Clarke Williams highlights the insights of RiskSTOP’s emerging risks report, which identifies new trends as well as the most common risk management interventions
As the landscape of risk management continues to evolve, new trends and emerging risks are reshaping the focus of insurers, brokers, and policyholders.
RiskSTOP’s latest report sheds light on the top emerging risks over the past year, alongside the most common risk management interventions.
Key emerging risks identified in the report include:
- EV Charging Infrastructure: Addressing the safety and integration of electric vehicle infrastructure.
- Solar Panels: Ensuring the safety and reliability of renewable energy systems, with a significant increase in related requirements (387% rise).
- Fire Officer Visits: Compliance and safety checks to mitigate fire risks.
- Cooking Equipment: Managing hazards associated with commercial and industrial cooking operations.
- RIDDOR/Accident Book Compliance: Adhering to regulatory requirements for reporting workplace injuries and accidents.
In response to these emerging risks, RiskSTOP raised over 25,000 risk improvements last year, with a notable surge in solar panel-related requirements.
This underscores the growing importance of addressing new challenges and adapting risk management strategies accordingly.
Traditional areas of risk management include:
- Electrical Testing
- Storage of Combustibles
- Hot Work Permits
- Fire Risk Assessments
- Fire Alarms
- Intruder Alarms
- Health and Safety Policies
- Fire Appliances
- Health and Safety Risk Assessments
These foundational interventions provide the backbone of effective risk management practices, ensuring compliance with safety regulations and minimising the likelihood of incidents.
It’s evident that both emerging risks and common risk requirements underscore the critical importance of fire safety. Proactive measures, effective controls, and diligent maintenance practices are essential.
By prioritising fire safety, organisations can proactively address potential fire hazards, ensuring the safety and security of their operations, assets, and personnel.
Recognising emerging risks and staying proactive
“It is crucial for us to recognise emerging trends in risk management and discuss these with our clients,” said Scott Williams, joint managing director. “These trends will shape future insurer terms and conditions, and it’s essential to be proactive in anticipating our clients’ needs. By staying ahead of emerging risks and discussing potential requirements with our clients, we can ensure that they are well-prepared for future challenges and maintain a competitive edge in the marketplace.”
Johnny Thomson, RiskSTOP Group’s marketing and communications director commented: “While the more traditional areas of risk improvement remain critical, this significant rise in emerging risks cannot be ignored. This change is a clear sign of evolving priorities as we integrate more sustainable and complex technologies into our infrastructure.
“Our risk management strategies must keep pace with technological advancements to make sure we continue to keep people safe and secure.”
In conclusion, as the risk landscape continues to evolve, proactive risk management and collaboration are essential.
By addressing emerging risks, leveraging traditional interventions, and fostering dialogue between insurers, brokers, and policyholders, stakeholders can effectively navigate the changing risk environment and ensure resilience in the face of new challenges.
