There was a time when the risks faced by risk managers were pretty straightforward—property, casualty, liability and workers' comp—but times are changing.
Today, the principal threat to businesses is no longer fire, flood or theft. Now the greatest risk facing companies is credit risk—the risk that a customer will go bankrupt owing a lot of money.
Credit risk, a financial risk rather than a physical one, used to be handled by the credit department. But now, because of the magnitude of the threat, CEOs and CFOs are looking to their risk managers to take on this risk as well.
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