Bloomberg Businessweek - USA (2020-04-20)

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◼ SOLUTIONS Bloomberg Businessweek April 20, 2020

THEBOTTOMLINE Riskmanagers,oncerelegatedtothebackoffice,

arein demandasCovid-19illustratestheneedforexecutivestoprepare

forcatastrophes.

spotlight,thefieldhasbeensteadilyexpandingforyears,

spurredbya successionofnationaltragedies,starting

with9/11.K.Campbell,whobegana Pentagonjobon

Sept.4,2001—aweekbeforetheterroristattacksonthe

U.S.—watchedasa newfoundappreciationforcrisisand

businesscontinuityplanningemergedovernightwithin

theprivatesectorandgovernment.“Therewasmorevis-

ibilityfortheseplannersbothinsideandoutsidethegov-

ernment,”saysCampbell,nowa principalatBlueGlacier

Security& IntelligenceLLC,a securityconsultingcom-

panybasedinWashington,D.C.

Fortune 1000 companiesbegantoemploya riskman-

ager,andperhapsa stafferortwo,usuallyseatedamong

lawyersin thedepthsofthelegaldepartmentandreport-

ingtothechieflegalofficerorperhapscampedoutin the

financedepartmentreportingtothetreasurerorchief

financialofficer.Theirjobwastocollectextensiveinfor-

mationfromacrosstheorganizationforinsuranceand

riskanalysis.Ambitiousriskmanagersdiplomatically

communicatedvulnerabilitiestotheirbosses,whooften

ignoredtheissues.

The 2008 housingmarketcrashfocusedtheprofes-

sionmoreonenterpriseriskmanagement,andrecent

cybersecuritybreachesextendedriskmanagers’over-

sightintonewareasincludinghackingandprivacy,but

thecareerpathremainedstunted.A careerriskman-

agercouldaspiretotherankofvicepresidentor,if lucky,

maybeseniorvicepresident. Apart from those in finance

and insurance, “very few companies had chief risk offi-

cers,” says Nancy Green, executive vice president at

insurer Aon Plc. “Too many organizations viewed it as

an insurance-buying position.”

Only 80 university programs exist in the U.S., com-

pared with more than 5,000 accounting programs. As

recently as two months ago, business degree programs

didn’t include mandatory risk management coursework.

With the pandemic rattling boardrooms and head offices

globally, that’s about to change. “I think some schools will

make risk management part of the business curriculum,

and make it mandatory,” says Brion Callori, a senior vice

president at insurer FM Global and former chairman of

the Spencer Educational Foundation, which funds risk

management and insurance education. “Millions of jobs

over the next 10 years are going to be open.”

Graduate and certificate programs are already see-

ing a shift under way. The one-year graduate program

in emergency management and continuity planning at

the University of Illinois at Chicago enrolls 10 students

annually; this month, a recruitment webinar attracted 28,

the largest crowd ever, and the program is expanding

to meet demand. Zach Finn, who directs the risk man-

agement and insurance program at Butler University in

Indianapolis, says his program has also seen a surge in

interest. He’s thrilled to see his profession emerge from

the sidelines. “We’ll finally be respected for holding the

world together,” he says. �Arianne Cohen

Therelentlessmarchoftechnologyevokesfearsthat

machineswill oneday displacemosthumansfrom

work,andwithgoodreason.Artificialintelligencecan

coachsoccerplayersandwritenewsstories,andmore

than2 millionrobotsmakeeverythingfromPorschesto

pizzas—anumberthatresearcherOxfordEconomics

predictswilljumptenfoldoverthenextdecade,sending

20 millionfactoryhandstotheunemploymentlines.So

howtofindpurposeinthislow-employmentfuturein

whicherstwhileworkershavealmostunlimitedfreetime?

Someresearcherssuggestlookingatoneofthe

world’smosttraditionalcommunities:theultra-Orthodox,

orHaredim,ofIsrael.

ThousandsofHaredimen—distinguishedbya look

modeledafter18thcenturyPolishnobility,withlongside-

curls,blackfedoras,andknee-lengthcoats—don’twork

andinsteadspendtheirdaysstudyingreligioustexts.

Theyliveoffgovernmentsupportandtheirwives’sala-

ries,andtheyshunsmartphonesforfearofencounter-

ingunfilteredinformationandimmodestimagery.Yetin

a governmentsurveypublishedlastyear,98%ofultra-

Orthodox said they’re satisfied with their lives, more

Israel’s tradition-bound

Haredim offer lessons for

the post-work future

Looking Back to

Move Forward