The state of flux in the risk management function of U.S. companies presents risk managers with both an opportunity and a challenge. "The expectations of corporate managers for their risk management operations have risen," says Brian Elowe, managing director of global risk management at insurance broker and risk consultant Marsh. "The world of risk management has become a much higher platform in many organizations over the last few years." A recent survey conducted by Marsh and the Risk and Insurance Management Society (RIMS) shows rising demand among C-suite executives and corporate boards for risk quantification and deeper risk analytics, says Elowe. "They are also calling on risk managers to help the company succeed in its goals, as opposed to just mitigating or avoiding risks."

The survey of more than 1,000 risk managers, C-suite executives and other corporate officers involved in "risk-related functions" found 54% want their risk managers to provide better quantification and analysis on risk management, to "develop a greater understanding of non-insurance risks" and, perhaps most importantly, to become more involved in the company's strategic planning.

"What we're seeing is part of an evolutionary process of the business of risk management," says John Phelps, director of business risk solutions at Blue Cross/Blue Shield of Florida and a member of the RIMS board.