Where does the rise of enterprise risk management leave traditional risk managers?
There was a time when I thought that the typical, more technically-oriented, risk managers might be on the way out the door. This is because the way ERM seemed to be shaping up at that time suggested that there was a whole new type of person involved, and a whole new way of doing things. But look at how ERM is actually being adopted. I think we are seeing an emerging face of risk management where there is an individual at a very elevated level who has coordinating responsibilities for dealing with all of the organization’s risks. But there will still be a very important role to be played by the more technically-oriented risk management professionals–the insurance buyers, the safety engineers, and so on. It is just that their role is now going to be embedded in a larger risk management function. They may not be a chief risk officer or a leader of risk management, but their particular technical roles will be more appreciated and more understood in this broader context. Peter Young is pr
