The biggest risks facing businesses today, revealed

The biggest risks facing businesses today, revealed

The biggest risks facing businesses today, revealed

Talent shortages were also highlighted as a bigger risk in the North American market than elsewhere, particularly in the insurance industry. Nearly 500,000 insurance professionals are retiring between 2008 and 2018, according to McKinsey, from claims to underwriting.

“Different skillsets are necessary because new risks and challenges have arisen driven by factors such as increasing globalization; more competition; faster supply chains; ‘lean and just-in-time’  manufacturing processes,” says McKinsey, “digitalization; higher quality demands; greater regulation and compliance; increased complexity and inter-connectedness of risk; and advancements in risk modeling.”
Both ‘hard’ and ‘soft’ skills are needed, he says, classifying ‘hard’ skills as “technical underwriting insight based on understanding of clients’ businesses;” along with strong awareness of emerging perils such as environmental risks; insight into the client risk environment and new markets; and increasing specialization of knowledge, such as understanding of finance and engineering for BI risks.

 

read more > 1 2