Headquartered in London, The Institute of Risk Management (IRM) was founded in 1986 and has been working at the forefront of risk management for almost 40 years. It has developed a range of world-renowned qualifications to which risk management professionals can aspire and provides thought leadership on a vast range of related topics. 

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In 2017, IRM published a piece of research entitled the Risk Agenda 2025 that offered an insight into the ways the risk profession was likely to develop over the next few years. 

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No-one could have predicted the combination of world-wide events in the intervening eight years including the pandemic, war not just in Europe and the Middle East but across the globe affecting numerous trouble spots. Not to mention ongoing economic woes affecting the world in general.

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But of course, this is the point; we will never know what is just around the corner. Leaving aside global events over which we have no control, situations arise closer to home that affect our jurisdiction and the business (either at industry or individual firm level). Risk is central to what we do. Everyone involved in business (or even just engaged in life itself) must deal with a certain level of risk every day. It is the understanding, mitigation and dealing with an “acceptable” amount of risk that matters. And this is where the IRM comes in with its qualifications and courses aimed at highlighting risk areas for professionals so that they may make informed choices. “Nothing ventured, nothing gained” is an old mantra but realistically in the present day, is that not how we all work, all the time?

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I enjoyed reading IRM’s latest publication in their series - Risk Trends 2025. This is a 90-page digest on trends and news in the risk management world today and I cannot recommend it highly enough. Interested readers may download a copy here.

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I accept that this document may not be everyone’s idea of a relaxing read but nevertheless the topics covered are of critical importance to risk managers everywhere. This is especially true in highly regulated businesses such as trust and company management. Moreover, the readership should not be limited to compliance managers but to all involved in risk. Erm, that is everyone isn’t it? The whole document is now recommended reading to relevant staff here at Acquarius.

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So, what are my takeaways from this year’s Trends report? Everyone will draw something specific from it but for me, both the wide-ranging survey on present day risks together with the chapter on Financial Services were especially revealing. 

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The report included a survey IRM conducted among more than 250 risk practitioners from around the world. The top five emerging risks according to this poll were: geopolitical instability (30%), cybersecurity threats (28%), economic downturn (10%), talent shortages (10%) and climate change & ESG risks (8%)

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In her well-considered submission within the report, Anastasia Rackovska of Latvian financial services group Paynt, sets out important key messages. She discusses resilience in financial services in an increasingly complex environment, going on to address the skills gap created by ever more exposure to diverse areas including ESG, AI and cybersecurity. Her thoughts on AI – and how risk managers could meet the resulting challenges – are certainly worth a read; they certainly stimulated my thinking on the subject.

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Risk is around us all day – every day. I encourage all our staff to beware of risk and learn to recognise it as an everyday part of their working life. It is, however, extremely useful to access externally prepared material on the overall challenges and possible solutions. I wholeheartedly recommend IRM’s recent publication and indeed I endorse the Institute’s work in general.

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As the IRM say themselves “Risk isn’t just for risk managers.” For further information, or for an introduction, please get in touch with me at any time.