As far back as 2012 RIMS (Risk and Insurance Management Society) reported on “The Evolving Role of the Risk Professional”. They recommended that risk managers view risk in a new way.
 They should “build internal alliances, and enhance the strategic decision-making capability”. This in turn would require “specialized communication and technical skills”. Risk professionals are often still perceived as working in silos, using limited skill sets. 

Here are six aspects of the risk manager’s expanding role:

1. Risk Manager as Planner
In this role, the risk manager considers: what is the state of the organization’s planning practice? Formal planning might be altogether missing. Often plans are present, but not especially effective or engaging. The risk manager has quite a task in reviewing the quality of planning processes. But if this is ignored, then effective risk assessment is scarcely possible.

2. Risk Manager as Researcher
As indicated above, research helps inform plans. Environmental scan identifies trends specific to the lines of business. Unless plans are substantiated, key risks and opportunities will be missed.

3. Risk Manager as Facilitator
Risk professionals demo proper risk ID, and transfer risk identification and assessment skills to department heads. 

4. Risk Manager as Innovator
Opportunity is not just a novel condition to be exploited when encountered by chance. Rather, a structured program of innovation will deliberately seek out opportunity. Risk managers can lead the innovation process.

5. Risk Manager as Scenario Builder
Scenario building answers the planning need when projects entail high future uncertainty and complexity. Scenarios planning — distinct from forecasting — offers an ordered method to check the resilience of plans against various critical futures.

6. Risk Manager as Negotiator
High Quality Risk Assessment  is proven as a tool to solve complex business problems and find a common solution in multi-party contentious contexts. 

Conclusion
In this post we have reviewed the risk professional’s new roles in corporate planning and research; facilitation; innovation and process improvement; scenario building and negotiation.

If you would like elaboration on any of these points, please write to me via the contact form on the site. ~Edward