With over 12 years of experience in risk management, Lee Dumford has spent much of his career helping businesses understand, manage and mitigate risk across complex environments. From early ambitions to join the fire service to leading global risk engineering conversations today, Lee’s perspective is grounded in practical experience and frontline insight.
As Lee explains, risk management is often misunderstood. Throughout this conversation, he returns to the same core ideas: tight margins are driving difficult decisions, natural catastrophe risks are increasing in severity and technology is reshaping how risk is identified.
Below, Lee shares his views on the risks facing businesses in 2026, how those risks are evolving globally and the lessons he believes organisations cannot afford to ignore.
How did you get into risk management, and why?
My route to risk management began in the fire service when I was 19. I spent six years there, but always felt that I was destined for something different. I started working in risk management while in the fire service, conducting risk assessments for commercial properties and assisting companies in complying with UK legislation. I was later approached by an insurer where I risk-managed insured properties for multiple insurers across London.
After working as an insurance surveyor and a senior surveyor leading a team, I became a waste recycling specialist, soon establishing Securus Risk Advisors, beginning with recycling, before diversifying the portfolio. Now approaching its sixth year, Securus supports the Aventum Group and third-party clients in their risk management needs.
What are the biggest risks businesses face in 2026?
I think one of the biggest challenges at the moment, particularly for UK businesses, is the level of constraint they’re under. Profit and loss margins are extremely tight for many of the organisations we see, whether driven by legislation, market conditions or broader economic pressures.
One of the biggest risks from that is a reduction in spending on safety. We are seeing cutbacks on things like fire detection, fire suppression and wider resilience measures, all designed to protect a business in the long term.
Instead, the focus shifts to what makes money in the short term, rather than what will protect the business and keep it operational. That, for me, is one of the key risks facing UK businesses right now.
Looking more broadly, both globally and in the UK, we are seeing an increase in natural catastrophe losses. Wildfires in Australia exemplify the severity and disruption of such events. In the UK, storm losses are noticeably impacting agricultural risks, which we will likely see reflected in underwriting loss ratios.
Every geography we operate in has different exposures, but what’s consistent is that these events are becoming more frequent. The key question now is how we manage that increasing level of risk going forward.
What do you think risk management will look like in 5-10 years?
I think natural catastrophe losses will continue and the severity of events will increase. On the profit and loss side, it really depends on the industry - some sectors may see growth, while others could contract further.
Over the next five years, the key change needs to be in mindset: businesses should recognise that investing in safety and risk management is not just another cost, it saves money in the long run by preventing losses and legal issues. Shifting this approach could have a sweeping effect across geographies.
How does the approach to risk vary between countries?
It can vary significantly depending on the country. In more economically developed regions, like the UK or the US, there are government standards, such as the HSE or OSHA, that actively drive safety forward. Some industries, like waste recycling, are also governed by environmental agencies, which push safety standards further.
However, the pace is disjointed, so loss ratios for the same type of business can differ between countries, higher in some regions than others. Ultimately, risk management is governed by legislation and by insurers, who balance safety with commercial viability.
To what extent does the political climate affect risk management?
It depends on the sector. In waste recycling, politics plays a huge role - policies can either encourage recycling or favour landfill and that directly impacts how businesses operate.
In Europe, strict policies and procedures drive high standards, but in other countries there are larger gaps, and legislation often allows practices that would be restricted elsewhere.
Outside of sectors like waste recycling, political influence on risk management is more limited. Most of the push comes from regulatory bodies like the Health and Safety Executive or from within the insurance sector.
Are there specific industries where you anticipate big changes in risk exposure?
The recycling sector stands out as one where risk exposure is likely to shift significantly. Government policies can dramatically change the direction of the industry - even a single piece of legislation can reshape national operations.
For example, China’s ‘National Sword’ policy had a global impact, altering how recycled waste moves across countries and affecting operations far beyond the originating legislation.
While the changes will be complex, the industry has evolved dramatically over the past decade, and I am optimistic that it will continue to develop in the right direction.
How do AI and emerging technologies change risk management practices?
They are transforming risk management, but only when they are applied in the right way. At Securus Risk Advisors, we have integrated AI into our systems to provide predictive insights, analysing historical losses across portfolios to forecast potential future risks. This allows underwriters to make faster, more informed decisions, improving loss ratios and identifying areas where risk engineering can mitigate exposure.
We also use AI to educate and guide our surveyors. For example, if we have seen repeated losses linked to a specific type of circuit board, surveyors can use that insight onsite to recommend updates or replacements, preventing future claims.
On the technology side, drones and 360° cameras provide immersive, real-time views of properties. Underwriters can virtually inspect a site, pan across buildings, zoom in on details or even fly over rooftops for roof inspections, enhancing the depth and speed of risk assessment.
But technology alone is not enough. The real value comes when AI is combined with the expertise of a qualified, experienced surveyor. Together, they form a formidable team member, where AI accelerates insights, and the surveyor's judgment ensures decisions are meaningful and contextually accurate.
Without that combination, AI can produce hyper-generated outputs that add little real value. Emerging technology amplifies capability, but people remain essential to direct and interpret it effectively - it is like a dog that wants to run, but you need the person holding the lead to make sure it is running in the right direction.
Are there any personal lessons about managing risk you would like to share?
Firstly, culture and early intervention matter. Risk management has to be driven from the top down. If senior leadership does not prioritise safety, it becomes disjointed, and frontline staff will not fully invest mentally or practically in safety standards.
Early intervention is key: whether it’s a new company, a new piece of machinery or a new process, putting risk management in place at the earliest stage saves time and money. Small investments and bridging gaps in policies and procedures early on are far more effective than trying to fix problems retrospectively, which is usually far more costly.
Secondly, collaboration across all parties is essential. Risk management works best when insurers, brokers, risk engineers and the site teams work together throughout the year, not just at the annual review. Many insured parties see risk engineers as the ‘police’, but in reality, their insights can prevent significant losses.
By sharing knowledge from hundreds of similar sites globally, we can recommend small, practical changes, like removing staff from high-risk areas, which have minimal cost but significant benefit. Communication and collaboration reduce the severity of claims, improve safety and ultimately save money for everyone involved.
What is one piece of advice for businesses preparing for 2026?
Invest in resilience, not just prevention. Invest in how you could walk through that loss. Buck the trend of seeing risk engineers and insurers as the 'necessary evil' and see them as an asset that can really benefit you. You can use them as a third-party auditing tool to gain insights into gaps in your business. The value comes from openness and a mindset that uses their expertise to strengthen your operations.
I recommend securing support from senior committees to develop your risk culture, as it will pay dividends over time. This may involve allocating a CapEx fund for safety improvements, establishing emergency policies and procedures and having a clear plan for business operations in the event of a loss. True resilience is preparing your organisation to respond and continue operating through challenging periods.
