The annual RIMS conference is always one of the best places to get a pulse on what is most important to risk management professionals, and this year’s event was no different. Here is a look at the top three topics that surfaced during three days in San Antonio with the best and brightest in the industry:
Enterprise Risk Management
There was an overwhelming increase in interest in ERM this year, highlighted by the number of sessions dedicated to the topic as well as the depth and breadth of the aspects that were covered. Some areas of focus were how ERM plays into the global supply chain and how to incorporate strategy into your ERM program. Monitoring and mitigating financial, strategic and operational risks is just as important as risks associated with more traditional, insurable risks such as accidental losses. The ongoing elevation of the risk management function to a key role in organizational management and senior level team members having greater visibility into their organizational risks is proof.
Protecting your digital assets is more important than ever in today’s age of hacking. Educational sessions centered on tactical ways to increase cyber security efforts as well as discussing the risks your organization faces if a breach does occur, such as reputational damage. The threat of ransomware is also top of mind for many IT risk professionals as there has been an uptick in these types of attacks and proper training has become essential. Additionally, monitoring the impact third-party vendors have on an organization’s cyber risk footprint continues to increase in importance. The market is seeing significant demand for technology that can assist in managing this risk seamlessly.
Read: Adopt, maintain a data security framework using risk management technology
This broad category encompasses a range of risks that have recently gained industry attention. Some of the topics covered during RIMS included cannabis and the workplace. For example, how is the increase in states legalizing the use of marijuana affecting workers’ compensation? Another session surrounded the growth in popularity of drones. These can present both physical and privacy risks that organizations are trying to navigate, and can be done through an ERM program. The risks and opportunities of diversity and inclusion were also presented as well as a related look at how to protect your employees and enterprise against the hidden threats of workplace bullying.
The cast of emerging risks will surely evolve throughout the year but there is little doubt that the interest in ERM or cyber risk will slow down anytime soon as the industry continues to recognize the importance of both. If you have an interest in learning more about the management of cyber risk, register for our upcoming webinar Hardening the Defense: In-Depth Cyber Risk Management Principles with Integrated Regulatory Risk Management.