While excecutives overwhelmingly view risk management as a highly valuable business function, only 32 percent surveyed in the newly released RIMS Risk Management Talent 2025 Report confidently believe their risk management teams are prepared to meet future challenges. The report is a joint initiative of RIMS, the risk management society®, Chubb®, The Hartford and Willis Towers Watson.
The RIMS Risk Management Talent 2025 Report aims to provide a better understanding of who comprises the profession today and where skills and experience can be strengthened. Additionally, the report highlights opportunities for building a talented pipeline of risk management professionals who are ready to deliver exceptional results that support growth and innovation for years to come.
Other key findings from the report include:
- 92% believe that a diversity of perspectives is vital to risk management decision-making today, as well as by 2025;
- 94% agreed that new skills will need to be developed to meet business challenges by 2025;
- Only 16% agreed that there will be a sufficient number of risk management graduates to meet 2025 demands;
- 92% agreed that universities must substantially alter their curricula to meet future risk management challenges;
- 78% of risk management professionals anticipate that functions such as IT and supply chain will also incorporate risk goals in five years.
Data analyzed in the RIMS Risk Management 2025 Report was generated in a survey administered by RIMS, Chubb, The Hartford and Willis Towers Watson. More than 1,170 surveys were completed, 845 were by risk management professionals. To download the RIMS Risk Management 2025 Talent Report, visit www.RIMS.org/RMTalent2025Report.
STATEMENTS FROM THE PARTICIPATING ORGANIZATIONS
“The risks impacting our organizations and the profession have undergone a major transformation over the past five years,” said RIMS President Gloria Brosius. “This collaborative report offers great insight as to where we are today and where we need to be tomorrow. Through education, training and by embracing diverse perspectives we can ultimately create a talented risk management pipeline that’s primed to drive organizational success into the future.”
“Our sustained business success is inextricably linked to the industry's talent pipeline,” said Ivy Kusinga, Senior Vice President, Chief Culture and Talent Officer. “Risk Management is a vibrant practice which offers a multitude of career tracks reflecting the complexity of what we do, and yet there are some lagging perceptions about the field. This collaborative study illuminates how and where we can act to build towards the future.”
“The Hartford is proud to partner with industry leaders to better understand the future challenges businesses are facing,” said The Hartford’s Chief Diversity & Inclusion Officer Susan Johnson. “The survey results are key to helping us address the talent needs impacting risk management professionals, as we continue to build a diverse and innovative workforce that will meet the needs of tomorrow’s economy.”
WILLIS TOWERS WATSON:
"The industry has to continue to evolve at a pace that can keep up with changing demographics, a dynamic environment with emerging risks, and resource constraints," said Imran Qureshi, Managing Director and Midwest Region Leader for Willis Towers Watson. "The business imperative of harnessing the power of an inclusive and diverse workforce is more clear today than it's ever been."
"Today, the risk management profession has a unique opportunity to take action in developing and attracting talent from diverse backgrounds to solve for the ever increasing complex risks of today and tomorrow," said Kim Waller, Practice Leader, Willis Towers Watson Diversity Solutions.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford’s legal notice.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world realize their path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets.
We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance.
Together, we unlock potential. www.willistowerswatson.com
As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org.