Risk Management is an ever-evolving function. A decade ago, the passage of the Sarbanes-Oxley (SOX) Act changed how many companies report the results of the risks they took, and the Great Recession caused many companies to play more conservatively in the risks they took.
So how has risk management changed over the past year? It's a question that many players in the industry have asked themselves. One way to answer this question is by taking a look at the various topics being discussed at the World Risk Management conference in 2012 and 2013.
In 2012, many of the webinars and panels at World Risk Day revolved around the value of risk management and how professionals in the field could convey this value to others within their companies. At the time, it was clear that risk management was not respected by those outside the department, with many of the tasks revolving around showing upper management how proper practices could improve performance and reap greater rewards.
World Risk Day 2013, on the other hand, revolved more around best practices and understanding new risks. The key webinars included one that pointed out new risk management concepts and others about managing risk costs and developing holistic approaches to risk management.
Smart risk professionals need to understand that their field is always changing. By utilizing the latest technologies, such as Resolver's GRC Cloud, and by keeping up with the latest trends and best practices, businesses can stay on top of the ever-evolving industry.