Better quantification of risks may help because this should lead to better decisions. Once risk management is seen as contributing to improved decision-making then it will be seen to be adding value. That in turn will raise the profile of risk management. The next big question for this industry is outsourcing. Given that risk management is becoming more specialised it is inevitable that some companies are already outsourcing parts of their risk management.
Some companies outsource their IT or their fire risks.
Hyslop argues that this is a retrograde step because those who work for a company from outside do not understand it as well as those who work inside it. Yet outsourcing has become so pervasive in modern organisations that it is difficult to see it not being applied more and more to risk management. What is certain is that risk management is growing in importance. For all the talk of new regulations from London, Brussels and Basle there are also other factors driving this industry forward. New risks are emerging.