AIRMIC survey highlights pandemic concerns

The head of research at risk management organisation, AIRMIC has warned that companies need to have learned the lessons from the recent pandemic as the risk fell dramatically on its members’ radar.

Hoe-Yeong Loke was speaking to journalists in Liverpool as the association issued its annual survey which found that pandemic frisk had fallen out of the top five risks for 2022.

Yung said the result raised concerns and questions for the wider market.

“I was surprised to see pandemic drop out of the top risks in the latest survey,” he said. “You have to ask has it dropped too quickly, and have all the lessons been learned?”

Jung added: “We as a market have undergone three generational risks in the space of three years. The past three years Have pushed risk management to the forefront of business thinking and risk managers have been asked to guide their companies through the storms.”

ESG dominated the agenda for the conference and CEO Julia Graham said the issue was the biggest educational concern for its membership.

“A lot of risk managers are seeking advice around the issues for ESG,” she explained. “I was speaking to a risk manager earlier today who said there needed to be greater education around the issues.

“There is a lot of data out there, but there is no commonality of the data.

“There is a real need for that communality, and it is on the minds of our members, particularly the need for education, around the risks arising from ESG and how they can be addressed. As such we are looking to up the ante around education on ESG.”

Graham added: “When I look at the education assets, we can create I am not thinking about the guys out there at the top in terms of business size. They have teams which will be looking at the issues. It is the medium sized firms whose risk managers are often sole operators and need real support to understand the risks.

“We have to understand despite the attention in climate issues it is not just the E which needs to be addressed the S and G also needs to be supported.”

The organisation is also looking to expand into the Republic of Ireland with the first annual conference in Ireland to be held in October. Graham said the expectation is that the Republic will be a growth area for the organisation given the country does nit have a similar organisation to AIRMIC.

“A lot of risk managers are seeking advice around the issues for ESG, I was speaking to a risk manager earlier today who said there needed to be greater education around the issues.”

Julia Graham, AIRMIC

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