seriously at board level. And they have access to what is probably the most sophisticated insurance market in the world, with the support of some superb brokers.
Yet all is not well in today’s austerity-led Britain, with economic diffi culties in the present and great uncertainty over the future. Many risk managers are working under much more difficult conditions than in the past, with fewer financial or human resources. At the same time, their workload is increasing as their employers look for new sources of growth, often by expanding operations in overseas markets.
Risk managers are also under greater pressure to mitigate risk more effectively in some of the more highly regulated sectors, such as finance. This report examines the current state of risk management in the UK - the risks that most concern risk managers, the benefits enjoyed by those organisations that are close to achieving best practice in this area, and the ability of the
UK’s insurance market to support risk managers in these tricky financial times.