Lack of Resources Hinders Risk Management Improvements

A survey listing the top challenges for improving risk management practices was released today at the Risk and Insurance Management Society Annual Conference in Boston.  Not surprisingly, the number one challenge for most companies is the availability of qualified resources.  With limited budgets and smaller talent pools coming out of the economic recession, these companies are struggling to elevate the effectiveness of their risk management programs. Here is what Business Insurance magazine reported today.

The lack of staff dedicated to risk management ranked highest on a respondents' list of challenges to improving the practice of risk management in their organizations, with 44% citing that lack as a challenge, according to “Excellence in Risk Management VII: Elevating the Practice of Strategic Risk Management.” Having other areas with greater priority than risk management was cited as a challenge by 43% of the respondents. Demonstrating the value of risk management ranked third, at 34%. Lack of financial resources dedicated to risk management, and senior management commitment rounded out the Top 5, cited by 33% and 32% respectively.

Companies will need to be creative in finding solutions to these challenges.  Wheelhouse Advisors can help.  With deep expertise at a reasonable cost, Wheelhouse Advisors provides a compelling alternative to engaging larger consulting firms or hiring full-time staff.  Email us at NavigateSuccessfully@WheelhouseAdvisors.com to learn more.