Younger talent is key to understanding 'unthinkable' risks

The continued relevance and success of the risk management profession will depend on the introduction of younger talent with a more diverse set of skills, according to Clive Clarke, chairman of Airmic.

Speaking at the Airmic Conference 2017, Clarke along with other panellists such as British television journalist Nick Gowing suggested that the risk landscape is changing entirely, and a diverse set of skills from a younger generation must be injected into the industry.

“Until a few weeks ago, what many viewed as outlandish ‘unthinkables’ were not even being considered or investigated as part of corporate or political risk assessments,” said Gowing. “Now they have to be.”

Clarke also said he believes the younger generation have a greater understanding of the digital world, which will be required from tomorrow’s leaders in the risk management sphere.

“To put it simply, the continued relevance and success of our profession will suffer if we don’t act soon to inject young talent. The business world is changing fast – faster than ever – and risk management is changing with it,” Clarke commented.

Airmic introduced a new initiative at the conference, working with six universities that are offering undergraduates and Master’s degrees in risk, insurance and other affiliated subjects.

Clarke added: “The type of skills required of a risk manager in ten years’ time will therefore be quite different to the skillset of the 40 and 50 somethings running the industry today. We need to adapt as a profession and open the door to graduates or we will be facing a huge gap in knowledge and experience.”

Airmic will also be offering placed as Airmic events, and student will be given access to the association’s technical output and thought leadership, and offered mentoring opportunities and the chance to meet students and young professionals in the same field.

Under the same initiative, Airmic also launched a 12-month professional development programme with Cass Business School, for current Airmic members who aspire to have strategic roles within their organisations.

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