Asia Risk Report 2015

Welcome to the 2015 Asia Risk Report, StrategicRISK’s second annual pan-Asia research project. On the following pages, you’ll find insights from one of the largest and most comprehensive surveys of Asia-Pacific risk and insurance managers. We asked them about everything from the top risks facing their firms and their resilience to certain exposures, to what they were being paid and the role of the board in embedding a risk aware culture.

Click here to read the digital version of the Asia Risk Report 2015.

In addition to the survey, this report also includes insights from more than a dozen StrategicRISK events held throughout Asia-Pacific over the year. From Shanghai to Sydney, Hong Kong to Kuala Lumpur, the StrategicRISK team has visited some of the main hubs in Asia this year to bring together hundreds of the region’s top risk and insurance managers to share their views on some of the most pressing issues facing their firms.

We also asked risk managers about the structure of the risk function within their businesses, and the increasing push for professionalism in the industry. The results from this were almost as diverse as the number of respondents. In some countries – and in some industries – the risk function is advanced and is seen by the c-suite as a strategic enabler and tool for business innovation. In these circumstances the board is engaged in embedding a risk culture and the tone from the top permeates throughout the business.

But not all risk managers are fortunate enough to work under these circumstances. In some instances, risk managers are still referred to as “the handbrake to innovation” or the “eternal pessimist”, with the role seen purely as a box-ticking exercise to ensure base level compliance and operational safety. Thankfully, however, responses like this were few – certainly fewer than last year. This could, in part, be owing to the increasing drive for professionalism in the industry. This year great strides have been made to introduce an international certification framework for risk and insurance managers and this can only be a good thing.

We hope that this report will be a useful benchmarking tool for risk managers in gaining traction with their boards on some of the key issues that they are facing, and also for the insurance industry in truly understanding some of the issues keeping risk managers awake at night. Innovation in risk management and mitigation is needed, especially for today’s growing gamut of intangible risks, but who or where that innovation comes from is still up for debate.

TOP FIVE RISKS

1. Economic conditions

2. Attracting and retaining a talented workforce

3. Increased competition

4. Damage to brand/reputation

5. Cyber risk