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Risk management develops rapidly in changing world - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk management develops rapidly in changing world by Gavin Souter Frank Baron (left), Chris de Wolfe, Jennifer Pack and Manny Padilla sit on a RIMS panel Tuesday in Philadelphia. Risk Management , Technology May 5, 2026 PHILADELPHIA – Risk managers are increasingly being asked to look beyond insurance and focus on anticipating, quantifying and reducing risk as part of a broader business strategy, a panel of risk managers said. That shift is being driven by better use of data, evolving technology and a greater emphasis on communication and collaboration across organizations, they said during a session of the Risk & Insurance Society’s Riskworld conference. Forecasting and modeling have become central tools, said Jennifer Pack, vice president of risk management at Hyatt Hotels in Chicago. Risk managers are often expected to “predict the future in all aspects, not just what risks are coming down the pike,” she said. Those insights increasingly draw on a mix of internal data, external analytics and industry intelligence, rather than relying on any single model, Ms. Pack said. “You can basically quantify anything, but it’s really just figuring out a way to get an indication to make a decision. It doesn’t have to be perfect,” she said. Effective risk management also requires a clear understanding of cost versus benefit, with organizations balancing potential downside against opportunities for growth, said Manny Padilla, president of RIMS and vice president, risk management and insurance at MacAndrews & Forbes in New York. “The reality is that unless you focus and you define what your hot buttons are and where you’re going, you’re never going to know if you arrived,” he said. Insurance should be viewed as only one tool, not the primary solution, with organizations prioritizing risk mitigation or prevention rather than relying on coverage after the fact, said Chris de Wolfe, Washington-based director of risk management at Mars. “When somebody says to you, ‘Is it insured?’ … your first question back should be, ‘Why do you care?’ And then they’ll say, ‘Well, because this thing might happen.’ Then you say, ‘Good. What are you doing to stop that thing from happening?’” he said . Artificial intelligence is also reshaping the discipline, although risk managers have been slow to fully adopt it to improve decision-making, said Franck Baron, group deputy director at International SOS in Singapore. “AI can help us to do a better job,” he said, particularly by enhancing risk analytics and supporting more informed decisions. Influencing stakeholders across the organization is also critical, requiring risk managers to engage beyond their traditional functions and to build credibility with a wide range of business leaders, he said. Developing executive presence means stepping out of the risk management office and actively engaging with colleagues across finance, operations, and other areas, he said, noting that many stakeholders are willing to share their concerns if asked. 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