Technological change and digitalization can help risk functions in Asia Pacific increase their efficiency and effectiveness, but this will require new skills at an individual level, a supportive organizational environment and a well-managed transformation program.
This is the key message of a new report titled From Risk to Strategy: Embracing the Technology Shift, prepared by Marsh & McLennan Insights with the support of the Pan-Asia Risk and Insurance Management Association (PARIMA). This is a follow-up report to the 2017 joint publication Targeting a Technology Dividend in Risk Management, which discussed emerging technologies and a more digitalized risk function as a promising solution to the increasingly complex business landscape facing risk professionals.
The follow-up report now builds on this theme by examining the degree to which a risk manager’s role must evolve in order to effectively incorporate emerging technologies into the risk function. The paper also analyzes how the technological shift will both enable and require the risk manager to contribute to more value-adding initiatives in a business advisory role, in order to remain relevant.
Underpinning this report are results from the Emerging Tech in Risk Management Survey 2019, which sampled more than 75 respondents across 13 different industries in Asia-Pacific, as well as interviews conducted with business leaders for additional insights.
This report aims to challenge risk managers to further develop themselves as agile professionals and embrace new perspectives when managing risks.