Page 5 - Risk Management Bulletin April-June 2022

RMAI BULLETIN APRIL - JUNE 2022

BUSINESSES

TROUBLED BY

HUGE

CONFLUENCE

OF RISKS

N o US business leader, risk manager, impacts from multiple directions, and they’re trying to

insurance broker, or underwriter would
juggle across preventative, corrective and detective
have anticipated having to handle a global
risk management. I don’t think that’s unique or new,”
pandemic (lasting two+ years), a supply
chain crisis, a severe talent shortage, a war in Ukraine said Wetekamp. “What is new, in our recent memory,
is having a long-running risk event (a two+ year
(and the geopolitical fallout), economic inflation, and pandemic) at the same time as a major military
an increasingly unstable global climate – ALL at the environment (Russia’s invasion of Ukraine).
same time.
“The accumulation of correlating issues that have now
When quizzed about whether he’d ever seen a global
had a compound effect - it does make this risk
risk landscape like this before, Riskonnect CEO Jim
landscape unique. I think COVID-19 is a big contributor
Wetekamp (pictured) gave a tentative “yes and no”. He
to that, in terms of where it left us from a supply chain
used the example of the US subprime mortgage crisis
resiliency standpoint, from a talent shortage, from
from 2007-2010, which contributed to the 2007-2008
consumer and economic demand, from freedom of
global financial crisis. This occurred around the same
travel, in a lot of those things – and now add in
time as several major natural disasters, which triggered
uncertainty on inflation and geopolitical [tension] and
significant supply chain disruptions.
this moment is definitely feeling a bit different.”
About the author “At any given moment, As the risk landscape has grown more complex,
organizations –
organizations have turned to technology, like
Bethan Moorcraft depending on what Riskonnect’s enterprise risk management (ERM)
Senior Editor industry they’re in – software, to better understand their risk profiles and
Insurance Business. are always feeling
bolster their risk management capabilities.

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