The financial crisis has raised risk awareness, but the new Chairman of the London-based Association of Risk and Insurance Managers (Airmic) says there is still plenty left to do.

Nicola Harvey says increased regulation and changing political environments will pose fresh challenges.

“One of the biggest issues affecting companies and risk managers globally is the increasing levels of regulation – more of which will result from the financial crisis,” she said in a statement by Lloyd’s last week.

“Risk managers still have to deal with issues like supply chain risks, business continuity and reputation, but against the backdrop of a changing political and regulatory environment.”

The rising economies of southeast Asia and China, along with water and energy shortages, will also prove “very significant for many businesses in the future”.

Ms Harvey says Airmic has strengthened its links with the general insurance industry, and she believes the industry is in good shape. 

“Generally the insurance industry has responded well over the years,” she said. “However, only the insurers that truly understand the risks they are accepting will be strong and stay profitable in the long term.”