MAJORITY ASIA-PACIFIC RISK MANAGERS OPTIMISTIC ON 2021 PROFESSION’S OUTLOOK - REPORT

KUALA LUMPUR, March 31 (Bernama) -- The Global Association of Risk Professionals (GARP) new report shows a majority of Asia-Pacific risk managers are optimistic about the profession’s outlook, with COVID-19 and economic uncertainty amplifying the need for strong organisational risk management.

In 2019, prior to the pandemic, Asia-Pacific risk managers reported the lowest percentage of bonuses or commissions among all surveyed regions, which included the Americas and EMEA, as well as the highest percentage of professionals earning less than US$100,000. (US$1 = RM4.15)

However, the report — comprising responses from over 800 APAC members of GARP’s risk community and 2,100 risk professionals overall — revealed that nearly 72 per cent of Asia-Pacific risk managers reported an increase in salary over the past year with 36 per cent saying they received pay raises of six per cent or more.

This compared with 29 per cent of their peers in EMEA and 21 per cent in the Americas. Furthermore, 18 per cent of APAC respondents indicated pay raises of anywhere from 11 per cent to more than 50 per cent.

In addition, 82 per cent of APAC respondents would recommend risk management as a profession. Of these, 49 per cent are ‘very likely’ to recommend it, exceeding responses of 43 per cent for those based in the Americas. Respondents from EMEA were the most likely to recommend risk management as a career (53 per cent).

According to a statement, a greater need for risk management has left some organisations understaffed. 

Throughout the pandemic, workloads either ‘increased significantly’ or ‘increased slightly’ for 71 per cent of all global respondents, with COVID-19, regulation, and new technology as the top factors driving this increase.

In addition, 54 per cent of global hiring managers reported feeling as if their risk department was insufficiently resourced for the demands being placed on it.

GARP is a non-partisan, not-for-profit membership organisation focused on elevating the practice of risk management.

-- BERNAMA