US-based association the Risk Management Society has released its latest talent report outlining important factors for effective risk management. Surprisingly, only 32% of businesses are confident their risk management teams are prepared to tackle future challenges, according to the RIMS Risk Management Talent 2025 Report, with 94% declaring that new skills will be needed the next five years.

Diversity of perspectives was deemed important, with 92% of insurance professionals recognising it was an essential component of risk management decision-making. Universities need to modify their syllabuses considerably to be equipped to manage future risk management challenges and new skills will be required to succeed in the insurance business by 2025, according to 92% in the report.

Other key findings from the report include:
– Only 16% agreed that there will be a sufficient number of risk management graduates to meet 2025 demands.
– The professionals surveyed also expect technology to have a big impact, with 78% of the respondents predicting that IT and supply chain will incorporate risk goals in five years.

The risks impacting our organizations and the profession have undergone a major transformation over the past five years,” said Gloria Brosius, president at RIMS.

“This collaborative report offers great insight as to where we are today and where we need to be tomorrow. Through education, training and by embracing diverse perspectives we can ultimately create a talented risk management pipeline that’s primed to drive organizational success into the future.”

Read the full announcement.