Review of the changing role of the risk manager

In 2011, Airmic published a report entitled "Roads to Ruin" that investigated the causes and subsequent management of a number of corporate crises. A series of underpinning risks were identified during the Roads to Ruin research that would increase the likelihood of a crisis arising and/or the ability of the company to manage that crisis. It is the purpose of risk management activities to reduce the likelihood of a crisis arising and ensure that adequate arrangements are in place to manage a crisis if it occurs. One of the risks identified was the presence in a company of a "glass ceiling" that represented a barrier to the sharing and understanding of risk information.

Airmic members are employed as risk managers within their employer organisations. They are in the best position to ensure that their company avoids the situations suffered by the Roads to Ruin case studies. Airmic undertook a series of telephone interviews with eight senior risk managers who were fulfilling the role of Director of Risk Management or Chief Risk Officer within their company.

This report describes the outcomes and conclusions from those interviews. It is intended to assist Airmic members in their professional development and to support members in the execution of their roles.