Page 35 - Insurance Times May 2022

ROLE OF RISK

MANAGEMENT

PROFESSIONALS

IN EMERGING

ECONOMIES

Introduction professionals will assess and identify the risk faced by the
organization due to emerging economies. Based on such
In the current ever-changing economic scenario, different
identifications of risk, concrete steps are taken to manage
risks require different techniques to deal with them. There
are fewer chances that the risk varies in developed the volatilities and uncertainties (Olsson, 2002). The
economies. However, there is a high probability that there following are the risks faced in emerging economies and risk
are various risks in emerging economies that are management professionals' roles to reduce or eliminate
continuously and quickly changing. Managing the risk in them.
developed economies is not so challenging than an
emerging market due to volatility and uncertainty. (1) Strategic Risk
Therefore, due to new risks in emerging markets, and the Political Local Market /Industry Competitive
high likelihood of occurring risk, the risk management
professionals require unique and effective skills to deal risks (2) Operational Risk
efficiently.
Pricing WorkForce Security
Role of Risk Management Professionals Supply Chain Intellectual Property

in emerging economics
Organizations have to manage their activity levels and share (3) Regulatory Risk
insights with risk management professionals. These Compliance/Integrity Fraud, Bribery, and Corruption

Author (4) Financial Risk

Ajit K Gopal Currency /Treasury Trade Credit Financial Reporting

The Insurance Times, May 2022 35