The Insurance Industry - historically and perhaps rather aptly dubbed 'an old boys club' - business done in the pub between friends on the back of fag packets...now a days that is unheard of, everything is done by the book and some would argue that it has lost its "fun" side of the job.
But risk has changed, its got bigger and the financial impact is far greater now than ever before. As the severity of the risks at hand have grown more prominent, the industry has had to grow up to match it
Risk management was pretty much buying insurance and buying insurance was a transaction about as important as paying rent and getting office supplies. You needed it, but if you were running a company, you didn’t want to think about it. Today, the C-suite is thinking about it, because they’re thinking about risk in a bigger way. Risk today includes cyber risk, which can threaten every aspect of an organization. Terrorism risk. Political risk. Supply chain risk. Reputational risk. These are threats that can take down a company. These are risks that go to the heart of a company’s identity and finances. Today, the risk manager is called upon to advise the company leadership on strategic operational and financial issues.