According to M.S. in Enterprise Risk Management part-time lecturer Duncan Campbell, “One of the most common misconceptions about risk management, which I often address with my students, is the general stigma or belief that it is a blocker to business operations.”
He argues that risk managers do the opposite; they help businesses achieve their goals. “Risk management is not about slowing things down but about enabling the business to move forward confidently,” he says, adding, “I often use the metaphor of risk management as the brakes on a car, allowing the business units to accelerate safely.”
In a recent chat with SPS, Campbell shared how he discovered the world of risk management, how he thinks AI will shape the industry, and how his students continue to surprise him every day.
How did you get started in risk management, and what do you like about it?
My journey began at EY, where I initially worked in the risk management department. Although EY is not a heavily regulated organization, it engages with various data from sectors like insurance, banking, and finance, subject to strict regulations. While EY does not have a dedicated compliance department, it relies on its risk management team to ensure adherence to the laws affecting its clients. At EY, I realized the omnipresent nature of risk management as it permeates every aspect of the organization, from the front office to vendor management and beyond. What I found particularly compelling about risk management is its role in helping businesses achieve their goals. Through effective risk management, you can facilitate product launches, mergers, and other business initiatives. I enjoyed supporting the business units in this way, enabling them to succeed while minimizing potential risks.
Can you recall a specific instance in your career where proactive risk identification made a significant impact?
Proactive risk management is essential to success in this field. For instance, in my work in compliance, specifically in data privacy, I was constantly aware of the potential for regulatory examinations. The key to success in such situations is proactive preparation. Anticipating that an examination will occur and ensuring that all processes and policies are in compliance before the exam can make a significant difference. It's a great feeling when you're thoroughly prepared, undergo an exam, such as one from regulators like the FDIC or OCC, and come out without potentially serious issues. Proactive risk management helps mitigate potential problems before they arise, ensuring a smoother process when regulators knock.
What risk trends or emerging threats do you believe today's students must be prepared to tackle in the next 5–10 years?
One of the most pressing emerging issues is AI risk management and developing frameworks to address AI-related risks. However, we must first define the appropriate risk measures before we can manage AI risks. AI implements human thought processes, so establishing these measures will be foundational. Beyond AI, there is a growing concern about the trade-off between convenience and security. Consumers increasingly prioritize ease of use, such as voice recognition or biometric scans, over robust security measures. This trend poses a significant risk, as users often fail to manage their security practices, such as password management or data protection. As risk professionals, we must implement proper risk measures to address these vulnerabilities. Students’ creative thinking—like the creativity fostered in Columbia’s ERM program—will be essential for addressing emerging threats.
How has your career shaped how you teach your courses in the ERM program?
My career has profoundly influenced how I approach teaching. The practical experience I bring into the classroom allows me to ground theoretical concepts in real-world applications. For example, my team uses a value-based approach to risk management, which emphasizes aligning risk strategies with business objectives. We don't rely heavily on complex modeling but focus on defining risks through expert input, running scenario analyses, and creating annual risk plans. When I teach these concepts, I can demonstrate their real-world relevance, ensuring students understand how to apply them in their future careers. I reinforce the importance of risk messaging, constant risk review, and collaboration with stakeholders, all of which I actively use in my professional practice.
Can you share a memorable moment where a student's insight or question shifted your thinking about a risk topic?
My students’ creativity consistently impresses me, particularly in the risk scenarios they develop for their presentations. For example, one group analyzed the risks faced by Live Nation, a company organizing large concerts. One of their proposed risk scenarios involved a stampede at a concert, a potential risk that I hadn't initially considered. It was a powerful reminder of the importance of thinking outside the box and anticipating risks that are not immediately obvious. These kinds of insights, where students bring fresh perspectives and identify overlooked risks, are a key part of what makes teaching so rewarding. Such creativity is essential for the industry to address emerging and unforeseen threats.
What advice would you give to students who want to stand out in the risk management job market right now?
Listing your past experiences on your resume is insufficient to stand out in today's competitive job market. Rather than just stating that you “worked” on a project, highlight specific outcomes, such as “led a comprehensive risk analysis to identify key threats and opportunities for business growth.” Quantifying your impact, where possible, helps differentiate you from other candidates. Additionally, advocate for yourself; don't be afraid to articulate your successes and contributions. Numbers and specific examples always help strengthen your case and make a stronger impression on potential employers.
Looking ahead, what's your vision for the evolution of Columbia's ERM program and the impact its graduates will have on the industry?
The risk management industry is rapidly evolving, and so is the ERM program at Columbia. We are not simply training students to become risk managers; we are preparing them to be leaders who will shape the industry’s future. In the coming years, I envision more of our graduates leading teams, influencing thought leadership, and driving innovation within risk management practices. As risk management continues to become more integrated with business strategy, our students will be at the forefront of this transformation, armed with the skills and knowledge to make a significant impact. The value-based approach we teach will become increasingly important as organizations strive to align risk with broader business objectives, and our graduates will be well positioned to lead this shift.
About the Program
The Master of Science in Enterprise Risk Management (ERM) program at Columbia University prepares graduates to inform better risk-reward decisions by providing a complete, robust, and integrated picture of both upside and downside volatility across an entire enterprise. For both the full-time and part-time options, students may take all their courses on Columbia’s New York City campus or choose the synchronous online class experience.
Learn more about the M.S. in ERM program here.
