In the third of our future of risk interviews, Deutsche Bank global head of corporate insurance Dirk Wegener weighs up the risks that have challenged risk management
How has risk management changed in the past decade?
In general, risk management has taken a more holistic view on potential risks, moving towards enterprise risk management. Trends include risk transfer versus risk mitigation/loss prevention; insurable versus uninsurable risks; actual risks versus emerging risks; and traditional insurance versus alternative risk transfer.
What are the responsibilities of a modern risk manager?
In light of this holistic view of risks and an increased awareness of companies, risk managers need to broaden their perspective and strengthen the loss prevention techniques.
What emerging risks have changed the risk manager’s role?
Ultimately, this depends on the industry, but some emerging risks – such as cyber and political risk – have an impact on almost all industries, whereas supply chain risk does not affect all sectors.
Hence, risk managers need to fully understand the profile or their industry.
What risks/trends are set to further complicate the risk manager’s role?
Besides the globalisation of most industries, we face an increasing re-nationalisation of the regulatory environment in the aftermath of the financial crisis, which may also hamper their ability to meet our needs.
What are the top three biggest risks for 2015?
Political risks, cyber crime and reputation risk.
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