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Latest updates
The risky logistics of space
On the eve of the 50th anniversary of the first moon landing, KPMG’s Partner, National Head, Transport & Logistics, Brendan Richards gives risk managers some out-of-this-world tips of managing interplanetary supply chains.
How do you risk manage chaos?
On a recent trip, our editor, Lauren Gow, very nearly missed her flight through no fault of her own. So, how do you risk manage for The Butterfly Effect?
Will cyber policies cover huge GDPR fines facing British Airways and Marriott International?
The penalties come two days after British Airways was fined £183m by the Information Commissioner’s Officer for a separate data privacy breach
Risk culture – creating clarity from chaos
Corporate toxicity, disruptive innovation and competition – can all be managed with strong risk culture set from the top down, writes Horst Simon of The Risk Culture Builder
Managing major infrastructure risk
Major infrastructure projects present considerable opportunities to developers and investors, but transparency and corruption continue to threaten
Everything you need to know about the G20 summit
In this must-read piece from Andy Gilholm, principal and director of Analysis at Control Risks considers the outlook beyond the G20 talks and considers some specific escalation risks including China’s planned “unreliable entities list”.
Canopius hires four in APAC push
The appointments support Canopius’ ambition to expand in the Asia Pacific region by targeting a combination of SME business via coverholders and wholesale direct and facultative.
Culture and trust in a complex and disruptive world
Disconnected risk culture (DRC), says Alan Hilburg, president, Hilburg Associates, is the single greatest threat to organisations over the next five years. Why? Failing to culturally connect multi-generational and multi-cultural workforces has created a global crisis of distrust within organisations - and historic levels of risk.
Culture and trust in a complex and disruptive world
Disconnected risk culture (DRC), says Alan Hilburg, president, Hilburg Associates, is the single greatest threat to organisations over the next five years. Why? Failing to culturally connect multi-generational and multi-cultural workforces has created a global crisis of distrust within organisations - and historic levels of risk.
Severity or frequency – which comes first?
We all need to set priorities but when we need to speak about actions at company level, with the focus on performance transformation and stakeholder value, have we really analysed what this actually means? Adrian Clements, international enterprise risk manager, has these tips
Will insurers ever be able to address reputation risks?
Reputation risk tops the table of greatest risk in CNA Hardy’s recent survey. But it is still difficult to insure. If insurers want to play their part in #ChangingInsurance, they will need to develop risk manager relationships beyond binary transactions and immerse themselves in their clients’ company
Cyber resilience in the digital era
In a digitally transformed and hyperconnected business world, all industries are at grave risk of cyber attacks. But a robust risk, insurance and claims management framework could help mitigate the impact
D&O sharks claim first victims. Are you next?
Make no mistake: the victim list from the D&O war will be long and distinguished. But how much more blood will be allowed to flow out of corporate Australia before something is done, our editor Lauren Gow questions.
AGCS shake up sees closure of NZ business and APAC CEO replaced
AGCS will also cease underwriting of long tail risks in Australia as James Stack is named new chief following departure of current CEO Willem Van Wyk.
How to identify your key intangible asset risks
Do you know where your intangible risks lay? EverEdge’s managing director, Australia and New Zealand, Michael Masterson, gives you the hard facts in this easy 5 min read.
StrategicRISK Asia-Pacific (Issue 24)
Risk is inherently stressful and, most likely, you are absorbing that stress every day. Our editor, Lauren Gow, offer up a genuinely difficult challenge: take better care of one of your company’s greatest intangible assets – you.
Will insurers join us in the future?
The ever-shifting business landscape means all too often new risks are labelled ‘uninsurable’. But insurers do want to change this. Our latest campaign, #ChangingInsurance, aims to push things forward
Risk monitoring: 6 considerations for understanding this make or break moment
Businesses take risks all the time but fail to monitor and manage these risks effectively, but Carol Williams, enterprise risk management consultant and founder of ERM Insights, has some tips to ensure risk monitoring is done in a way
Environmental bonds: When polluter pays
If a site suffers an environmental accident, the operator is liable for clean-up – even if insolvent. Environmental bonds let you breathe, knowing your costs, and your reputation, are covered
Top risks: a consolidated analysis
We are bombarded by numerous reports of the top risks to companies now and in the future. But what do they really mean for risk managers? Gabriel Souza, risk management specialist takes a detailed look at six risk reports and has this analysis
Three levels of strategic risks
The concept of strategic risks has been given a lot of attention. ‘Strategy’ is possibly the hottest and sexiest word in business – but what does it actually mean in terms of risk management? Hans Læssøe, principal consultant at AKTUS, has this answer
What should your risk function deliver in the 2020s?
The 1990s was the decade of training. Then came the decade of assuring, when audit committees started driving a stronger risk management agenda. This decade many organisations have developed a “look forward” culture, but what does the next decade in risk need to bring? Bryan Whitefield, risk consultant and director ...
Why you need to rethink supply chains for the tariff storm
Escalating trade tensions between the US and China is creating headaches for Asia Pacific risk managers, but there is a solution and it is all in the planning, says SAP Ariba ANZ, regional vice president, Henrik Smedberg.
How to prepare for the worst day of your career
A crisis is an acid test for management and not one that any organisation wants to fail, especially in the age of social media
Multinationals 'acutely challenged' by cyber
The risks posed by malicious actors are increasing in volume and sophistication and organisations’ vulnerabilities constantly challenged, according to new Chubb report.
Where should risk management be placed within the governance structure of a business?
As long as risk managers have access to the decision-makers at the top table, it doesn’t matter where they fit within the organisational structure. But there are arguments for why risk management should sit with internal audit, writes Alex Sidorenko, chief executive of Risk Academy
Revolutionising risk
When it comes to risks, the only constant is change. We have launched the #ChangingRisk survey to find out how you, the industry, believe we can adapt, so that we remain most valuable and relevant in this rapidly moving business world. Here’s a preview of the results so far
Four changes risk managers must make if they want to make a difference
Risk managers need to change the way they view, approach and act on risk. There are no quick fixes, just a hard process for #ChangingRisk, writes Hans Læssøe, principal consultant at AKTUS and former risk manager of The LEGO Group
Making risk management a state of mind
Get away from your desks, network, build relationship and understand what is close to the hearts of the top table. These are just some of tips offered by Alexander Larsen, president of Baldwin Global Risk Services, for how risk managers can make a difference in #ChangingRisk
Perception is king
A ‘stuffy’, ‘data-led’, ‘paper-driven’ profession is what some believe risk management to be. But it is a perception far from the truth, and Tim Murray, the new chair of UK risk management association Airmic, is on a mission to let everyone know what risk management really is about. Sara Benwell ...
How to upgrade your risk management
As part of our #ChangingRisk series at Airmic 2019, Julia Graham, deputy chief executive and technical director at Airmic says risk managers must upskill on communication and storytelling and broaden their knowledge to gain the eyes and ears of the c-suite and the board
“Today’s risk management is fragmented”
#ChangingRisk for the future requires a ‘unified’ voice to break down silos, says Colin Barker, company secretary for Bayer UK
Risk managers need to be brave and reach the next level
Tracey Skinner, risk manager, BT and a board member at UK risk management association AIRMIC, explains why risk managers need to talk to as many people as possible and not be blinded by their jargon
Businesses have not done enough to protect intangible assets
Firms have not done enough to protect their core assets, which go far beyond the bricks and mortar of factories and offices, UK risk managers have been warned
Valuing intangible assets
Data has an intrinsic value but how do insurers value an intangible asset? James Tuplin from AXA XL explains.
Is risk ready for industry 4.0?
Humankind has become socially dependant on a personalised, pocket-sized computer which offers us unlimited access to people, products, tools and information, and on an absolute-global scale. But is risk management ready for this brave new world asks Complexus principal, Warren Black.
Tackle the risks of the digital revolution with an integrated risk management approach
Integrated risk management is transforming the way in which risk managers approach and manage technology-related risks and the interconnected nature of 21st century threats, writes Quin Rodriguez, vice-president, strategy & innovation at Riskonnect
Is insurance fit for purpose?
Managing risks to intangible assets, changing business models, an evolving risk landscape are all hot talking points for risk managers in Harrogate. We caught up with Mark Stephenson, head of business development and market relationships, Liberty Specialty Markets, to find out how insurers are dealing with change
Becoming data smart
Andy Jones, head of risk engineering, property and casualty on how risk managers can overcome the biggest big data challenges
Ludlow criticises insurers for delaying renewals
Delays cause risk managers to “rethink their programmes at very late notice”
Risk managers want to become better storytellers
Risk managers are seeking to acquire a rather unexpected skill, according to Airmic.
The illusion of control
Business leaders may be focussing on the wrong areas by trusting optimists within the business, argues Marcus Beard, associate director, Arthur D Little
2019 award winners revealed
StrategicRISK rewarded excellence in Asia–Pacific’s risk management community at a gala reception in Singapore
Risk Forum APAC 2019 - Live blog
Live coverage of StrategicRISK’s Risk Forum APAC in Singapore
Bad culture is the elephant in your room
Use risk appetite as a way to achieve alignment and clear communication about the risks that people and teams can and should take and manage, says Gareth Byatt, principal consultant at Risk Insight Consulting and the Institute of Risk Management’s Asia-Pacific ambassador ahead of Risk Forum Asia Pacific.
Corridor conversations hold key to underlying risk management
Ahead of his closing keynote address at the RIsk Forum Asia Pacific, former chief risk officer, SwissGrid and co-CEO, RiskTalk, Kurt Meyer examines why you should always listen to corridor conversations.
'Risk needs to not be an afterthought', Narayanan
Speaking ahead of our Risk Forum Asia Pacific in Singapore, former AirAsia head of risk and insurance, Suchitra Narayanan says it is time to define roles and boundaries within organsations.
Ignorance is not bliss
In the new age of advanced risk, complacent organisations are allowing themselves to become vulnerable to the disruptive forces of the Fourth Industrial Revolution, says founder and principal of Complexus, Warren Black ahead of this year’s Risk Forum Asia Pacific.
Crisis management 101
If we asked each company how their crisis plans are structured and managed, we will likely see inconsistencies, out-of-date procedures; ill-prepared stakeholders, says Gabriel Souza, risk management specialist. Here’s his advice
What is strategy? That’s the question
Much has been written about the risk leader of the future, but there is less agreement as to how exactly this person can be strategic in their approach. Darren Munday, partner at ICG, gives us the ‘how’ and proposes a structured approach to horizon scanning, in our latest #ChangingRisk article
LIVE: PARIMA Manila conference - Redefining Risk
Stay tuned today as the StrategicRISK team comes to you live from PARIMA’s Manila conference.
Act now before it is too late
Exactly a month after the devastating terrorist attack in Sri Lanka, Suchitra Narayanan, reflects on why it is so important for risk managers to have care, conviction and courage.
APAC risk managers fear reputational damage
Global risk readiness is at an all-time low, as Asia-Pacific risk managers fear reputational damage and increasing competition, according to a new survey from Aon.
First annual DB report highlights cyber risks’ magnitude
A little over a year since Australia’s Notifiable Data Breach (NDB) legislation came into force and human error is found to be the key reason why data breaches occur according to a new report from the Office of the Australian Information Commissioner’s (OAIC).
Building a taxonomy of emerging risks
Reviews of risk registers, historical data and forecasting – the Cambridge Centre for Risk Studies unveil its approach to identifying emerging risks
Parametric products part of the future: Mumenthaler
Speaking ahead of the PARIMA conference in Manila, Jan Mumenthaler, principal insurance officer, International Finance Corporation, says parametrics will play a crucial role in nat cat risk transfer.
Learn the language or risk being left behind: PARIMA's Baron
Risk managers need to change their approach to risk management by becoming fluent in the language of their business, not just the language of risk says PARIMA chairman Franck Baron ahead of the Manila conference.
The future of intangible asset risk transfer is here
In this preview to PARIMA’s Manila conference next week, Allianz Global Corporate & Specialty, regional head of ART, Asia Pacific, Richard Green answers some of your questions on managing intangible risks.
Don’t be in the dark on data privacy
Data is fast becoming one of the most important intangible assets and organisations need to take data privacy seriously. KPMG’s data privacy services national leader, Kelly Henney talks through the grey areas for risk managers.
High stakes on cyber regulation: PARIMA
Cyber regulation has become a “critical issue for governments, regulators and corporates across the region”, with a greater emphasis on data protection and governance, says PARIMA General Secretary Steve Tunstall.
ILS risk transfer market slides as investors question mechanics
The period also saw innovation with the first-ever issue of a £75 million bond dedicated to terrorism reinsurance, according to a new report from Willis Re.
Want to make a difference in risk? Try adapting your soft skills
Dealing with the c-suite is becoming one of the most critical components of a risk manager’s job. And to play a bigger role in #ChangingRisk in their companies, risk managers need to develop critical soft skills, says François Malan, chief risk officer at Nexity
Risk management systems versus risk management process
Process management achieves results through planning and system management manages various components that must work together to achieve an objective. Here’s how the two should work, writes Adrian Clements, international enterprise risk manager
The risk manager’s job is no longer about risk defence
We are facing a paradigm shift. Risk management cannot be defensive anymore. Risk management must support the businesses and should be at the root of organisational strategy. Brigitte Bouquot, Amrae president and risk manager for Thales lays out her vision for #ChangingRisk
Be a better risk manager using coffee
How do you know what risks are top of mind in the business if you don’t ask everyone? Seek group enterprise and technology risk manager, Ben Agar says #changingrisk is impossible without these conversations.
Getting risk considered before decisions are made
The most effective tactic to ’getting a seat at the table’ is simply to invite yourself, according to Telstra’s chief risk officer, Joanna Knox.
Think of risk management as part of an ecosystem
Risk managers need to consider what is fit for purpose for their organisation, rather than using traditional techniques or using techniques learned in previous positions, says iCare chief risk officer, Gavin Pearce.
Regulators 'widening their gaze' on ethics
Hayne’s question around whether the conduct of organisation is fitting with community standards is something all businesses, not just financial services, need to pay attention to.
Political risk remains front and centre
From China and Trump to Brexit and Brussels, political risks continue to concern global businesses in 2019. How have companies adapted? And what are the biggest fears for the rest of the year?
Making risk a perfect fit
Online retailer THE ICONIC prides itself on fashion-forward designs. Its head of risk & controls, Sarah McNamee, says there is no one-size-fits-all approach to risk.
Catlin stalwart launches new $1.8bn complex risk (re)insurer
Convex will underwrite insurance and reinsurance for complex specialty risks across a diversified range of business lines in London and Bermuda.
Be part of the #ChangingRisk movement – take part in our qualitative study
Seven questions, 5 minutes – all that’s required to be part of the #ChangingRisk movement and have your say in our #ChangingRisk manifesto.
Insurers are covering reputational risk
For too long there has been a mismatch between the cover that risk managers demand and the policies that insurers are willing to provide.
Economic slowdown ranks as top risk for business
A slowdown in the world economy topped a list of risks facing global businesses, with reputational damage also front of mind for corporate bigwigs, according to a survey from Aon.
FM Global to increase engineer workforce by a third
The firm said it intends to hire more than 60 seasoned engineers this year who will focus full time on helping clients prevent boiler and machinery-related (B&M) losses.
Managing offshore wind project risk in nat cat-prone APAC
As the renewable energy sector in APAC grows, so do concerns on the impact of natural catastrophes on offshore wind turbines and business continuity. Swiss Re Corporate Solution’s head of innovative risk solutions APAC, Andre Martin, discusses.
Stop thinking like risk managers and start thinking like the C-suite
As part of #ChangingRisk, I’d like more risk managers to report to the CEO, with access to the board, says Gaëtan Lefevre, group risk and insurance manager at Cockerill Maintenance & Ingénierie.
Optimise your risk management and make your actions decision-focused
As risk managers, we’re haphazard at application of decision-focused risk management because we don’t ask hard questions, says Matt Livingstone, independent risk specialist
The future is bright if risk managers embrace AI techniques
A new generation of risk managers will proactively seek out risk roles and careers; become the pioneers of new risk techniques through the use of AI; and become the c-suite’s go-to person. That’s the #ChangingRisk hopes for the future, according to Ferma’s Typhaine Beaupérin, and Gilbert Canaméras
AI and robots create new risks and opportunities, Lloyd's
Insurers are leveraging the potential of AI themselves to remain competitive, improve processes and increase efficiency, says a new report from Lloyd’s
Does the Notre Dame blaze mark a failure in risk management?
The fire all but destroyed the roof of the 850-year-old building and felled its spire, to the dismay of thousands of horrified onlookers who lined the streets of Paris. Risk managers in France and across Europe ask, could the disaster have been prevented by more effective risk management?
The future is in the ‘radical risk management process’
Risk management is a mental process, not a technical one of data gathering, evaluation and reporting. Those who do nothing will just be exploited by those who constantly change and improve. So, swap tradition for a four-tiered ‘radical’ risk management process, writes Horst Simon of Risk Culture Builder
Brexit deadline extension could cost firms big
For Carl Leeman, the chief risk officer of logistics firm, Katoen Natie, Brexit plans for his business are underway. But he warns that the extension, while better than no deal, will significantly bump up operational costs for most companies
How the Prysmian Group is preparing for a hard Brexit
Supply chain and business interruption are some of the challenges that Alessandro De Felice, chief risk officer at the Prysmian Group and Ferma board member, is trying to mitigate as he prepares his business for the UK’s departure from the EU
Intangible asset leakage is your biggest risk
Despite being so critical, intangible assets still don’t feature on most board or company agendas. You must change this without delay, says EverEdge CEO Paul Adams.
Awards shortlist for service providers announced
Who is in the running at the third annual StrategicRISK Asia-Pacific Risk and Insurance Management Awards?
From the ashes, a phoenix will rise
Resilience is paramount when it comes to disasters, yet the best lessons are often those hardest learnt writes our editor Lauren Gow.
Traditional risk management versus ERM
Traditional risk management is a one-dimensional view connected to assessing insurable risks; and ERM can help peel back the onion layers to additional dimensions of risks. So how do we go beyond one-dimensional risk assessment? Carol Williams, enterprise risk management consultant and founder of ERM Insights, has this advice.
Finally, an effective alternative to risk matrices
Alternatives to risk matrices have been around for decades, the question is why aren’t risk managers using more effective methods? Alex Sidorenko, chief executive of Risk Academy, outlines the steps to enhancing the use of matrices
Four ways to tell your ERM programme is successful
Support from leadership, the role of the strategic partner, impact on organisational culture and ideas turned into value – are some of metrics of a successful ERM framework. But what do they mean? Carol Williams, enterprise risk management consultant and founder of ERM Insights by Carol, tells us more.
Hard market is a gift
The hardening market is a prime opportunity for insurance buyers to build long-lasting relationships with insurance partners, says Allied World Asia Pacific’s Carolyn Shreeve.
Stop underestimating water risk
Asia faces a triple threat from water risk and no one is taking any notice, Debra Tan, director & head, China Water Risk warns.
Protecting workers in a gig economy
Sheri Wilbanks, global innovation lead for client service development, AIG explains why remote and ‘gig’ economy workers need the same risk protections as traditional workers.
Managing reputation risk in the cyber age
Dr Deborah Pretty, founding director, Pentland Analytics presents risk managers with new evidence on the dynamic between reputation risk and shareholder value.
Don’t make tools the shop window in risk management
Traditional risk management tools are limiting the effectiveness of risk management and holding the risk management profession back, says Patrick Smith, managing director, Acumen Advisory.
Why I will never be a risk manager
The StrategicRISK team is on the road this week as we host our 6th annual Hong Kong Risk Forum at the Island Shangri-La, an undeniably beautiful venue. We have hosted the forum here a few times and my name is now well known to staff – as I would learn ...
The risky business of getting from A to B
Did you know Alexander the Great would actually kill his logisticians if things went wrong? That’s not the only risk in logisitcs says Allied World’s head of risk management, global markets, Paul Houston.
Risk managers fear mergers will impact choice
Risk managers predict further consolidation of the broking sector following Marsh’s £4.3 billion takeover of JLT, but fear mergers will reduce the level of choice for insurance buyers.
Virtual panel discussion: How to elevate risk management with risk-based decision-making
Our panellists – Alexander Larsen, Alex Sidorenko, Danny Wong, and Hans Læssøe – answer questions from the audience about how best to apply risk-based decision-making and overcome the challenges of board and c-suite engagement
Insight not information: what the CEO needs from their risk manager
If the c-suite care about decision-making, opportunity and strategy, why do risk managers focus on compliance data and backward facing risk analysis? This will eventually make us obsolete, writes Adrian Clements, international enterprise risk manager and former risk manager at ArcelorMittal
Marsh JLT mega merger closes as ex-JLT boss slams deal
‘The best people will surely leave’ claims former JLT commercial director James Twining in a bleak assessment of Marsh’s takeover of JLT.
Cyber heatmaps: do we need to stop rating our risks or categorising them by colour?
Heat maps are focused on ‘risks’, but decision-makers don’t care much about the risks to avoid or mitigate. Their prime focus is on the success achieved by taking the right risks, so do we need to rethink cyber heatmaps? writes Norman Marks, renowned risk management author.
Time to push nat cats up the chain of command
CFOs are increasingly being held accountable for losses arising from nat cat events. Their best defence? To team-up with their risk manager
StrategicRISK Asia-Pacific (Issue 23)
Our industry must adapt to keep up with the ever-evolving risks of today’s business world. Our #ChangingRisk social movement promotes fresh thinking – yours – on how it can find its wings. FInd out how you can help in our latest edition!
Let’s quit the blame game
Zero tolerance to mistakes only leads to cover-ups and misconduct. If we hope to run our businesses ethically, we need to foster no-blame risk cultures. And listen out for alarm bells before the whistles even need to blow, writes our editor Lauren Gow
The science guy
Smart technology while great for business are also increasing our exposure to cyber risks. But Airbus Defence and Space’s risk manager Philippe Cotelle says it’s not rocket science. His approach to cyber risk is influencing our entire industry. His first lesson? Make the tech guys your new best friends
Taking the temperature of risk
When Kurt Meyer took the job as head of risk and insurance for the swiss national grid, he had no idea that it would lead him to reshape the conversation around risk management.
How to insure your cryptocurrency risks
Trading in cryptocurrencies used to be the domain of bedroom boffins - but now it has grown into a market worth well in excess of $100bn. However, those dealing in crypto are struggling to get insurance cover.
Achieve decision-focused risk management in minutes
Prudent risk management can take minutes and can be easily be scaled up, with the right approach, says Hans Læssøe, former risk manager of The LEGO Group
How Lloyd’s will reinvent itself after its £1bn loss
After more than 330 years, the venerable insurance market Lloyd’s of London has announced plans to overhaul the antiquated way it does business
3LOD is dead
Mission Australia’s general manager, enterprise risk and assurance, Andrew Methven, has joined our #ChangingRisk campaign by sharing his thoughts on why 3LOD is fine as a conceptual model but is very difficult to actually make work.
Is our current thinking of risk management ineffective and flawed?
“ERM needs to be aligned with our company’s strategy”; “We must engage and clearly articulate risk to stakeholders.” These perennially used phrases aren’t untrue of risk management, but why don’t we say more, create more and aim to be multidisciplinary? asks Gabriel Souza, risk management specialist
Assessing the effectiveness of your risk management programme
In 2008, when FIs were in trouble, the UK banks decided to stop making loans. They brought their ‘risk appetite’ down to very low levels. But if their risk management programme had been assessed using the right criteria, could the situation be different? asks Norman Marks, renowned risk management author
Brexit, global trade wars, climate change, ageing populations and new technology: the five drivers to an unpredictable world
Business leaders believe that the world is becoming less predictable, posing a threat to revenue.
Cyber insurance to face another test after Hydro hack
One of the largest aluminium producers in the world, Norway’s Hydro, is set to put cyber insurers to the test after a massive ransomware attack shut down the multinational’s operations
Challenge and change or be replaced by robots
There is no greater ammunition for #ChangingRisk than the opportunities presented by new technology. We must use it to enhance and evolve risk management practices or we risk becoming obsolete, writes Philippe Cotelle, board member of Ferma and Amrae
Risk managers can become facilitators to strategic decisions by taking these key steps
To influence, risk managers must challenge the quality, prudence, and value of executive decisions, but many may feel untrained to do so. In this video interview, Hans Læssøe, principal consultant at AKTUS and former risk manager of The LEGO Group, walks us through the steps
Marsh owners issue further $1.1bn notes offering to acquire JLT
Marsh’s acquisition of JLT is expected to be finalised on 21 March subject to customary conditions and the new notes offering is in addition to a $5bn notes issuance announced in January
Three fatal mistakes corporate risk managers make
A new paradigm in risk management is beginning to take shape, with more professionals talking about a shift to risk-based decision making and culture. But this has also uncovered some ugly truths about how we apply risk management in our businesses, writes Alex Sidorenko, chief executive of Risk Academy
Combat fear with leadership
Our editor Lauren Gow reflects on the Christchurch massacre, urging risk managers to take lessons from Prime Minister Jacinda Arden on how to handle fear in the face of adversity.
And the finalists for the 2019 APAC awards are...
The second round of judging will take place in April with shortlisted finalists facing a grueling interview with a judging panel.
Airport risk management can boost investment
Private investment is needed to fund Asia’s airport boom, and risk managers can help make infrastructure projects more attractive, Willis Towers Watson believes.
The abuse of 'risk'
Risk can be a good thing – business survive and thrive on good risk management. But the problem is, because we have all been misusing the word ‘risk’, its true meaning is now lost, writes Tony Thornton, ERM and business continuity expert
Brexit chaos spells trouble for risk managers
As the Brexit deadline nears, uncertainty prevails after British MPs rejected the prime minister’s deal – twice. StrategicRISK gathers the reaction of European risk managers, including the chief risk officer of French pharmaceutical company, Ipsen, who has prepared the business for a ‘hard Brexit’. Sara Benwell reports.
A how-to guide on how to apply decision-focused risk management in practice
StrategicRISK and Hans Læssøe principal consultant at AKTUS and former risk manager of The LEGO Group took to LinkedIn for a ‘live’ Q&A on how best to carry out decision-focused risk management. Here’s how our discussion played out
Why current risk definitions just don’t work
‘Intangible’, ‘the effect of uncertainty on objectives’, ‘likelihood’, ‘probability’, ‘consequence’, and ‘impact’ – do these perennially-used terms add clarity to risk management practices or do they just dilute and confuse what we do? asks Tony Thornton, ERM and business continuity expert
Boeing crisis puts risk management into action
The grounding of Boeing 737 Max planes following fatal crashes in Ethiopia and Indonesia will prompt airline risk managers to review their operations and put business continuity plans into action, according to senior risk professionals.
Underestimate perception at your peril
Let’s face it: Boeing have not had a good week but it is much worse for the airlines who have done nothing wrong, argues our editor Lauren Gow.
Why the whole concept of risk-appetite is nonsense and how to change it
The concept of risk-appetite has been around for years, yet so many risk practitioners still find themselves confused and unsure how to quantify, formalise and document it. Well, the short answer is you don’t need to. There is a better way, writes writes Alex Sidorenko, chief executive of Risk Academy
Let’s rethink the bow tie model so we can effectively articulate risk
Home in on cause and outcomes not incidents and risks, writes Tony Thornton, ERM and business continuity expert
(Mal)practices in the use of risk matrices: is there an alternative?
The effectiveness of risk matrices has long been debated with some questioning its value – so let’s assess other risk methods, including multi-criteria, writes Slawomir Pijanowski, risk management expert and consultant for Atos Consulting
Let’s harness the future talent of risk
A new generation of risk professionals will enter the profession with diversity of new skills and thinking. We need to harness and encourage their development so that together, we are #ChangingRisk for the better, writes Patrick Aubrey, risk manager for Turner and Townsend
Better decision making through risk visualisation
Alexander Larsen & Ghislain Giroux Dufort of Baldwin Global talk through how risk managers can use risk management as an effective decsion making tool.
Here to help, not hinder: shaping the future of risk
Backlit by our #ChangingRisk campaign, we quizzed Katie Moore, Vodafone’s senior group risk manager and ever-popular resident foodie, on how she would shape our industry’s future and how to challenge the misconceptions about who we really are
How risk managers can prevent the next big cyber attack
Training employees to log themselves off the computer system when they walk away from their desks and spot suspicious emails is key to avoiding cyber breaches, the incoming head of risk and insurance for communications regulator OfCom has warned
Marriott cyber attack: could it have been prevented?
The hotel chain was hit by a significant cyber hack, affecting 500,000 customers, who had sensitive data stolen, including names, addresses, dates of birth and passport numbers. From IT security, due diligence to cyber insurance, risk managers draw out lessons for the future
Decision-focused risk management – in four steps
Decision-focused risk management may seem very different to traditional risk management, but making the change is not as challenging as it may appear, writes Hans Læssøe principal consultant at AKTUS and former risk manager of The LEGO Group
How I would change risk management
Gareth Byatt, principal consultant at Risk Insight Consulting and the Institute of Risk Management’s Asia-Pacific ambassador shares his views on #ChangingRisk
Gender: Why not both?
As the world marks International Women’s Day (IWD), a celebration of the contribution women make, our editor Lauren Gow believes it is a perfect time to reflect on how balancing gender in risk management could be beneficial for all.
Call for gender diversity in senior roles
Today marks International Women’s Day so StrategicRISK asked female risk managers for their thoughts on how they would like to see the risk management profession embrace gender diversity.
Aon spikes plans to table offer for Willis
Insurance and reinsurance broking giant Aon has scrapped plans to make a bid for its slightly smaller rival Willis Towers Watson.
Enhancing risk to include decision-focus, intelligent risk taking
Risk managers need to change the scope of risk management according to Hans Læssøe who shares his views as part of StrategicRISK’s #ChangingRisk campaign
Risk management blended with data will deliver incisive decision-making
Risk management is transforming, but data is the game-changer in #ChangingRisk for the future, says Danny Wong, founder of GOAT Risk Solutions and former director of corporate risk at IHG
Innovation needed to fight climate risk
Data and index-linked insurance products can help guard against climate risk and severe weather events, according to global broker Aon.
UIB appoints new Asia head
Hiroki Miyamoto will return to Singapore to take up his new role as CEO and a board member.
Storms on the political horizon increase risks for global firms
Rising geopolitical tensions and protectionist sentiments, coupled with ongoing trade disputes have made the world more dangerous for multinationals according to Marsh.
Cyber governance ‘not rocket science’: Airbus
Philippe Cotelle, the head of insurance and risk management for the defence and space division of Airbus, has said the governance of cyber risk is “not rocket science”.
Top 5 reputation risk predictions for 2019
Life is unpredictable for the most part, but one thing is certain - business owners will face new and emerging challenges, according to risk experts.
Review third-party relationships: Dow Jones
Risk managers should carefully review business relationships with third-party agents amid growing scrutiny on compliance, bribery, and corruption, according to a leading risk expert.
‘We need to be agile in the way we look at risk’
Nor Adila Ismail, the long-serving chief risk officer at Malaysian oil and gas company PETRONAS, has taken an unconventional route to the top. She reveals what she has learned about the risk profession, and offers some advice to newcomers.
Lessons from Australia’s Royal Commission
Australian risk managers may have to “overhaul” the way they operate following the Royal Commission into financial services, says Dr Deen Sanders, a partner at advisory firm Deloitte.
Be the change you want to see
Something needs to be done to transform risk management and this shift starts with us as risk managers, writes risk expert Suchitra Narayanan.
Risk management - is it relevant?
For those risk managers who are not already questioning risk management, here is why risk manager Andrew Potter, believes it is time to get behind #ChangingRisk
Brexit: It boils down to deal or no deal
As British Prime Minister Theresa May fights to negotiate a Brexit deal that will command a majority in parliament before the UK crashes out of the EU on 29 March, StrategicRISK speaks to an expert about the potential impact on insurance buyers.
Willis Re appoints APAC agriculture trio
David Gregori joins the WTW team from Lloyd’s syndicate, Canopius and will be based in Hong Kong.
StrategicRISK launches #ChangingRisk campaign
Risks are changing and risk management needs to change too. That’s why we’ve launched #ChangingRisk - a campaign promoting new thinking in risk.
Time to reposition the role of risk managers
PARIMA chairman Franck Baron tells StrategicRISK why ’redefining risks’ will be an important central theme that will be echoed across PARIMA’s conferences and new initiatives in 2019.
Navigating risk in globalised supply chains
As the modern business world becomes more inter-connected and complex, the supply chains with which organisations operate do too SAP Ariba ANZ, regional vice president, Henrik Smedberg explains.
Make a practical flood plan now
As the flood waters begin to recede in Queensland, FM Global’s operations engineering manager, Paul May explains why companies in high-risk areas should review their practices as soon as possible.
Mondelez case prompts cyber warning
As the $100m Mondelez vs Zurich case continues in the US, StrategicRISK takes a closer look at the case and what it means for risk managers globally.
QBE names Jason Hammond as CEO of Asia
QBE announced in October that effective 1st January 2019 it would streamline its business divisions to help build more agile and customer-centred.
'In the midst of a crisis of confidence' says risk president
Amrae president, Brigitte Bouquot, warned risk managers at this week’s conference that they must adapt to stay relevant to their businesses.
Do we dare regulate AI?
With every seismic shift in technology come new and challenging risks. However, the risks of AI will only grow if we leave their resolution to chance, writes Ken Reid, national managing partner innovation, digital & data at KPMG.
In defence of risk heat maps
Risk management expert, author, consultant and executive director of Vose Software, David Vose, takes a satirical stance on the ever-controversial risk heat maps
Parametric insurance - what you need to know
Swiss Re Corporate Solutions, head of innovative risk solutions APAC, Andre Martin, tells StrategicRISK why risk managers should look to parametric insurance.
StrategicRISK wants to hear from you!
Awards deadline extended to February 8 with eight risk management awards up for grabs, so get in quick before entries close.
$193bn global bill for ransomeware attack
A global ransomware cyber-attack could cost $193bn and affect more than 600,000 businesses worldwide, according to a new Lloyd’s report.
Too small to fail? Think again
Some SMEs believe they are too small to be targeted by cyber criminals or any internal issues will not greatly impact them. How wrong they are, say cyber risk experts.
Time is up for solo risk accountability model
As the accountability of the CRO increases within an organisation it’s important the CRO and CFO work together closely so the company can gain a better understanding of enterprise risk, says new FM Global research.
Why ignorance is a risk you can't ignore
Regulation is now saying: it is no longer enough to allow the complexity of global supply chains to prevent you from uncovering Modern Slavery. So how should your business respond?
Risk managers: 'Be brave' in 2019
At the close of 2018 and on the cusp of 2019, StrategicRISK asked Air Asia’s group head of risk and insurance, Suchitra Narayanan for her thoughts on the year gone and year ahead.
'Apathetic' risk management is putting your business at risk
In the new age of advanced risk, complacent organisations are allowing themselves to become vulnerable to the disruptive forces of the Fourth Industrial Revolution, says risk thought leader Warren Black.
When reputation is at stake
An important part of any risk management plan should incorporate crisis management planning should something go wrong, writes the Institute of Risk Management’s Victoria Robinson.
APAC insured losses in 2018 'not a surprise'
The 2018 average was only slightly more than the annual average since 2011, but the third-highest total during the eight-year period, according to new Willis Re figures.
2019 cyber security: get the basics right first
StrategicRISK spoke to Cynch Security’s chief wayfinder, Susie Jones, about her reflections on 2018 and what risk managers need to know going into 2019.
Join forces or perish
The latest World Economic Forum report has called on global leaders and business leaders alike to find a collective path to navigate the risks of 2019.
Why crypto is the one to watch in 2019
Alexander Larsen CFIRM, president of Baldwin Global Risk Services Ltd., and IRM trainer and chair of the IRM’s energy special interest group talks about three areas risk managers should be focussing their attention in 2019.
Top risk concerns for 2019
On the eve of the release of the World Economic Forum’s Global Risk Report 2019, risk thought leader, Gareth Byatt, looks at some of the major areas of concern for APAC risk managers for the year ahead.
Time to answer the call
Following damning Royal Commission findings, the financial services industry is being forced to re-examine its culture and risk processes. This is your moment.
Chubb appoints new APAC deputy head
Glen Browne will be responsible for the general management and business results in the six countries of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, as well as any future territories in Southeast Asia.
The life of a risk culture manager
Westpac New Zealand’s senior manager, conduct risk and risk culture, Roberta Prentice tells us what working in risk is really like and how the IRM certification has assisted her career.
Re-branding ‘risk management’ to ‘success assurance’
Are old-school risk management approaches such as risk matrices and heatmaps preventing it from being seen as driver to business performance? Hans Læssøe principal consultant at AKTUS and former risk manager of The LEGO Group, provides his advice for reinventing risk management
Special report: Business transformation
Our future is digital – there is no escaping it. Businesses that want to stay in the game must learn to adapt, with help from you, their risk expert. And this involves bolstering defences against the threats this new world will, inevitably, bring.
What are the limitations of DIC/DIL (Difference in Conditions & Difference in Limits) I should be aware of?
Zurich head of international sales and distribution for APAC, Fernando Denes, explains why local subsidiaries of multinational companies may not have the right insurance coverage.
StrategicRISK Asia-Pacific (Issue 22)
After a year in the job, our editor Lauren Gow reflects on the year that was 2018 and what the year ahead might have in store for Asia-Pacific risk managers.
BHSI withdraws from Hong Kong terrorism pool
The firm said this decision benefits all BHSI’s new and existing EC customers for policies incepting or renewing on or after December 1, 2018.
Marsh appoints APAC leaders post $5.7bn JLT merger
As the Marsh and JLT merger draws to a close, Marsh has announced a number of appointments, effective upon closing of the mega deal.
Mitigating the unintended consequences of technology
Leesa Soulodre, chief innovation officer, Inspirit IoT and adjunct faculty member at the Singapore Management University (SMU), argues more focus needs to be placed on establishing ethical principles and guidelines for the creation and deployment of new AI technologies.
Lloyd's announces trio of APAC appointments
Following an organisational restructure, Iain Ferguson has been appointed regional director of APAC, combining the existing and Greater China regions under one banner.
Royal Commission heralds “bright future” for risk
Dr Deen Sanders, a Partner at advisory firm Deloitte, believes Australia’s Royal Commission will force corporates to put more emphasis on conduct and culture.
‘Positive’ risk managers play a central role: StrategicRISK survey
A new survey conducted by StrategicRisk Asia-Pacific and leading risk consultant Gareth Byatt reveals risk managers in Asia are happy with the level of coverage and integration in their business, and believe their organisation actively considers risk in decision-making.
How Patrick Smith is managing Deliveroo’s intangible risks
Much more than a food delivery service, Deliveroo serves up vast amounts of big data – and fresh new risks – daily. It relies on business resilience leader Patrick Smith to stay creative.
Strategic risks dominate annual APAC survey
Changing competitive landscape, targeted cyber attacks and failure of critical infrastructure also rated highly both in terms of financial impact and likelihood to occur.
The new resilient business
Nearly all businesses with international operations and supply chains are ringside for the battle for the next world order. Control Risks principal Dan Tawfik and senior partner Jacqueline Day explain how to prepare for tomorrow.
Top 5 risks for 2019
Businesses that have developed a new type of resilience will not only be ready for this new world reality, but will also be well- positioned to seize any outsized opportunities that will inevitably emerge in 2019.
US-China trade rift foretells a new world order emerging in 2019
US-China trade disputes, increasing data regulations and the continuing surge of nationalist politics among top risks for businesses in 2019, says Control Risks
How to become asset light
Suchitra Narayanan, group head of risk and insurance, AirAsia Berhad, explains why the low-cost airline made the shift from being asset heavy to asset light and how the company’s risk profile has changed as a result
8 key considerations for CROs now that strategic planning is over
What can a CRO do after the decisions have been made and plans set? The short answer is ‘plenty’ according to Willis Towers Watson’s Mike Wilkinson and Dave Ingram.
Control Risks CEO Richard Fenning to step down in May
Fenning has been CEO of Control Risks since 2004 and joined the company in 1993. He will remain as a part-time adviser to the company for a year after leaving the CEO role.
Risks and rewards of a digital revolution
Advancing tech is set to bring us more information and capabilities than ever before. But, says AIG’s Sheri Wilbanks, with great data comes greater liability. We must come together to face this new world of risks.
APAC's 'deeply integrated' chains at risk in trade wars
Speaking post-G20, experts have warned continued tensions would disrupt global trade, erode the effectiveness of the multilateral international trade regime and dampen growth.
StrategicRISK Awards 2019
Eight risk management awards are up for grabs
How risks to intangible assets could harm your business
The rise of the intangible economy could amplify your risks causing long-term loss in revenues and profits, so what can you do about it? Hans Laessoe, principal consultant at AKTUS and former senior director of risk at the LEGO Group, has this advice
The trying tripartite relationship
In this latest opinion piece, StrategicRISK editor Lauren Gow examines the changing relationship status between corporate risk managers, brokers and insurers.
How one worm brought the world to its knees
In this latest extract from the Journal, Control Risks director Carla Liedke details how a single worm targeting the Ukranian government managed to bring numerous multinationals to their knees.
'Remain curious' but cautious about IoT
The Internet of Things (IoT) is here to stay and its influence will only increase say experts. StrategicRISK went to the market to find out what risk managers see ahead and tips for staying ahead of the game.
2018: Worst bankruptcy
There is never a good type of bankruptcy, but the fall of the UK’s second largest construction giant, Carillion, is a lesson for all risk managers in the dangers of pushing margins to their limits.
2018: Worst natural disaster
In 2018, a number of large storms have battered the globe leaving a trail of physical and economic destruction behind them. StrategicRISK is looking back on the year by examining the costliest natural disaster.
2018: Worst new economic risk
As the year winds down, StrategicRISK is looking back on the year that was 2018. We begin with the worst new economic risk and how this affects APAC risk managers.
‘One of the most complex losses in recent history’
In this latest extract from The Journal, Scott Reichelt from Crawford & Co delves into the tragic events at the Tianjin port in China in 2015.
Intangible risk a tangible threat
Do you know the value of intangible assets on your balance sheet? If not, read on. StrategicRISK spoke to EverEdge chief executive officer, Paul Adams to find out why this little-known risk could bring down your firm in a heartbeat.
Why you should educate yourself before speaking to the Board
Following on from a new Munich Re report on climate change, StrategicRISK spoke to our 2018 Asia-Pacific Risk Manager of the Year and Ayala Corp’s group risk management and sustainability head, Victoria Tan, about why climate change needs to be a top priority in your business.
Top 5 IoT risks you need to know about now
The Internet of Things (IoT) is altering the risks your business is facing faster than you can keep up. Read these tips to see what is coming and how your business can prepare right now.
Climate risk could make world 'uninsurable'
Increasing risks to all businesses as nations are failing to act on their current Paris Agreement commitments, with the planet is heading towards a 4°C or higher trajectory.
WEF survey highlights Asia-Pacific risk
A new report from the World Economic Forum has underlined the key risks facing companies in the Asia-Pacific region over the next decade, with familiar themes such as cyber, energy prices and unemployment the major concerns.
Breaking up is hard to do
Businesses are largely still in the dark over exactly what Brexit Day will bring next March, but practical plans need to be devised and enacted now. And risk managers must be central in preparing for every eventuality, deal or no deal.
Regulators apply brakes to APAC M&A deals
Multinationals are looking to balance emerging market growth opportunities with stability in investment returns, particularly with Australian insurance groups, according to a new report from Willis Towers Watson and Mergermarket.
Nat-cats driving risk strategy changes in APAC
The globe is being battered by an increasing number of natural catastrophes which are forcing risk managers to rethink strategy. Andre Martin, head of innovative risk solutions, Swiss Re Corporate Solutions tells StrategicRISK why you shouldn’t let natural perils disrupt your business.
Emerging risks to watch in 2019
As we approach the final months of the year, which issues are expected to pose the greatest threat to risk managers in 2019? Leading managers pick the top emerging risks for the year ahead.
Where should risk management sit in the organisation?
The tricky question of where the risk function should sit within the business is a big challenge for senior management. This latest Knowledge piece, risk thought leader Chris Corless looks at different options for your business.
Data analytics to revolutionise risk
Data is likely to play a crucial role in helping corporates identify, quantify, measure, and monitor risk, transforming the way it is presented to boardroom executives. But for many risk managers in the Asia-Pacific region, the data analytics revolution is yet to take off.
“Not much” risk managers can do to guard against major nat-cats
Following news from RMS that APAC is at risk of numerous 1-in-100-year events, StrategicRISK went to the market to see how this might impact your business.
To educate or not to educate: That is the question
This opinion piece from StrategicRISK editor, Lauren Gow, examines whether formalising the profession is worth all the effort.
Risk can become a “profession”: RMIA CEO
Rising demand for risk managers presents an opportunity for the risk industry to develop as a formal profession, according to Scott Ryrie, the CEO of the Risk Management Institution of Australasia, speaking from this year’s RMIA Conference.
Renewed hope for 'palatable and affordable' insurance with new cyber risk pool
Following news that Singapore will set up the world’s first commercial cyber risk pool, StrategicRISK spoke to StarHub’s Nigel Tay to get his thoughts on what this really means for risk managers in the region.
Major catastrophe threat to Asia-Pacific
RMS believes the region is vulnerable following several disasters this year, such as the Palu earthquake in Indonesia and Typhoon Jebi hitting Japan.
A basic principle most people don’t understand about risk
In this new opinion piece renowned author, blogger and retired chief audit executive, Norman Marks explains why you may have been making a fundamental error in risk management
Live blog: PARIMA Tokyo
StrategicRISK is reporting live from PARIMA’s annual risk management conference in Tokyo
Counterfeit risk far from sweet
As counterfeit risk becomes more difficult to detect, risk managers face a difficult challenge to mitigate risk. How is counterfeit risk evolving? What lessons can companies learn from the honey scandal and similar cases? And what is the best way to mitigate counterfeit risk?
Business Interruption: Beyond the physical
In an extract from our latest edition of The Journal Stanley Cochrane, head of property, Asia Pacific, Swiss Re Corporate Solutions explores how to manage the risk of non-physical damage in a business interruption policy.
Global initiatives drive climate change collaboration
The Asia-Pacific risk industry is rethinking its approach to climate change, driven by global initiatives encouraging climate-related financial disclosure and industry collaboration.
Technology increases risk threshold ‘exponentially’
Businesses who enhance customer experience through technology also dramatically increase their risk of a cyber attack, experts warn.
Tokio Marine Kiln shuts Hong Kong office
Insurer said the decision was made after re-assessing the ongoing, challenging market for the engineering, marine cargo and marine liability lines written out of Hong Kong which have made the cost of maintaining the office unsustainable.
MSIG appoints new Asia CRO
Based in Singapore, William Song is now CRO of MSIG Holdings Asia responsible for risk management across the region including ASEAN, Hong Kong, Australia and New Zealand.
Loss in brand equity, data theft, and lack of technological innovation, named top three digital transformation risks
During a live poll at StrategicRISK’s Knowledge Singapore event, risk managers mapped out the effectiveness of controls in managing digital transformation risk.
Become a solider of risk
The military is good in a crisis, or so accepted wisdom has it. So, if your business is facing a critical period, Oliver Wyman partner David Gillespie asks who better to take lessons from than those who have been on the real front line?
Australian Royal Commission an “opportunity” for risk profession
The fallout from Australia’s Banking Royal Commission could provide a “launch pad” for the country’s risk profession as companies look to improve their internal processes, according to industry analysts.
Asian attacks lead to rise in cyber policies
The growing cyber threat in Southeast Asia has led to a surge in cyber insurance policies and claims across the region say experts.
'Communication is key' to CRO and broker relationship
Ahead of the Brokerslink conference in Hong Kong, StrategicRISK caught up with Jacqueline Legrand, chief executive officer to hear her thoughts on the changing nature of relationships between brokers and risk managers.
AGCS targets ART expansion with new set-up and leadership
In addition, from January 1, 2019, Ciara Brady joins AGCS from Swiss Re as global head of liability.
Should operational risk managers be in the first line of defence?
The ideas behind this would be that ‘risks are managed where they occur’. It’s a complicated question, but an uncomplicated answer – in short, no, according to risk thought leader Chris Corless.
Political risk levels up 60% since 2017
A new survey from Willis Towers Watson (WTW) and Oxford Analytica found nearly 70% of global business leaders stated they had scaled back operations in a country as a result of political risk concerns or losses.
The war to end all trade
Political risk tensions are rising as the US and China trade war shifts up another gear. StrategicRISK examines why this is causing horizon-scanning headaches for risk managers in the APAC region.
Malaysian managers fear regulatory risk
The industry’s most pressing concerns were revealed at StrategicRISK/PARIMA’s Risk Forum Malaysia where more than 100 risk managers shared their views at the September event.
Lazy hazy Singapore days could be a risk of the past
Swiss Re Corporate Solutions has launched HazeShield, a standalone haze insurance solution for businesses operating in Singapore.
AXA XL offers new data-driven supply chain tool
Risk managers will now be able to understand the quality of the conditions that sensitive or perishable products are kept in from the first mile to the last.
Why there are no winners in a trade war
Trade balances between the US and China are largely unaffected so far by the skirmishes but the world is bracing for the next round of shots fired. StrategicRISK and KPMG look at how the first signs of the trade wars are influencing business activities and creating headaches for risk managers.
The Journal - second edition launch
StrategicRISK and Swiss Re Corporate Solutions launch the second edition of The Journal examining business interruption
Enterprise Risk Management – have we been doing it right all along?
Chief risk officer, Michael Doyle, argues ERM has in fact stood the test of time and has made a significant contribution to the development of risk management as a profession.
StrategicRISK Asia-Pacific (Issue 21)
Turns out cognitive bias is making a nonsense of our decision-making skills – and that extends to who we hire for key roles in business says Lauren Gow in the latest edition of StrategicRISK
How do you justify investment in more risk resources when the results are hard to measure?
Mark Wilson, director, 20-20 Risk Advisory & Insights examines whether risk can be linked to ROI
13 common mistakes when building global crisis readiness programs
Regardless of the sector, size or the geographic location, there are a number of common mistakes that organisations make when establishing global readiness programs. Control Risks senior partner, Bill Udell and associate director, Aaron Schwirian explain how you can avoid them
Mega-mergers put 'needs of their clients' at risk
As news of the latest insurance mega-merger between Marsh and JLT begins to settle, StrategicRISK spoke to PARIMA chairman Franck Baron to get his thoughts on what this means for risk managers.
What to do when food bites back
Australia’s fruit industry is currently under the dark cloud of malicious tampering. StrategicRISK spoke to The Recall Institute director Steven Hather to find out about prevention and cure in food manufacturing risk
Marsh acquires JLT in $5.6b deal
Following completion of the transaction, Dominic Burke, group chief executive of JLT, will join MMC as vice chairman and serve as a member of MMC’s executive committee.
Managing crises in the modern age
Crises have always occurred, but we are now seeing an increase in their type, complexity and frequency. However, there is no need for panic just yet, Control Risks principal Matthew Oyston explains.
The rising risk of robots
What chance do we have of ‘raging against the machine’ if we are trained to act like robots?
Why strategic risks are not operational risks viewed strategically
Chief risk officer, Michael Doyle tells StrategicRISK why businesses need to be very clear on where strategic risk ends and operational risk begins.
How to manage risk ownership to ensure accountability without operating in silos
Risk thought leader Chris Corless looks at the value of defining risk owners and whether or not it is crucial to the success of your risk program.
FM Global launches new cyber readiness assessment
New offering helps FM Global clients measure their overall cyber security resilience, taking into account inherent cyber risk, mitigating security controls and ability to respond to and recover from a cyber incident.
'APAC is a strategic growth region' says Chubb head
Following news that Chubb, the world’s largest P&C insurer, has set up a major shop front in APAC, StrategicRISK spoke exclusively to Jason Keen, head of property & casualty, Asia Pacific to find out what this means for the region’s risk managers.
Time to kill 3LoD?
The Risk Culture Builder’s Horst Simon tells StrategicRISK why it might be time to #Kill3LoD in order to get to the next level of risk management.
Top three emerging risks corporates need to know about
Speaking exclusively to StrategicRISK, Swiss Re’s head of sustainability, emerging and political risk management, Martin Weymann warns risk managers of the more prominent threats they need to beware of and how to begin preparing for them.
Ever wondered how airports keep millions of passengers safe?
Managing Fraport AG’s vast insurance operations, with its sky-high risks, is not a job for the faint of heart. Risk manager, Hans Joerg Schill, tells StrategicRISK what it’s like to risk-manage Germany’s largest aviation hub
Winning the war on terror
Michael Pennell PSM, chief underwriting officer, Australian Reinsurance Pool Corporation spoke at RIMS about new developments in the war on terrorism
D&O: A market in freefall
Make no mistake - the future of Side C coverage in Australia is dire. And without the safety net it gives, Australian firms are struggling to attract the top talent for their boards. Is there anything risk managers can do to protect their businesses?
Live from RIMS Australasia
StrategicRISK is reporting live from RIMS Australasia’s annual conference in Sydney
Sector View: Food and beverages
As the Australian food and industry thrives, the heat is on to manage its risks. We look to the lab where solutions are being developed to better handle contamination and consider a more holistic approach to coverage that goes far beyond simple product recall insurance.
Time to see other people?
Australia’s monogamous relationship with Chinese supply lines could be unwise. But with the new risks other Asia-Pacific countries could bring, it may feel like it’s better the devil you know…
Time to prepare your Modern Slavery report
KPMG Banarra’s Human Rights and Social Impact Services team, Richard Poole, partner, and Meg Brodie, associate director, discuss how you can meaningfully engage suppliers and build their capacity to meet new expectations around human rights risk.
King of the road
Transurban’s troubleshooting guru Karl Davey exudes an air of calm and flexibility that helps him navigate all of risk’s diversions. With him at the helm, we’re all a little safer.
Do traditional risk registers and risk matrices still remain relevant in project risk management?
Hans Læssøe, principal consultant at AKTUS and former risk manager of The LEGO Group examines whether traditional risk management tools still have a relevant place in project risk management.
Chubb signals major APAC move with new hires and division
The world’s largest listed P&C insurer, Chubb will establish of a major accounts division in the Asia Pacific region, a dedicated premium service encompassing underwriting, risk engineering and claims for the region’s large, global and multi-national clients and business partners.
Overcoming cognitive bias in senior executives
If we accept there is a cognitive bias in decision making, how can we as risk professionals account for this and help our senior executive make better bias-free decisions? Risk Academy’s Alex Sidorenko discusses
Can your supply chain withstand a trade war?
Trade wars continue to threaten global economies causing havoc for anyone working in imports and exports of goods. Australia is at particular risk says, Control Risks director, Martin Baghdadi, who tells StrategicRISK why risk managers need to focus their attention on this issue without delay.
QBE's new climate risk tool is out of this world
QBE forms a partnership with climate prediction and risk management firm, Jupiter.
The sickening risk of food product recall
Aldi, Woolworths and IGA have had to recall thousands of frozen foods after harmful bacteria was found in products they sold. Such recalls can result in tumbling share prices or total collapse. Here’s what can be done to minimise the threats
The real threat behind fake news
So-called ‘alternative facts’ in today’s online world reach many quickly and can ruin the reputations of those in the firing line. Risk managers must be primed to shut down bad buzz before it has a chance to spread.
Learn from Cricket Australia's mistakes
Ahead of the RIMS conference in Sydney 4-5 September and Auckland on 7 September, StrategicRISK spoke with keynote speaker, Cricket Australia head of team performance Pat Howard to talk about balancing risk-taking with team performance.
RIMS Conference 2018: Why you need to attend
As we hit the downhill run to RIMS Sydney conference on 4-5 September and Auckland 7 September, StrategicRISK sat down with the RIMS board to find out why you shouldn’t miss this year’s conference.
Part three: Building resilience into a modern organisation
In the final part of our series, risk specialist Warren Black explains how organsations can embed a systemic sense of resilience into organsations.
Part two: Building resilience into modern organisations
Organisational risk frameworks aspire to help their organisations become intelligently responsive to the highly disruptive forces which emerge out of complex working systems, but what does this mean for risk managers? Risk specialist, Warren Black explains.
Part one: Building resilience into modern organisations
In the first of our three-part series, risk specialist Warren Black tells us why risk management in the modern age is harder than at any other time in history.
Singapore government says raise cyber security now
Cyber Security Agency (CSA) to advise owners of critical information infrastructure (CII) on what they can do to further beef up their defence.
What would be the ideal indicator/parameter to measure your ERM maturity?
Many organisations look for some metric of maturity of their ERM program to show how well they are performing, and potentially where and how they can improve, Hans Læssøe, principal consultant at AKTUS and former risk manager of Lego explains.
Are heat maps a blessing or a curse?
Ordinary risk heat maps are of limited help for management to steer the company. We need new concepts says Chris Schwager, managing director SRI Strategic Risk Institute
Trade wars put APAC at risk
The rise in protectionist trade measures from the US and countermeasures from the People’s Republic of China have significantly raised the risk stakes in Asia, says new report.
Kroll boosts APAC security with new Singapore head
Simon Ashenden has expertise in helping clients manage issues with fraud and compliance, cyber security, brand protection and counterfeiting.
To ERM or not to ERM?
Is ERM valuable? This was the theme of an online discussion hosted by Alex Sidorenko and Hans Læssøe. StrategicRISK caught up with both risk practitioners ahead of the debate to find out more.
StrategicRISK launches 'The Knowledge'
StrategicRISK, in association with Zurich, has launched its boldest product yet - The Knowledge - and it is something no risk manager should miss.
Managing enterprise risk when exploring Asian opportunities
When a business fails to adequately protect itself against events that may stop or compromise its operations, they could be putting themselves at risk of major disruption says FM Global’s operations manager, Lyndon Broad.
Geopolitical risk rise as economic volatility hits APAC
Financial market crashes, interstate conflict and cyber-crime now threaten almost half (46%) of APAC cities’ economic output (GDP@Risk), according to the Lloyd’s.
The dark side of digital connectivity
Research throughout the world is pointing to Asia-Pacific as both the source and the victim of cyber-crime. Willis Towers Watson’s regional associate director, cyber, Jessica Wright tells StrategicRISK why a lack of awareness could prove extremely costly for businesses in the region.
One giant leap for Australian kind
Australia is set to join all other OECD nations with its own space program. What could possibly go wrong? KPMG partner, defence, Mike Kalms says important lessons should be learned from the launch UK Space Agency before we take this next risky step into orbit.
New cyclone model hits Australia
RMS’s V18 incorporates new capabilities for both the cyclone and earthquake models, including vulnerability functions for Industrial Facilities and Builders Risk, Marine Cargo and Specie risks.
IRM Newsletter: Everything you need to know
The underlying theme of this newsletter is ’integrated risk management and an integrated approach to the sharing of practices’.
Managing construction delay risks
In complex, interconnected construction projects, delays can grow exponentially but the right mitigation strategies are out there if you know where to look.
Digital transformation: Future proof your business now
Digital transformation is changing every aspect of the business landscape at an exponential pace, bringing the full force of innovation and disruption to all sectors and markets says Allied World’s senior vice president, Hong Kong country manager & head of general casualty, Asia Pacific, Jotu Shohtoku.
Slavery risk rises in SE Asia as job losses hit home
More than 55% of jobs in SE Asia’s key manufacturing hubs under threat with slavery and labour abuses in SE Asia set to spiral over next two decades as automation consumes job market
New Australian quake model set to launch
The updated model, developed by Dr Valentina Koschatzky with input from Risk Frontiers’ Chief Geoscientist, Dr Paul Somerville, incorporates the latest data from Geoscience Australia’s recent revision of the Australian Earthquake Catalogue, which has more than halved the rate of earthquakes exceeding 4.5 in magnitude.
SR Awards 2018: Risk Management Product of the Year
Winner: Sword Active Risk
SR Awards 2018: Risk Advisor of the Year
Winner: AON
SR Awards 2018: APAC Insurer Innovation
Winner: Swiss Re Corporate Solutions
SR Awards 2018: APAC Broker Innovation
Winner: AON
SR Awards 2018: Risk Training Programme of the Year
Winner: Swiss Re Corporate Solutions
SR Awards 2018: Risk Manager New Starter of the Year
Winner: Nigel Tay, StarHub
SR Awards 2018: APAC Risk Management Team of the Year
Winner: Ayala Corporation
SR Awards 2018: ERM Programme of the Year
Winner: Manila Water Company
SR Awards 2018: StrategicRISK Award
Winner: Transurban
SR Awards 2018: Risk Manager of the Year
Victoria Tan’s advocacy of risk management emanates from an unshakeable belief that risk management is a fundamental aspect of effective corporate governance and pivotal to a company’s sustainability.
“Risk? What risk?” How do you get buy in from risk owners who want to tell you they have no problems?
Seasoned risk and internal audit leader Chris Corless discusses the road block most risk managers have come up against—the resistant risk owner.
Lloyd's CEO to step down in 2019
Inga Beale defied tradition as the first female chief executive when she joined Lloyd’s in January 2014.
A harsh reality
Once considered the domain of IT teams, cyber risk is now broadly acknowledged as the most pressing of enterprise concerns, says Murray Wood, head of financial specialties, Asia and Andrew Mahony, regional director - financial services & professions group.
The changing face of terrorism risk
Loss of attraction and non-damage business interruption protections are increasingly in demand from insurers, while companies are dusting off response policies and evacuation procedures against evolving terror threats.
Australia’s first and biggest wind risk hedge: the Infigen Energy case study
Wind risk hedging can protect vital revenue streams when the wind doesn’t blow. Here’s how one Australian energy company did it.
How will you manage the Modern Slavery risk?
Richard Boele, partner, KPMG Banarra, Human Rights and Social Impact Services and Meg Brodie, associate director, KPMG Banarra, Human Rights and Social Impact Services discuss the impact of Modern Slavery legislation
New weather risk tool targets real estate and hospitality sector
Bermuda-based Sompo Internationa has developed a new suite of innovative weather-driven risk management products tailored for the real estate and hospitality sectors.
Financial crises: The Perils of Pauline
Wars and financial crises are the two big threats most capable of wiping out economic growth, according to Martin Wolf, chief economics commentator, Financial Times
Bright young star
Risk managers all love a nice long risk document, right? Not so StarHub’s Nigel Tay. Meet the man bringing on-the-ground collaboration, agile process and even fun to corporate risk management. Trust us, you’ll like him.
Top risk priorities for the Ayala conglomerate
StrategicRISK caught up with Victoria Tan, head of risk management and sustainability at Philippine conglomerate Ayala Corporation, at Risk Forum APAC 2018 in Singapore to find out what makes her tick
Don't be fooled by a name
Credit insurance is much more than an insurance, it is a true operational risk management instrument, former global chief risk officer of groupm, part of WPP, François de Hennin explains.
APAC hit by record number of terrorist attacks
Comparing Islamist terror threat with the picture before ISIS emerged, Control Risks found the number of attacks in 2013 – 2,676 – to have almost doubled to 5,276 in the year to the end of April 2018.
Take a balanced approach to risk management
Hans Læssøe, principal consultant at AKTUS and former risk manager of Lego tells StrategicRISK how the effect of an ever-increasing speed of change adds and alters the demands for risk management – both in terms of what to do, and how to do it.
Don’t rely on GL to cover environmental risks, report warns
Environmental risks have grown as the world gets smaller and more interconnected, insurer Chubb and law firm Clyde & Co argue, in a new environmental risk report
Four future risk management trends you need to know about today
StrategicRISK spoke to Risk Academy chief executive officer, Alex Sidorenko, for some crystal ball gazing about what the future of risk managment might look like.
2018: the year of political risk
Geopolitical and economic uncertainty is fuelling the growing uptake of political risk covers. By taking a more proactive, analytic approach, corporations can elevate this coverage from a risk transfer transaction into a strategic tool. By Antony Ireland
Cyber insurance should be a partnership
Speaking to StrategicRISK at the AIRMIC conference, Airmic’s board members and insurance director at BT Group, Tracey Skinner said cyber risk coverage ought to be considered as a partnership between insurer, broker and insured.
Reputational threat key supply chain risk
StrategicRISK is at the AIRMIC conference this week, where Europe editor David Benyon had a chance to sit down with Paul Goulding, Airmic board member and head of insurance at Heathrow Airport to find out what lessons risk managers can learn about threats to reputation in the increasingly dangerous within ...
No premiums, no play
Before the 2018 World Cup kick-off, one essential item needs to be in position – and it’s not the ball. Allianz Global Corporate & Specialty (AGCS) head of entertainment international, Michael Furtschegger tells StrategicRISK where the biggest risks lay in the upcoming event
MS Amlin hires triple threat trio for Singapore roles
Global (re)insurer pushes for increased market domination as it seeks to further strengthen its ties to the Asia Pacific region
Cyber insurance premiums set to soar by 2021
A new Aon report shows a broad shift of companies putting a greater value on intangible assets, such as cyber and intellectual property
Political risk rises on Indonesian election eve
Indonesia’s local polls on 27 June will command little international media heed, but will have significant implications for foreign business, risk consultancy Steve Vickers and Associates (SVA) has warned
BHSI appoints new Australasia president
Mark Lingafelter was most recently Chief Underwriting Officer, Asia Pacific for QBE Insurance before moving to Berkshire Hathaway Specialty Insurance
Risk management of a disaster: Space Shuttle Columbia
How do you manage a tradegy? Former NASA risk manager, Mike Lutomski, spoke to StrategicRISK about the lessons he learnt from the Space Shuttle Columbia disaster in 2003
Three challenges for Malaysia Airlines’ risk manager
Badrul Hisham Yusoff, chief risk officer, Malaysia Airlines, spoke to StrategicRISK at the Risk Forum APAC 2018 conference
XL Catlin appoints ex-WTW director to new Singapore role
XL Catlin chief executive, Asia Pacific, Craig Langham, said growth in competitive Asian market means”the right expertise” is required to grow their book of business
Are you ready for Industrial Revolution 4.0?
Speaking at PARIMA’s Bangkok conference, chairman Franck Baron spoke at length about his views on the rise of artificial intelligence, digitisation and how risk managers can prepare for the fourth industrial revolution.
6 tips for risk managers on using technology to manage risk
Marsh’s director for emerging technologies, Leslie Chacko, gives his top tips for how risk manager can use technology innovations to better connect them to their business
AI helps businesses prioritise high value tasks
Marsh director, emerging technologies, Leslie Chacko, told delegates at PARIMA’s Bangkok conference it is time to wholeheartedly embrace artificial intelligence but beware of the risks
C-suite panel: Take care of the business as if you don’t have insurance
Aon Thailand CEO Andrew Bentley, David Johnson, Regional Senior Vice President, Regional Manager - Asia Operations, FM Global and Brian Delaney, Corporate Chief Financial Officer - Minor International PCL joined PARIMA board member, Steve Tunstall to offer delegates a view of risk management from c-suite perspectives
'Spectacular division' in managing AI risk says PARIMA chairman
PARIMA chairman, Franck Baron told around 250 delegates it is ’happening to all of us and we need to learn to manage it’
'Embrace ERM and 3 LoD' to manage cyber risk says Thailand OIC deputy
Opening PARIMA’s Bangkok conference Chuchatr Pramoolpol, Deputy Secretary-General, Office of Insurance Commission said cyber risk has come to the fore in recent years in Thailand
PARIMA launches first Bangkok conference
Ahead of PARIMA’s first Bangkok conference, StrategicRISK spoke to a couple of board members to get their thoughts what Thailand’s risk management community can expect
Call for 'coordinated and holistic approach' to nat cats in APAC
In the wake of the UN’s warning that natutral catastrophes bills in APAC could top $160bn by 2030, StrategicRISK spoke to AIG’s AIG global innovation lead for client services, Sheri Wilbanks about what risk managers in the region can do to try to stay ahead of this risk
CRO interview with Hilary Weaver
Hilary Weaver, chief risk officer at Lloyd’s, spoke with StrategicRISK about major risk management and compliance challenges facing her business in 2018
Beware the Gray Rhino, not just the Black Swan
IKEA China’s risk management and compliance director and RIMS board member Robert Zhang spoke to StrategicRISK about the fast-changing risk landscape
Call to action from BCI to collaborate on resilience
The BCI seeks industry collaboration for its resilience manifesto, as part of its Business Continuity Awareness Week
Risk Forum APAC 2018 in photos
More than 230 risk managers attended StrategicRISK/PARIMA’s Singapore conference on 8 May 2018
Video: Find out who won big at the Asia-Pacific Risk Management Awards 2018
StrategicRISK rewarded excellence in Asia’s risk management community at a glitzy gala dinner in Singapore’s Grand Hyatt last night
Risk Forum APAC: Appetite for reconstruction – StarHub
Ryan Tan at Singaporean telco StarHub pushes a risk management philosophy about creating an appetite for change
Risk management in space: Lutomski opens Risk Forum APAC
Space is the least forgiving environment for risk management mistakes, former NASA risk manager Mike Lutomski told Risk Forum APAC 2018
Virtual IRM APAC Regional Interest Group on the horizon
The Institute of Risk Management (IRM) new APAC global ambassador, Gareth Byatt, speaks exclusively with StrategicRISK about his plans for the region.
Half of APAC firms at risk of third-party over-reliance, survey
A recent Deloitte survey shows 57% of APAC respondents perceive some or a substantial increase in inherent risks related to third-parties.
IRM expands global grasp with new ambassador for APAC
Risk Insight Consulting principal consultant, and regular StrategicRISK contributor, Gareth Byatt has been appointed a new Global Ambassador for Australia and the Asia Pacific region.
Nat cats could cost APAC region $160bn per year by 2030, UN warns
Speaking at an event on financing disaster risk reduction, the United Nations development arm in the region warned greater innovation in disaster risk financing is desperately needed.
Three key messages from our Hong Kong Risk Forum
StrategicRISK Asia Pacific editor Lauren Gow shares her thoughts from the recent Hong Kong Risk Forum where everything from Google insurance to natural catastrophe risks was discussed
Tear up your risk appetite document now
StrategicRISK Asia Pacific editor, Lauren Gow argues there is rumbling of dissent about the actual usefulness of this document to management
How do you roll with the changes?
In these times of transformative change, it is possible to fight the volatility – and it starts with knowing your business, your customers, and your competition, better.
Impossible to dodge
Times are changing fast and that means new risks on top of old risks. So how do you stay one step ahead when market disrupters are bowling through every industry?
What's hot at RIMS 2018?
Susan Hiteshew, a board member at RIMS, tells StrategicRISK which risks are big focuses at the RIMS 2018 event in San Antonio
RIMS 2018: Disruptive tech risks not well understood – Marsh study
Organisations are exploring the benefits of the Internet of Things, artificial intelligence, and Blockchain, but risk awareness is not keeping pace
RIMS 2018: Google using chatbots for risk management tasks
Director for business risk and insurance at Google addresses an educational session at RIMS 2018
Beazley replaces APAC head
Lucien Mounier will be based in Singapore, Beazley’s hub in the Asia Pacific region, and will be responsible for developing the group’s business across the region, working closely with Beazley Singapore’s principal officer, Byran Lee.
Philippines at risk of becoming terrorist safe haven
Experts have warned SE Asia is at particular risk of becoming a safe haven for returning IS terror trainees.
Global political tensions lead to increased terror risk in Asia
Islamic State poses a sustained threat to Singapore and Southeast Asia, while a number of war zones globally are serving as incubators for terrorism in the region
There is a better way of managing risk
As we begin the countdown to our Risk Forum in Hong Kong on April 19, StrategicRISK spoke to ever-controversial risk commentator, Alex Sidorenko, to give us a little preview of what is to come next week
Unconscious bias – the hidden risk you’re not yet managing
It distorts our perception of risk and causes us to be over-reliant on initial data, to disregard information that contradicts our existing beliefs, and engage in potentially damaging group think. StratgeicRISK spoke to The Progress Partnership director, Katherine Bryant, to hear her insight into this emerging risk
Social media meltdown: how to respond to a crisis
Reputational risk has been sharpened by social media, making crisis response even more vital. StrategicRISK European editor, David Benyon, reports
StrategicRISK Asia-Pacific edition (Issue 19)
In the latest edition of StrategicRISK we explore global regulation updates and what they mean for risk managers, delve into the brand new world of neobanking and explore whether it is time to rip up your risk appetite document
5 minutes with: Simon Weaver
StrategicRISK spoke to Willis Towers Watson’s new leader of Corporate Risk & Broking (CRB) for Asia and Australasia, Simon Weaver, to discuss expansion plans and how he aims to better engage with Asia Pacific risk managers in his new role
WTW creates senior risk role for APAC expansion
The broking giant has confirmed it has created a new role to maximise global growth opportunities and utilise local market potential
PARIMA adds three to growing board
New faces from Ashurt, Mitsubishi and Toyota set to join other heavyweight board members
Finalists revealed
Who is in the running at the second annual Asia-Pacific risk management awards?
Drone near misses rising 'exponentially'
Undoubtedly, the number of Airprox reports – near miss collisions in the air - involving suspected drone incidents is increasing exponentially across the globe but should risk managers be concerned?
Does risk management need a gender balance?
To mark International Women’s Day, we asked three risk managers to share their experiences and thoughts on whether seeking gender balance and diversity is important for the risk management industry
Argo hires ex-QBE head for Asia role
Veronica Grigg joins the Lloyd’s team from QBE where she led teams across Europe, US, Latin America and Asia Pacific.
PARIMA chairman dubs AXA/XL Group merger 'big is beautiful'
Speaking exclusively with StrategicRISK, Franck Baron, risk manager of International SOS and chairman of PARIMA, says the merger is a sign that more M&A could be on the horizon
Average insurance prices in Australia jumped 8.2% in 2017
Average pricing decreased in Asia in Q4 2017; albeit at slower rates than what was observed in Q3
AXA agrees to buy XL Group
AXA says US$15bn (AU$19bn) deal will propel it to number one in global P&C commercial, subject to regulatory and shareholder approval
WTO chief issues trade risk warning
Comments echo WEF report which also warned risk managers that weakened political commitment to globalisation could cripple global supply chains and reduce economic activity
Miller continues APAC push with new hire
The broker has poached producer broker, Julian Coates, from rival Aon as it pushes forward with its plans to expand heavily into the region
Conduct risk catches eye of global regulators
Fewer than half of CROs surveyed by accountancy firm, Ernst and Young (EY) said their firm had a developed a clear risk conduct framework.
New Singapore risk centre promises to 'transform risk'
Deloitte to invest US$15m over three year period, in collaboration with the Singapore Economic Development Board
APAC businesses warned to expect huge fines for data breaches
From 25 May 2018, Australasian businesses of any size may need to comply with the GDPR if they have an establishment in the EU, if they offer goods and services in the EU, or if they monitor the behaviours of individuals in the EU.
Fewer than half of businesses are aware of NDB legislation
Today marks the beginning of strict data breach legislation in Australia but a recent survey has found only half of Australian businesses have a risk management strategy to deal with cybersecurity
Three lines of defence model now used in 95% of APAC insurers
Majority of CROs identified that the greatest challenge with the three-LoD model is delineating the roles between the first and second line
4 lessons risk managers can learn from banks
Bank RMs say it is time to wean business off people-dependent risk management
Singapore Cybersecurity Bill: are you prepared?
Beazley’s regional manager, financial lines, Nicholas Tey tells StrategicRISK why risk managers need to start preparing to implement this upcoming legislation now
Airmic welcomes ISO31000 update
The new version is shorter than its predecessor and has been updated to take into account changes to the way business works
Fraud risk halved in 2017 but professional fraud on the rise
60% of frauds committed against commercial businesses were perpetrated by ’insiders’ according to new KMPG report
New AIR hire aims to increase nat cat resilience in SE Asia
According to a recent report released by AIR, global economic losses from catastrophes average roughly US$345 billion annually, of which less than 20% are insured
Prioritise cyber as a business enabler
KPMG partner, security services, Gordon Archibald tells StrategicRISK why cybersecurity is less about risk elimination and more about achieving the right balance of security and innovation
XL Catlin hires Guy Carp head for China CEO role
Bermuda-based firm said the role will combine CEO and country manager duties
Top 7 cyber risks for Australia in 2018
Fresh from the KPMG Newsroom, partner, security services, Gordon Archibald tells risk managers what his Top 7 predictions for cybersecurity risks are in Australia in 2018
Geopolitical storms signal new norm for risk managers
Risk managers could be facing at least 5-10 years of geopolitical instability so it is time to adjust to this ’new norm’, says PARIMA chairman Franck Baron
IRM launches major push into Asia Pac with new appointment
IRM said it only has a handful of members in SE Asia but that the organisation is “keen to develop relationships in the region”.
Wake-up call: Spreadsheets remain top risk management tool
Survey findings deduced that spreadsheets (76%) are the most commonly used tool among all technologies, closely followed by risk assessment (52%)
Risk managers battling budget constraints for tech upgrades
Two-thirds of respondents in a new joint survey between PARIMA and Marsh shows that risk managers are facing significant obstacles when seeking to upgrade a firm’s technology and security
How do you regulate an unpredictable unknown?
Cryptocurrency is the screaming toddler currently barrelling through financial markets causing mischief and misadventure where it falls. It is unpredictable, largely unregulated and there is only a short history of data for risk managers to work with. The Institute of Risk Management’s (IRM) expert on the matter, Alex Larsen, ...
Senior hires signal Miller’s commitment to growth in Asia Pac
The broker has strengthened its Singapore team with hires in political and credit risks, as well as the P&C and energy
Asian firms ‘lack focus’ on cyber risk
The intangibility of the risk is also a pressure point for Asian risk managers who are facing a threat to their firms which is difficult to pinpoint
Australian companies still failing to heed data warnings
The countdown is on for the 22 February deadline for the Australia’s new Notifiable Data Breaches (NDB) scheme and firms are being warned they must comply or face huge penalties
Common claims pitfalls - how to minimise and overcome them
Willis Towers Watson, head of claims, Asia, Neil Thomas, shares his top tips with StrategicRISK on how risk managers can better manage a claims crisis
Insurance 'more affordable and available' in 2018, predicts WTW
According to Willis Towers Watson (WTW) figures, 2017 was a record-setting year for the ILS market as non-life ILS issuance continued to increase and ended the year close to $10 billion
Nitrogen boost decreases fire risk says new research
Oxygen reduction systems (ORS) stream nitrogen into the spaces, lowering the oxygen level to reduce fire risk, according to the research from commercial and industrial property insurer, FM Global
Top 5 things risk managers in Asia need to know right now
Geoffrey Lambrou, Aon chief executive officer, Specialty Broking & Operational Excellence, Asia speaks exclusively with Strategic Risk Asia-Pacific to highlight key takeaways for risk managers from Aon’s Asia Market Review 2018.
Last week to enter: StrategicRISK Awards
StrategicRISK’s Asia-Pacific Awards recognise the achievements of regional risk/insurance managers, their brokers, insurers and advisers. Enter free of charge by 3 February 2018.
Environment, cyber biggest flash points - WEF risk report
The risks around us are evolving faster than our reactions, the World Economic Forum warns
Business interruption tops Allianz risk ranking 2018
Cyber incidents and new technologies closely followed business interruption in the key markets of Japan, China and Australia
Cunningham Lindsey appoints Singapore CEO
David Seng will move to CEO whilst current CEO Robert Williams moves to Major and Complex regional role
Geo-political and cyber top risks in 2018
Risk managers are facing geo-political fragility that has the potential to trigger shockwaves to global stability and business confidence, says Control Risks
Brace yourselves: 2018 will be challenging
Insurers are likely to take a more aggressive approach to loss affected or catastrophe exposed risks, as well as risks that lack adequate risk controls
Leveraging the value of risk standards and guidelines
Risk Insight Consulting’s Gareth Byatt explains why managing complex risks requires robust frameworks and a mindset of thinking dynamically
Zurich snaps up all of ANZ's life business
The deal is set to make Zurich Australia’s leading retail life insurer.
Nowhere to hide from climate risk
Climate Action 100+ initiative, launched in Paris today, will target 100 global companies responsible for an estimated 15% of global emissions
Recalls rise sharply in Asia
New research from Allianz Global Corporate & Specialty (AGCS) shows Chinese products accounted for over three times as many recall cases in the US as US products in 2015
Allied World appoints country manager for Australia
Iain McLeod will be responsible for managing day-to-day operations
Antibacterial time bomb threatens to explode
New UN report warns unprecedented crisis of drug-resistant germs brewing in the natural environment
Human failings that can lead to disaster
More than 90% of all cyber security breaches stem from human error. So, are organisations doing enough to train and educate their staff?
A buoyant attitude
Saurabh Verma, senior vice president, chief insurance officer at Reliance Industries, tells us about spooky hotels, working in a goldmine, a wine-stained shirt, falling out of a canoe and wishing he could swim
Slow rollout for emerging tech – PARIMA survey
Emerging technology is a priority for risk management, but is being implemented slowly, according to a study from PARIMA, Marsh and the Asia Pacific Risk Centre
AGCS expands in China, Indonesia
The commercial lines arm of Allianz has moved to boost its insurance presence in Beijing and Jakarta
Australia bucks global rate decrease trend
Average rates also decreased in Asia in the third quarter but at less pronounced levels than observed in the previous quarter
Don't ignore human factor in cyber risk
Willis Towers Watson figures show 75% of US firms have a cyber policy but this figure is significantly lower in Asia
Swiss Re Corporate Solutions appoints South East Asia head
Didier Bélot will be leading the firm’s commercial insurance programmes
Low-cost, low-violence tech theft risk grows
Forged personal or corporate identities and forged bills are supported by social engineering or a data hack to increase their plausibility
When one is tired of London, StrategicRISK beckons
Our new StrategicRISK Asia Pacific editor, Lauren Gow, tells us why poet Samuel Johnson was wrong and how she wants you to get in touch
Crisis management and the digital age
Chris Twyford, director of security, Asia, Middle East and Africa (AMEA) at Mondelēz International, on managing a crisis in the internet era
Collaboration and Interaction are key says PARIMA chair
Higher levels of sophistication needed to link insurance to risk management functions
StrategicRISK Asia Pacific edition (Issue 17)
In latest edition of StrategicRISK we examine data security, explore the risks in high-tech production and meet Gordon Song - StrategicRISK’s Asia-Pacific Risk Manager of the Year.
Sector view: High-tech production
Asia’s high-tech production industry is huge, sophisticated and growing but carries a myriad of risks, from devastating earthquakes to highway robbery
Views from the Parima board
As the regional risk community gathers for PARIMA’s Singapore conference we asked the association’s board members to share their current concerns while looking ahead to 2018 and beyond
A short guide to entering StrategicRISK’s annual Asia-Pacific Awards
Everything you need to know to enter the 2018 Awards
Risk management and insurance at crossroads, says FERMA president
European Forum delegates told that “the risk manager can be not just a map reader, but a map maker” at corporations
Global cybercrime losses could hit $6 trillion
No end in sight for cybercrime threat as global connectivity fuels risk
Insurance innovation offering fresh risk remedies, Swiss Re claims
A shifting economy has moved the risk landscape, but new insurance products have the risk transfer answers
Sompo launches worldwide platform as global operations combine
Global clearance system to give common tone to worldwide business
Cyber risk forcing evolution of Singapore’s aviation industry
Cybersecurity threats among the drivers of emerging aviation jobs in Singapore
The rising risk of cyber-related class actions
Firms who fail to have adequate cyber insurance could find themselves in court as a result
Lloyd’s, PARIMA team-up for Sydney event
The Lloyd’s-PARIMA Professional Development Programme aimed at risk managers will take place later this month
Economic inequality, security concerns among APAC risk trends
Global Risks Report (GRR) unveils the six interrelated trends changing the face of Asia-Pacific
Rooms for improvement: hospitality standards under the risk microscope
A new hospitality risk assurance certification program seeking to benchmark hotels is coming to Asia
StrategicRISK Awards 2018
Sixteen categories up for grabs for risk managers, insurers, brokers and service providers
HDI Global SE names Singapore MD
German-based insurer replaces retiring boss with internal appointment
InsurTech earmarked as growth goldmine
Aon report examines key areas of potential growth for insurance industry
Australia's top risks 2017
Less traditional concerns are grabbing risk managers’ attention, our 2017 Australia risk management survey suggests
Estimates emerge for deadly Typhoon Hato’s economic impact
Economic impact projections range from HK$4.29bn to HK$8bn after Hong Kong’s worst storm in more than half a century
‘Everybody is a risk manager’: Risk shifts to executive domain
A study found that risk management programmes are increasingly being handed to senior management and business units. So what does it mean for risk managers?
‘The problem is that every morning some crazy thing has happened somewhere in the world’
In an exclusive interview with StrategicRISK, Control Risk’s CEO Richard Fenning examines geopolitical, regulation and technology risks in an ever changing and often baffling global environment
RIMS Risk Forum: Setting the agenda
Ahead of the RIMS Risk Forum, board members from the society’s Australasia chapter consider the changing risk landscape and the challenges that it presents to RIMS and the wider risk profession
Asia still behind other regions despite ‘waking up to cyber risk’
Misconceptions about the threat and magnitude of a cyber attack continues to hold back organisations
Economic losses from disasters plunge in 2017
Losses down to just US$44 billion in the first half of 2017, with US$23 billion worth covered by insurance
Energy crisis fuels economic uncertainty
The Australian energy market is going through a period of unprecedented technological change and there could be dire economic consequences in the pipeline
AIG witnesses 87% spike in enquiries due to WannaCry
Greater China region responds to jitters in the wake of the global cyber attack, but many firms are still underprepared.
Firms warned of potential risks as North Korean tensions rise
Asian firms urged to prepare for the implications of military attacks as uncertainty continues to grow around the actions of the hermit state.
Getting fit for crisis management
While risk professionals are great curators of crisis processes, sometimes they can overlook the psychology of challenging situations
Zurich Australia hires two risk managers in CRM push
The Australian additions lauded as ‘evidence of commitment’ by insurer
Workplace injury risk rife in healthcare industry
How a simple change in procedures could dramatically reduce injury risk for healthcare employees
GDPR: The regulation juggernaut Asia-Pacific is ignoring?
Could The General Data Protection Regulation (GDPR) land Asia-Pacific firms huge non-compliance fines.
What happens when risk managers lose creditability
Once credibility at a firm is lost, a risk manager’s role can become an arduous one to fulfil
RMIA appoints risk industry stalwart as CEO
Scott Ryrie will bring decades of pan-Asian experience in risk management to the top job
Hong Kong gets exclusive typhoon warning insurance
Swiss Re Corporate Solutions seeks to cover business losses for Hong Kong firms after forced shutdowns in the wake of a typhoon warning.
Cybersecurity Bill released for public consultation in Singapore
As a nation with one of the highest levels of digital connectivity in the world, the Bill aims to minimise the risks of cyber threats
Arthur J Gallagher appoints CEO for Australia
Sarah Lyons will now lead approximately 900 employees throughout the country.
Risk managers outline fresh cyber risk approach
A major European risk management association calls for the creation of cyber risk governance groups, chaired by the risk manager.
China gathers for regional risk rendezvous
Corporate risk managers in China came together for localised knowledge at the PARIMA Shanghai Conference 2017
What PARIMA’s Australian launch means for risk managers
Ahead of the soft launch of the risk management association in Australia, StrategicRISK sits down with a PARIMA board member to learn what the expansion means.
Women in Risk community launches with bold aims
A new Women in Risk initiative in New Zealand has outlined its aims after a successful opening event in June
How should companies prepare for an 'inevitable' product recall?
Recall and crisis consultant Steve Hather outlines his top tips
What does a product recall actually cost?
Swiss Re Corporate Solutions senior underwriter Manzhi Zheng says the price tag can quickly escalate during a product recall event. In this article, she outlines the factors that will have an impact
Special report: Chinese construction risks
High hopes are on China’s growing construction sector to help stimulate the country’s economy. But companies must make sure they’re adequately covered or they will nd themselves in strife.
Securing cyber resilience, SWAT commander-style
By Gordon Song, group risk and internal audit head, Lazada Group
Getting ethics right as a risk manager
Risk managers regularly face ethical decisions unique to their role and finding the right answers can be challenging
Taking control of a nat cat crisis
Mike Campbell-Pitt, managing director of Crawford Hong Kong, offers a loss adjuster’s view of crisis management and business continuity after a nat cat
All set for whatever nature has planned
With natural catastrophes mauling Asia for another year and insurance payouts falling short again, a collective effort is needed to solve the crisis
Is ISO 31000 now obsolete?
Advanced complexity and severe unpredictability pose an existential threat to the global standard, writes Warren Black, HDR candidate at Australia’s Queensland University of Technology
When logic should trump emotion
What with Brexit, ‘The Donald’ and events closer to home, political risk looms large. At times like this, a scientific approach shows the real value of risk management, writes Asia-Pacific editor Jessica Reid
The three major terrorism trends to watch for in 2017
IHS Markit says October had a record number of terrorist attacks
AXA's plans for Asia-Pacific in Ambition 2020
The insurer’s regional chief executive, Etienne Champion, tells StrategicRISK about their growth strategy and the new One AXA Asia initiative
Seas around The Philippines the most pirated in the world
Kidnappings by pirates globally is on the rise
What Trump’s election means for Asia
US president-elect Donald Trump’s campaign rhetoric on Asia tackled taboo subjects and hinted at major departures from fundamental policies and principles. Jason Rance, senior partner, Australia Pacific at Control Risks, gives his take on what the new US president could mean for the region
Asia to drive insurance growth in 2017/18
Region predicted to grow by 8% in 2017 and 9% in 2018
ISO 22316 final draft to be released before year’s end
Global survey finds that most senior executives agree with the guideline’s core principles
Cost of supply chain disruptions on the rise - report
Lack of adequate supply chain visibility is likely a reason for the increase in disruptions
How the Galaxy Note 7 recall could improve Samsung’s reputation
A well-managed product recall can leave consumers feeling more positive about the brand
President Trump: A leap into the unknown
StrategicRISK editor-in-chief Mike Jones considers how the US election result will change the global risk landscape
Cyber-attacks could cost Australian economy $16bn
Lloyd’s has seen the amount of cyber insurance purchased in Australia increase 168-fold in the past two years
Risk and corporate governance in China
As GlaxoSmithKline and Caterpillar discovered, a failure to appreciate the downsides of Chinese business culture could cost you hundreds of millions. By Joshua Bateman CFA, CAIA, based in Greater China.
Check into a career with prospects
Parima China board member Keith Xia tells StrategicRISK about the country’s growing contingent of risk managers and his role as InterContinental Hotels Group head of risk for Greater China
Future healthcare risks and their remedies
We are staring at a decade of rapid healthcare development and innovation. What risks will these achievements create and how can risk managers mitigate them?
Executive detentions on the rise in China
Control Risks says cases are linked to restructures and workforce cuts
Exclusive: Parima appoints three new board members
Risk management association formalises entry in to Australia by appointing the country’s first board member
The way to manage a crisis
Vince Shiers, managing director of consultancy RQA Group, on the role of risk managers in a crisis
Modelling an approach to manage infectious disease risk
The spread of infectious diseases considered among the global risks of highest concern for doing business. By Dr Francesca Viliani, public health expert, International SOS.
Diversity isn’t just the right thing to do – it’s about managing risk
Off the back of the Lloyd’s Dive In Festival, Lloyd’s Australia general representative Chris Mackinnon reflects on diversity and inclusion in the workplace
‘Hong Kong is a very important step’ in Swiss Re’s evolution
Swiss Re Corporate Solutions APAC boss discusses the group’s new license
Mitigating medicine’s (alleged) costly slip-ups
As the medical negligence landscape shifts, we look at the impact on hospitals and how risk managers can mitigate the dangers
Risk managers ‘least involved’ during infrastructure planning
Calls for greater involvement during whole project
Infrastructure projects face major gaps in risk training
Survey finds that four in five risk managers are faced with the issue
Special report: Product recall risks
Recalling a product is a potentially crippling step – and the digital revolution has made it even riskier than ever
How the president plans to make China great again
Xi Jinping’s hugely ambitious One Belt One Road initiative aims to emulate the economic glory days of the ancient Silk Road. Many observers are convinced it will fail. Has he bitten off more than he can chew?
Swiss Re Corporate Solutions appoints new boss for Southeast Asia
Heavyweight moves from Zurich
Yahoo cyber attack ‘largest data breach to date’
500 million users’ data including names, addresses and passwords have been stolen in Yahoo cyber attack
XL Catlin appoints new country manager for Hong Kong
Kin Lau moves to Lloyd’s after nine years with the insurer
Study estimates 100,000 premature deaths from Indonesian haze
Last year’s haze was the worst in almost two decades
Tianjin explosion: lessons learned
Just over one year has passed since the devastating Tianjin blasts in China. So what has the insurance industry learned from the event?
How risk management can help reduce infrastructure overruns
Time and budget blow-outs can be mitigated by proper risk management, according to StrategicRISK survey
RMIA launches CRO certification
Certification available for ‘top of the crop’ risk managers
Willis Towers Watson Australasia boss moves to JLT
Andrew Boal announced as new regional head
Blockchain could make insurers redundant
The new technology can be used to automate insurance solutions and bypass third parties
Lloyd’s and PARIMA host first professional development programme
Singapore event draws risk managers from around Asia-Pacific
RIMS opens applications for new online certification exam
The RIMS-Certified Risk Management Professional certification is available to prequalified practioners
Singapore’s Zika cases sparks concerns of Asian outbreak
Study estimates that 2.6 billion could be at risk
Women in Reinsurance ‘WiRE’ launched in Singapore
New convenor is from IAG Re Singapore
New insurance festival launched to celebrate diversity and inclusion
Lloyd’s creates global festival following a successful London Market event last year
Poor planning is a bigger risk than Brexit
The biggest post-Brexit risk is failing to plan for the future, says Rita Trehan, former CHRO at Honeywell and AES Corporation
Autonomy on four wheels
Carsten Krieglstein, head of liability at Allianz Global Corporate & Specialty Central & Eastern Europe, explains that automated cars give rise to a host of legal questions which insurers have no option but to deal with
StrategicRISK launches new Asia-Pacific Awards
Inaugural awards are now open for entries
Companies don’t peer too far into the future
Emerging risks are a vital issue, but few risk professionals are expected to look more than three or four years ahead
RIMS Australasia: A society that’s young at heart
With a new president and two fresh faces on the board, RIMS Australasia plans to introduce more events and target the emerging generation of risk professionals
Asia Risk Report 2015
Asia Risk Report is StrategicRISK’s second annual risk management study, featuring exclusive data insights, industry opinions and analysis