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Jan 2021

Gap in understanding disruptive tech an opportunity for risk professionals

Source: Asia Insurance Review | Jun 2017

Risk professionals have an opportunity when it comes to understanding and managing rapidly advancing disruptive technology risks, according to the 14th annual Excellence in Risk Management report published jointly by Marsh and RIMS. 
   Doing so will increasingly require risk managers to play a leading role as their organisations address complex challenges and opportunities in this environment. 
   The report found an apparent lack of awareness among risk professionals on existing and emerging technologies, including telematics, sensors, the Internet of Things (IoT), smart buildings, and robotics, and their associated risks. 
   For example, when presented with 13 common disruptive technologies, 24% of the respondents to this year’s survey said their organisations did not currently use or plan to use any of them. This is surprising, the report noted, considering other studies have found more than 90% of companies either using or evaluating IoT or wearable technologies.
Lack of clarity
The report also found that despite the impact disruptive technology can have on an organisation’s business strategy, model, and risk profile, a majority of respondents (60%) said they do not conduct risk assessments around disruptive technologies.
   Such lack of clarity brings opportunity for risk professionals, the report noted, as C-suite executives and boards of directors want to know what risks loom ahead for their organisations and are increasingly relying on risk professionals to provide that insight.
   The Excellence report is based on more than 700 responses to an online survey and a series of focus groups with leading risk executives in January and February 2017. It was issued at the RIMS 2017 Annual Conference and Exhibition in Philadelphia. A 
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