A5 - Play to your strengths, risk managers urged
Risk managers should strive to be 'best in class' in their own areas before seeking to expand their roles was a key message.
Adrian Smith of Cable and Wireless and Nigel Godwin of Heath Lambert said that risk was a board-level issue and that no single type of professional had a monopoly of it. Risk managers have a vital part to play, but "risk" is so broad by definition that not everyone would currently have the broad set of skills required to encompass all aspects of a wider role, Smith said.
"The message we want to get across is that insurance risk managers should focus on the important issues where they can genuinely add value. In this way they will build their credibility and add to their knowledge base so that they can expand their influence within the organisation," Godwin said. "Communication with the board needs to be concise, jargon-free and conclusive to ensure all board members, including non execs, understand your subject matter"
Their workshop, Promoting the Risk Manager, featured a video interview with Tony Rice, ceo of CWI Group, in which he underlined the strategic importance of risk management to the organisation. Rice went on to say, however, that risk was managed by the board. The risk manager had an essential role to play, but not necessarily the lead in most organisations.
"AIRMIC members should play to their strengths and support the risk management process in the areas where they're best qualified to do," concluded Smith. "The message we're getting is that the role and profile of the risk manager are increasing all the time and playing to our strengths to add real value to the organisation is of utmost importance"