Emerging technology is a priority for risk management, but is being implemented slowly, according to a study from PARIMA, Marsh and the Asia Pacific Risk Centre
Digitisation of risk strategies has become a top priority among risk professionals, confirms a new report by Pan-Asia Risk and Insurance Management Association (PARIMA), Marsh and the Asia Pacific Risk Centre.
However, hesitancy in senior management has led digital risk adaptation to be slower than desired.
The survey shows that only a few respondents have managed to fully implement emerging technologies in their corporate strategies.
Long-term benefits of technological implementation outbalance initial investment costs, highlighted the survey, which polled more than 130 risk managers across Asia Pacific.
More than 60% of respondents wanted to transform their companies’ risk strategies through big data and analytics technologies, rather than through robotics or other high-tech solutions, the report found.
To get funding, risk managers need to be ever-more convincing when communicating with senior executives, as well as understanding their priorities, the “Emerging Tech in Risk Management” report said.
“Getting the right support for risk management needs, as well as securing sophisticated risk financing expertise will remain important,” says Franck Baron, chairman of PARIMA.
Political shocks and increased cyber threats mean an intensified commitment and spending on advanced digital tools among many firms within the past year.
Risk managers are aware of the challenges ahead but often lack the financial resources to properly address the digital implementation issues at stake, results showed.