Emerging Industry Overview: Risk Management Services
A wide-reaching stratum of the business insurance sector, risk management has gained popularity as companies seek greater protection against unexpected losses, whether from natural disasters, lawsuits, political events, or even internal scandals. The relaxed regulatory climate in many industries also placed greater emphasis on risk assessment, which was increasingly a favored alternative to industry-wide regulatory standards and enforcement. Companies faced with such new-found responsibilities increasingly sought out professionals to sort out their exposures and position them for solid gains.
With so many risk categories, ranging from financial exposures to workers' compensation to environmental regulations, companies find it necessary to either hire managers or contract with companies who specialize in risk. The intricacies of business are simply becoming too much for a nonspecialist to efficiently and effectively deal with, and the costs are too great.