Aborted Aon WTW deal a “victory for competition”

Insurance buyers stand to benefit from greater choice as regulators lose appetite for monopolistic tie-ups - Brokerslink

Commercial insurance rates rise 15% in Q2

It is the 15th consecutive quarter of rate increases in the global commercial insurance market, finds Marsh

Aon: Nat cat losses reach $93 billion in 1H

Fatalities due to temperature extremes were the deadliest type of disaster during the first six months of 2021

Wildfire costs grow for solar sector

Insufficient fire risk management and record high temperatures will increase the likelihood of fires spreading out of control

Parametric quake cover launches for Japan corporates

Seismographs are installed directly at a client’s premises to provide a faster claims pay-out process

Insurers must meet buyers’ changing needs

Only 54% of insurance buyers say their cover is addressing their business challenges very well, finds Beazley

RIMS rethinks ERM in an era of disruption

While controls are useful, risk leaders must focus on the impact of shocks at a business model level

Cyber tops financial services risk register

Cyber attacks, pandemics and over regulation are among the biggest fears for CEOs at banks and insurers - PwC

Let Colonial Pipeline fuel our fight back

Take ransomware seriously, and find your weak spots now – before the hackers do

COVID-19 forced firms to ‘cut corners’

Under mounting pressure to increase revenue and profits, 65% of organisations admitted taking due diligence shortcuts

‘Colossal’ ransomware attack hits 200 firms

Attack on Miami-based IT supplier Kaseya was timed to coincide with the 4th of July celebrations

International SOS highlights ‘gaps’ in crisis management

Too many firms were unprepared for the global pandemic due to delayed response time and lack of clear roles

Power sector faces up to transition risks

As insurance capacity shrinks, power companies across Asia need to adopt cleaner fossil fuels, warns WTW

StrategicRISK Q2 2021: Stronger together

We all learned a lot in the past year. Now it’s time to take that into the latest redesign of work life.

Indonesia Asia’s most complex country for business

Hong Kong is the second most simple jurisdiction in which to conduct business, finds TMF Group

Climate warning for cotton industry - study

One third of India’s cotton growing regions face severe climate risks by 2040 if carbon emissions continue to soar

Cyber attack volumes grow for APAC firms

89% and 82% of Australian and Singaporean cybersecurity professionals said attacks increased due to remote working

Lessons from the vaccine supply chain

By Sara Benwell

How risk managers can learn vital lessons in resilience from the global vaccine effort

Study reveals the true cost of ransomware

84% of firms are hit again after submitting to ransom demands; with data corrupted during the recovery for 43%

BoE launches climate stress test for banks, insurers

It will provide central banks and supervisors globally with a common starting point for analysing climate risks under different scenarios

2021 to bring “very active” cyclone season

The number of forecast tropical cyclone landfalls across East Asia varies significantly, with below-normal figures forecast for Japan and Korea

Child labour an emerging supply chain risk

Organisations are urged to take action to root out child labour within their supply chains as numbers grow to 160 million worldwide

IoT is a supply chain risk “game-changer”

Aon’s vaccine insurance solution demonstrates the technology’s potential in the insurance market, says GlobalData

Steps towards cyber resilience

Three proven strategies business leaders can deploy to accelerate cyber transformation

Corruption, oil intensity see China fall in resilience rankings

Climate risk is an increasingly important factor for companies and leaders making strategic decisions - FM Global

Climate: Tide turns on energy firms

By Helen Yates

After Shell and ExxonMobil, why climate change in major emerging markets could be next legal battleground for energy firms

Power outages hit QLD after fire

An explosion at a Queensland coal-fired power station has led to a widespread power outage, from northern New South Wales to Cairns

Sedgwick predicts post-pandemic recall surge

Product recall events are on the rise despite ongoing operational challenges experienced by global car and OEMs

Just 4.5% of Asia cat losses insured in 2020

Economic losses due to natural catastrophes in the region reached $67 billion last year, indicating a huge gap and growth opportunity for re/insurers

After COVID, firms will face transformative change

COVID-crisis will lead to a new period of rapid, transformative growth and prosperity, predicts Studio 44

AXA’s Asian operations hit by ransomware attack

By Helen Yates

It comes a week after AXA said it would be dropping extortion payments when underwriting cyber-insurance policies in France

Time to pull together

By Helen Yates

Argo Group’s Adam Seager on the challenges of maintaining corporate cohesion in a more virtual working environment

Colonial Pipeline attack exposes ransomware “pandemic”

By Helen Yates

CISA urges organisations to take action to strengthen cyber security following US critical infrastructure attack

FM Global releases earthquake map

In China, a hazard model jointly developed by FM Global and the China Earthquake Administration is used

Cyber tops risk concerns for financial firms

Analysis of $1 billion of insurance industry claims show cyber incidents, including crime, is the top cause of loss - AGCS

Physical climate risk to test limits of diversification - Fitch

Companies with strong internal coordination and contingency planning will be better placed to respond to climate shocks

WTW launches climate transition risk framework

New tool will assess companies’ transition plans to a low-carbon economy and ensure firms can continue to access insurance

Australian government launches cat risk pool

The $10 billion reinsurance pool will subsidise the cost of insurance coverage for cyclones and related flood damage

Lessons in risk from the Boeing 737 MAX disasters

Myriad failures that contributed to the 737 MAX crashes revealed “systemic shortcomings” in Boeing’s ability to manage risk - Arthur D Little

Environmental risks a growing credit driver for Chinese insurers

Insurers’ have a rising exposure to climate-related disasters and decarbonisation policies warns Moody’s

The road to future-proofing your supply chain

As companies look to pivot from the pandemic, their focus of attention is turning towards building sustainability in supply chains

Asian corporates gain climate risk tool

Swiss Re CorSo risk framework helps firms assess physical climate exposure; Many climate ‘hotspots’ are located in Asia Pacific

Global climate stress test launches on Earth Day 2021

China could lose nearly 24% of its GDP in a severe scenario; Malaysia, Thailand, India, the Philippines and Indonesia lack resilience - Swiss Re Institute

Australia/Singapore amongst hardest hit by insolvencies

Global corporate bankruptcies are forecast to increase by 26% in 2021 as fiscal support is gradually phased out

Cyber: Critical industries bombarded during pandemic

As firms scaled-up cloud computing during lockdown, they did not always scale up their security processes at the same rate

Trans-Tasman travel risks remain

Australia and New Zealand’s agreement on quarantine-free travel marks a new chapter for the two antipodean nations, but risks for travellers remain

IoT used in vaccine insurance solution

Insurance industry initiative, led by Aon, offers supply chain protection for COVID-19 vaccine shipments

Unpicking the Greensill collapse

Did fintech superstardom enable the Greensill collapse and could it have been prevented?

Suez backlog presents further disruption

Cargo accumulations are expected at ports and terminals, presenting security risks and straining yard capacities

Energy sector undergoes rapid transformation

WTW report highlights the importance of using risk quantifications and analytics to conduct energy transition initiatives

Trans-Tasman travel bubble to open

Further COVID-19-related travel disruption, such as government-enforced lockdowns, may not be covered by insurance

NZ gains parametric ‘bounce-back’ cover

Lloyd’s and Kiwi start-up Bounce launches New Zealand parametric earthquake insurance which pays claims within five days

Protecting revenue volatility from extreme weather

Parametric insurance solutions are a valuable form of transfer to manage climate and other natural disaster risks, explain Marc Paasch and Richard Zhang

StrategicRISK Q1 2021: A slice of the pie

Like so many of us, capitalism kicked off 2021 with something of an existential crisis. Is it time to call time on short-termism?

Liability risk: Adapting to survive

By Helen Yates

The past year has forced businesses to become more agile and pivot quickly in order to survive. But when business models change, so do risk profiles

High Court to hear insurance appeal

The High Court will hear appeal arguments over the NSW Court of Appeal’s judgment in the first BI test case

The art of the con

Cyber security strategist Eddie Doyle explains how social engineering attacks prey on individuals’ vulnerabilities

Suez Canal blocked by container ship

It has the potential to create more than $40 billion dollars of trade disruption, with implications for retail and automotive sectors among others

Power and utilities gain dedicated cyber cover

Product includes cover for property damage and fines and defence costs arising from regulatory actions, including GDPR

Boards have “fragmented” approach to cyber risk - WEF

Boards have made gains in recent years by recognising cyber as an enterprise risk, but greater resilience is needed

RMS launches climate change models

Growing frequency of extreme weather catastrophes alongside regulatory, ESG and climate reporting requirements is driving demand for analytics

Fitch: Insurers are “green economy enablers”

The ability to channel investment into sustainable projects is viewed as a sizeable growth opportunity for the insurance sector

Baron: Time to challenge insurers

By Helen Yates

Parima chairman Franck Baron says most APAC corporates are retaining more risk as the insurance market hardens

Indonesia, Philippines and Thailand gain exposure database

PERILS will provide market-wide property sums insured exposed to earthquake, tropical cyclone (typhoon) and flood

Pandemic and debt to fuel political instability

Political upheaval and unrest in emerging markets will define the next two years, predicts Verisk Maplecroft

Remembering Tohoku ten years on

Even though disasters will always be unexpected, business continuity planning has benefits both before and after they occur, finds the World Bank

Bringing more women on board

Suzanne Sangiovese shares her thoughts on women’s risk leadership opportunities on International Women’s Day

Greensill crisis threatens steel supply chain

By Helen Yates

Greensill Capital is the main source of supply chain finance for steel tycoon Sanjeev Gupta

Asian insurance buyers adapt to hard market

Insureds are exploring alternatives and trade-offs - such as increasing deductibles - to offset proposed premium increases, finds Aon

US vs China among geopolitical flashpoints

Should relations deteriorate it could trigger an aggressive tit-for-tat policy response, with significant implications for global markets and corporates

Australian court to hear second BI case

It follows an initial test case heard in the NSW Court of Appeal last year regarding the application of the Quarantine Act exclusion to business interruption policies

ESG drives better financial performance - study

Sustainability initiatives drives better financial performance due to improved risk management and more innovation

WTW and Liberty partner to provide reputation cover

The solution is available globally and initially to clients in the leisure & hospitality, manufacturing, retail and transportation sectors

Supply chains: Striking the right balance

By Helen Yates

Supply chains must balance efficiency and resilience, according to participants at a StrategicRISK Virtual Roundtable

Human factor dominates data breach notifications

Data breaches attributed to human error continue to increase according to the Office of the Australian Information Commissioner

IRM sets out risk agenda for 2021

The APAC region “is at the forefront of dealing with climate change and all other aspects of sustainability”

Lloyd’s launches systemic risk initiative

The COVID-19 pandemic has highlighted gaps in the knowledge, understanding, and mitigation of systemic and black swan risks

Perth Hills bushfires declared a catastrophe

Bushfires in the north-east Perth Hills region have so far destroyed 81 homes, with insurers receiving over 270 claims worth $40m

Commercial insurance rates rise 22% in Q4 2020

Nearly all regions reported double-digit price increases, led by the UK (44%), Pacific (35%), and the US (17%)

In support of a green economy

Europe and Asia suffer from some of the most severe fossil-fuel-company insured losses in the world, according to PCS data

Mental health: The next crisis

By Helen Yates

Tackling mental health is not just the right thing to do, but an essential exercise in risk management, according to International SOS’ Dr Rodrigo Rodriguez-Fernandez.

Australia joins climate coalition

Worsening natural disasters across Australia illustrate the threat of asset damage and operational disruption arising from physical climate risks

Nat cat losses cost $268 billion in 2020

Just 36% of the losses were covered by insurance, creating a protection gap of 64%, according to Aon

72% of risk managers responsible for reputation

As a largely uninsurable risk, risk professionals are seeking metrics to better measure, monitor and manage reputational risk

Climate change transforms renewable risk landscape

Asia to take the lead in the clean energy transition with some key challenges for risk managers

WEF: Why investment in resilience pays off

By Helen Yates

“It is always cheaper to build a dam than to pay for the flood” - WEF Global Risks 2021

US braces for Inauguration Day violence

By Helen Yates

The FBI warns of violence ahead of Joe Biden’s Presidential inauguration, but heightened security may defer the risk

Service to measure cyber ‘human error’ risk

The Workforce Cyber Culture Assessment assesses people risk and the impact of business culture in a cyber context

COVID-19 tops travel risks for 2021

Violent crime, political instability, severe natural disasters and social unrest are among the other threats to businesses and their staff

‘Black summer’ bushfires cost insurers $2 billion

Insurance losses during the New Year peak period were most severe in New South Wales, which accounted for 71% of the industry loss

D&Os face rise in insolvency claims

Corporate bankruptcies will be a strong driver of D&O risk in 2021 in Singapore and Australia, predicts Clyde & Co

Preparing for the next wave

Climate change is so big that we do not even see it as a wave that may “break” and cause havoc for us

Sunburst hack highlights supply chain risks

By Helen Yates

The SolarWinds Orion ‘backdoor’ hack has affected numerous global organisations, including the US government - FireEye

AGCS: Directors face volatile risk landscape

COVID-19-related insolvencies and ’event-driven’ litigation linked to diversity, climate change and/or ESG concerns are exposing D&Os

COVID-19: Aon study charts the great reset

Companies prioritise operational resilience and staff wellbeing as they adapt to the crisis and look ahead to the future

Supply chains: Building climate risk resilience

Supply chains are particularly vulnerable to climate risk, as many global production systems are focused on ensuring efficiency over resiliency

Terrorism: West Africa a new hotspot

Increased instances of human rights violations by security forces pose a major reputational risk for some firms

SMEs are ‘most vulnerable’ to cyber attack

Cyber criminals consider SMEs a ‘sweet spot’ due to their lack of security controls and poor cyber hygiene

Australian flood: Proactive action needed

Geneva Association calls for more resources to mitigate flood damage and greater collaboration between public and private sectors

Australia BI test case “raises more questions than answers”

The question of pandemic business interruption coverage will remain a significant source of uncertainty for Australian insurers - AM Best

Special report: Sustainability Risk

Our virtual roundtable met to compare notes on sustainability risk coming out of the pandemic.

2021 to bring ecopolitical turbulence

Employers will need to go through an evolution in their Duty of Care provisions, just as they did post 9/11

NSW Court of Appeal rules against insurers

The Insurance Council of Australia is considering whether to appeal the pandemic business interruption test case decision

Counting down to a vaccine

There are positive signs that a Covid-19 vaccine is close. How should risk managers ensure the health and safety of returning staff?

China risks rise for Australian companies

Amid rising trade tensions between China and Australia, political risks are growing for companies Down Under

Nat cat loss tally rises in October

Total combined economic losses from heavy seasonal rainfall across India are estimated at $4 billion

Hard market: “Start renewals early”

Risk managers should start their renewal process early and manage their expectations, advises FM Global

Vietnam flood model launches

Fully probabilistic model provides countrywide coverage and enables insurers to assess their exposure to floods, which affect 70% of the country’s population

Global insurance pricing up 20% in Q3

All regions, except Latin America (9%), reported double-digit pricing increases, led by the UK (34%), Pacific (33%), and the US (18%) - Marsh

Parima: Risk managers will have a stronger voice post COVID

In an interview with Parima, David Jacob, CEO of Marsh Asia, said the spotlight would remain on risk managers moving into 2021

Singapore work injury laws: what you need to know

Major changes to Singapore’s work injury compensation laws are set to come into effect, increasing liability for employers. Here’s what you need to know

Queensland’s Halloween hailstorms declared a catastrophe

The hailstorms struck south-east Queensland late on the 31st October causing significant damage to vehicles and property

Northern Philippines braces for Typhoon Goni

Goni will take a similar path as of Tropical Storm Quinta (Molave), increasing the vulnerability of people affected

Accenture and MIT create supply chain resilience stress test

The new standard will assess a global supply chain’s ability to mitigate the impact of disruptive events

Reducing temperature-controlled cargo losses

Why temperature-controlled incidents are such a common cause of marine cargo claims and how to avoid them

Restoring mangroves to build coastal resilience

Globally, mangroves reduce flood damages by $65 billion every year; insurance solutions are critical to post-storm restoration

BoE: Climate disclosures will become mandatory

Setting out pathways to mandatory TCFD disclosures should be a “priority” for public authorities, according to the Bank of England

APRA calls for urgent disaster risk funding

Executive board member Geoff Summerhayes warns of the “high, rising and volatile costs” of natural disasters

China flood losses up to $32 billion

Total combined economic losses of seasonal monsoon flooding in China are likely to exceed CNY220 billion ($32 billion)

Reputational crises put directors at risk

ESG pledges, unmet, will leave stakeholders disappointed and pose the greatest enterprise risks of all, warns Nir Kossovsky and Denise Williamee

Firms must build more resilient workforces

COVID-19 has created a new urgency to protect working people, with compulsory unemployment insurance a much-needed safety net - research

How COVID-19 is reshaping the risk landscape

The pandemic will shape future loss trends with changes to working environments, travelling habits and supply chain networks, predicts AGCS

Climate change analytics tool launched

Data suite from JBA will help global financial services firms plan for their future and understand possible flood risk under different climate scenarios

Pandemic eclipses climate change - Future Risks

Climate change remained the number one risk in Europe but fell to third place in Asia and America

Singapore underwriters tackle intangible risks

Marsh has seen a 30% increase in the take up of cyber insurance across Asia annually

Indonesian flood model launches

Model provides a detailed assessment of the flood risk countrywide, including the industrial estates in flood-prone West Java

ARPC study reveals cyber terrorism protection gap

The research considered the practicalities of extending insurance coverage to include cyber terrorism in Australia

D&I plays “crucial role” in business resilience - survey

Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In

StrategicRISK Q3 2020: A more mindful business

As lockdown restrictions lift, organisations must carefully manage the safety, mental health and wellbeing of their staff. It’s the right thing to do, and it’s good for business.

Fighting cancel culture

By Helen Yates

Before you can manage and mitigate risks to you brand and reputation, you first need to be able to measure it

Climate change and ESG transforming mining risk

Mining companies must incorporate ESG, above all climate change into their risk mitigation strategies in order to survive in the future - WTW

Southeast Asia to benefit from supply chain diversification

Global supply chains are undergoing fundamental and accelerated restructuring, the latest Swiss Re Institute sigma study

Purposeful resilience

How can we ensure that a desire to ‘be resilient and purposeful’ results in practical actions that add sustainable value for people, society and the planet? asks Gareth Byatt

DAY FOUR: 3. Global Sustainability

The Covid-19 pandemic has demonstrated how profoundly a risk can have impacts that stretch across society and the economy. But as we recover it’s vital we keep our eyes on the horizon and “redouble” our efforts to mitigate the far greater risk posed by climate change.

DAY FOUR: 1. The global insurance market & COVID19

Insurance premiums will keep rising: Chubb

DAY THREE: 2. Focus on mental health: Willis Towers Watson

Organisations should focus on prevention and early detection of mental health and wellbeing risks in the workforce, according to Adam Hall, talent and reward leader for Willis Towers Watson Australasia.

DAY TWO: 2. Influencing the unseen

How can you manage the risks associated with having staff online and engaging with social media? 

DAY ONE: 3. Shining a light on the unseen – managing supply

The “full steam ahead”charge to the cloud during the Covid-19 pandemic has highlighted the challenges risk managers now face when trying to manage complex supply chains and rapidly-developing cyber risk.

DAY ONE: 1. Disrupting the disruptors

Disruption from Covid-19 will create opportunities for organisations navigating the new normal, according to Laura Langone, RIMS President, and head of insurance operations at Airbnb.

Navigating the harsh market

By Matt Ford

A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before

Pandemic BI test case heads to NSW Court of Appeal

Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies

South Korea braces for second major typhoon

Supertyphoon Haishen is currently on track to make landfall as a category 4 storm, with windspeeds of up to 156 mph

Putting people first

As lockdown restrictions lift, organisations must carefully manage the risks associated with encouraging staff back to work, including their safety, mental health and wellbeing

Modern slavery risks surge in Asia manufacturing hubs

The risk is set to intensify further as the economic fallout from COVID-19 takes full hold, warns Verisk Maplecroft

Hurricane Laura claims up to $8 billion

Cat modelling firms peg insurance losses from the Category 4 storm at between $4 billion and $8.7 billion

Data leaks surge almost 500% during pandemic

12 billion records were exposed in the first half of 2020. More than the total number of records leaked during the whole of 2019

The new risk horizon

Risk management is undergoing a significant change and complacency is not an option, argues Hans Læssøe

COVID-19: Political and economic outlook deteriorates

In Asia-Pacific, almost two-thirds (64%) of countries experienced an increase in their country economic risk rating

ICA launches BI test case in NSW Supreme Court

Outcome will be used to determine complaints arising from COVID-19 related business interruption claims

Asian economies contract post COVID-19

Trade credit insurer Atradius has analysed the impact of the coronavirus pandemic on five Asian markets - India, Japan, Indonesia, Thailand and Vietnam - revealing economic contraction, sharp swings in export rates and a rise in business insolvencies.

APAC commercial insurance pricing up 31% in Q2

COVID-19 related losses among the factors driving up insurance pricing - Marsh

Research predicts dramatic increase in wildfire risk

By 2030-2040 climate change will prolong wildfire seasons, adding up to three months of days with high wildfire potential in Western Australia

Beirut port disaster loss to impact global insurers

Observers are drawing comparisons with the 2015 explosion in the Chinese port of Tianjin, which highlighted accumulation exposures in ports - AM Best

Hard market to prompt captive growth

By Helen Yates

Firming commercial insurance prices and impacts from COVID-19 could present opportunities for the captive insurance segment - AM Best

Australian insurers adapt to intangibles

Items like data, content, software code, brands, confidential information, inventions, industrial know-how, and design rights are integral to corporates

COVID-19 litigation tracker identifies vulnerable industries

217 complaints have been filed in the US with 55% involving cruise ship passengers and nursing home residents and staff

Due diligence the key for third-party risks

Research from Refinitiv reveals 43% of third-party relationships are not subject to any form of due diligence checks

Nat cats cost global economy $75 billion in 1H 2020

Cyclone Amphan, which killed 133 people in India in May, was the costliest economic event of 1H 2020

COVID-19: APAC firms prioritise healthcare and wellbeing

Half of organisations have taken actions such as hiring freezes, furloughs, and workforce reduction to reduce costs

Using risk appetite to support decision-making: Gordon

In the last of our #changingrisk series, Sarah Gordon warns against vanilla risk appetite statements

Australian hailstorms claims reach A$1.8 billion

The largest impact was experienced in Canberra which suffered from hailstones up to 6cm in size

COVID-19: Three quarters have experienced supply chain disruption

By Helen Yates

Two-thirds of organisations plan to source goods more locally post-pandemic, reducing reliance on the Far East - BCI report

Measuring risk culture: Greenstein

Companies are investing heavily in GRC tools, but often lack the ability to measure risk behaviour and culture, says Justin Greenstein

Asia counts cost of June floods - Aon

Total combined economic losses from flooding across the greater Yangtze River Basin in China in June is expected to reach $5.1 billion

Cost of third-party incident up to $1 billion - Deloitte

Losses associated with supply chain failure, data privacy breach or disruption to IT services have at least doubled in the last five years

Special report: Climate change

By Helen Yates

Climate change is a truly global risk. Why risk managers need to consider the physical, reputational and transition risks arising from climate change.

Why firms must focus on staff well-being

By Matt Ford

Risk managers and HR need to collaborate to ensure employees are supported in a post-pandemic world - Mercer

Staff safety takes priority in post-lockdown Australasia

As Australians and New Zealanders return to offices, mass gatherings, daily commutes and open shops, what are the biggest risks facing organisations in the region?

Cyber threats grow in Singapore

Cybercrime cases now accounting for more than a quarter of overall crime in Singapore - EverEdge

Refinitiv survey exposes lack of supply chain transparency

COVID-19 is set to have a substantial impact on the risk landscape, particularly in terms of supply chain and third-party risk

Study predicts near-normal tropical cyclone activity

Above-average numbers are however anticipated for the Philippines in the first part of 2020, as ENSO neutral conditions continue

The importance of measuring the ‘resilience dividend’

Zurich shares new risk management lessons from disaster events to help businesses become more resilient

Tunstall turns to technology

Risk professional Steve Tunstall believes technology will be at the heart of risk management’s future

APAC companies unprepared for climate risks - survey

More than half of APAC’s top CEOs and CFOs say their companies are underprepared for climate-related financial risks, finds FM Global

Corruption to increase post-COVID

Disruption to traditional working patterns and an increase in remote working is the top risk to the ethical conduct - EY

Phishing attacks ‘soared’ during lockdown

Beazley has reported a 25% spike in ransomware attacks in the first quarter of 2020 versus Q4 2019

Growth of electric cars brings host of new risks

More complex and costly repairs; new fire and cyber threats and potential recalls are among the new exposures - AGCS

Climate change survey: Have your say

Has COVID-19 distracted your business from climate change? Take part in our short survey

Gradual lockdown easing better for supply chains - study

A gradual easing of restrictions would be “less disruptive” for the global supply chain, finds peer-reviewed study by UCL and Tsinghua University

Striking the right balance

By Helen Yates

As economies restart after the COVID-crisis, there is an opportunity to embed sustainability into the recovery, argues Zurich’s John Scott

Australian nat cat claims surpass $5.19 billion

Nearly of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers - ICA

Australian government clamps down on class actions

By Helen Yates

COVID-crisis prompts decision to suspend the continuous disclosure provisions of the Corporations Act for six months

COVID-19: The global risk response - IRM

”Why don’t our risk management frameworks [enable] immediate actions rather than leaving the actions for the decision makers?” - Sonjai Kumar

WEF launches COVID-19 Risks Outlook

Economic distress and social discontent will rise unless world leaders, businesses and policymakers work together to manage pandemic fallout

Covid-19 raises pandemic protection gap questions

The answers are likely to lie at government level, with insurance risk pools one option for future pandemics

Philippines flood model launched

The combined impacts of climate change and rapid urbanisation are aggravating flood risk in the Philippines - Guy Carpenter

ICA explores insurance solutions for future pandemics

An Australian pandemic risk insurance pool is one option being mooted by the Insurance Council

JBA rolls out global flood model

Estimates almost 50% of global flood losses can be found in just eight countries in Asia

COVID-19 biggest shock to the global energy system since WWII

”Energy industry that emerges from this crisis will be significantly different from the one that came before” - IEA

COVID-19: Firms to invest more in BCP

96% of Singapore businesses to invest more in technology to support remote working and business continuity planning

Time to get creative about third-party cyber risk

As use of conferencing technologies grows during the lockdown, organisations should step up attention to their vendor cyber risks - RSA Archer and RiskRecon

Use digital transformation to your advantage: Corless

Digital transformation should be used to “reliably and repeatedly detect changes to risk”, argues risk thought leader Chris Corless

WTW launches cyber marine cover

Product includes business interruption cover in the event of a cyber incident that disrupts operations

COVID-19 will “enhance protectionism” - Control Risks

By Helen Yates

Companies will be pressured to ‘onshore’ their supply chains, predicts Charles Hecker

Data can engage C-Suite: Wong

Risk managers can harness data to their advantage to engage C-Suite members on important issues, according to Danny Wong.

Use alternatives to heat maps: Sidorenko

Risk managers should use alternatives to heat maps to inform decision-making, according to Risk Academy’s Alex Sidorenko.

Spotlight on business interruption insurance

The COVID-19 outbreak has laid bare the limitations of business interruption insurance, with companies across the globe discovering gaps in coverage

China’s RTW covers potentially flawed - Fitch

The return-to-work BI policies are aimed at supporting the resumption of production and work within the Chinese economy

Late notices are “missed opportunities” - Allied World

Delayed claim reporting can cost both carrier and insured hundreds of thousands of dollars in defence costs

COVID-19 and climate change to transform energy sector

Energy firms must incorporate ESG standards and climate change into their risk mitigation strategies  - Willis Towers Watson

Risk manager is suddenly a hot job - Bloomberg Businessweek

The pandemic has catapulted the field into prominence almost overnight and boards “want a chief risk officer on speed dial”

EY: Surge in cyber attacks poses data loss risk

By Helen Yates

As the COVID-19 pandemic sweeps the world, cyber attacks and the risk of critical data loss are on the rise

How climate change is shaping risk management

The Covid-19 crisis has dominated the global agenda in 2020, but climate change risk is the long-term issue that is impossible to ignore

Climate change “major threat” to global resilience - sigma

By Helen Yates

Failure to take immediate tangible action could lead to climate systems reaching irreversible tipping points, jeopardising insurability

COVID-19: Asean manufacturing index plummets

By Helen Yates

March highlighted the worst performance of the ASEAN manufacturing sector on record, according to IHS Markit

“Rethink and transform” supply chain model: PARIMA chairman

The covid-19 crisis should prompt companies to “rethink and transform” global supply chain models, according to Franck Baron

Fitch puts Lloyd’s of London on negative watch

By Helen Yates

The rating watch negative reflects “uncertainty and increased risk to Lloyd’s earnings and underwriting performance due to claims emanating as a result of the COVID-19 pandemic”

COVID-19: Reducing the manufacturing supply chain impact

By Helen Yates

Manufacturing companies must assess and devise strategies to reduce the impact of COVID-19 - SpendEdge

Risk managers should challenge subconscious bias: Gahan

Risk managers should view risks from different perspectives and challenge subconscious bias in their roles, according to Karla Gahan, business continuity officer at the University of Newcastle, Australia.

StrategicRISK Q1 2020: World on Lockdown

In this edition of StrategicRISK, we look at how businesses are responding to the COVID-19 crisis as the situation rapidly escalates around the world.

ACSC warns of COVID-19 cyber scams

By Helen Yates

The Australian Cyber Security Centre has warned cyber criminals are exploiting fears surrounding the COVID-19 outbreak in a new series of phishing scams.

Using AI to map ‘silent cyber’ exposures

By Helen Yates

Guy Carpenter has partnered with RiskGenius to improve the detection and qualitative analysis of silent cyber exposure across various lines of business.

WTW launches COVID-19 tracking tool

By Helen Yates

Willis Towers Watson has updated its Global Peril Diagnostic modelling tool to provide up-to-date information on confirmed global COVID-19 cases alongside insurers’ property portfolios

Fitch: Negative outlook for APAC insurers

By Helen Yates

Fitch Ratings has revised the sector outlook of the non-life insurance industry in APAC to negative from stable due to the impact of COVID-19, but does not anticipate a significant increase in loss ratios

36m workdays could be lost in Australia due to COVID-19

Government stimulus package announced this week could help stave off a severe economic downturn as a result of the pandemic currently sweeping the globe say experts.

‘The sum of the whole is greater than the parts’

Catherine Orobator, insurance officer at University of East London and one of Airmic’s rising stars, shares her thoughts on why the risk industry needs more diversity and inclusion.

Why diversity is needed in risk and insurance

Instead of just celebrating International Women’s Day, StrategicRISK has decided to celebrate the achievements of some of our best and brightest women over the next two weeks. Stay tuned for more stories to follow!

Risk market reacts to Aon WTW merger

As the dust begins to settle on the news of the latest mega-merger, StrategicRISK asked our risk experts what their thoughts are on the deal and what the impact will be on you as risk managers.

Changing perceptions of risk: Jonas

Val Jonas, CEO of Risk Decisions Group, suggests risk programmes are put through a 20-minute workout

Latest estimates for COVID-19: AIR Worldwide

The catastrophe modelling firm has issued stark warnings about ’underreporting and uncertainty’ surrounding officially released figures on the numbers of mild to moderately symptomatic cases of COVID-19

Stock market shocks increase as COVID-19 continues to spread

Nordic bank head of economic forecasting Håkan Frisén, and investment strategist, Johan Hagbarth, answer your questions on the risks facing business share prices

Employer medical costs rise in the wake of coronavirus

Employers in markets including China, Hong Kong, India, Indonesia, Malaysia and Singapore should brace themselves to exceed the average expected increase of health care benefit costs in 2020, experts warn.

APAC suffers ongoing COVID-19 market shocks

A new report is warning APAC risk managers a prolonged outbreak will cause significant second-round effects, including severe supply chain disruption

Shut down equipment failure before it shuts you down

Equipment risk permeates across all kinds of industries. In Australia, the power generation, mining and chemical industries are most significantly exposed and most at risk, writes Michael Stuckings, Operations Chief Engineer, FM Global

MS Amlin appoints new APAC chief

Will Ho, who is currently Head of Reinsurance (Asia), will be taking on the role subject to regulatory approval.

Allianz pledge half a billion euros towards frontline coronavirus aid

The fund’s main goal is to support those working in the areas most hit by the epidemic in China’s Hubei Province and aid will consist of medical supplies, donations and insurance protection.

The murky risk brewing in your morning coffee

Forced labour in the coffee industry is a growing risk that no one is taking much notice of but setting minimum price alone will not solve the problem argues SAP Ariba’s Padmini Ranganathan.

Coronavirus - what your business needs to do now

As the coronavirus epidemic deepens, Marsh Risk Consulting Strategic Risk Practice consultant, Renata Elias, details what your businesses needs to be doing right now to tackle this ever-growing risk.

Environmental risks top World Economic Forum Report

Environmental risks make up the entire top five risks in order of likelihood for the first time, according to the latest WEF report.

Risk culture: top focus for APAC risk managers in 2020

In our 2019 Survey, in partnership with AIG, we took a dive into Asia-Pacific risk managers’ greatest concerns and what tops your to-do lists for 2020. With more reporting increased risk engagement and team size, the stage is set for real progress in 2020. Your priority number #1? Risk culture.

White Island tragedy raises risk questions

New Zealand’s Whakaari/White Island tragedy has raised questions about the level of safety in the adventure tourism and cruise ship sector after the death toll from the eruption rose to 16 people.

What the UK general election result means for you

StrategicRISK explores what the conservative general election win means to UK business leaders and what new risks have emerged on the horizon

2019: The year of the APAC catastrophe

Asia Pacific has seen an unprecedented year of natural disasters in 2019 with a spate of fires, monsoons and typhoons with experts predicting the worst is yet to come.

AXA XL appoints ex-Aon director to Asia role

Stephen Nguyen joins the global insurer as a client management leader based in Hong Kong.

WTW partners with Hong Kong-based Tricor

The new partnership will enable Tricor clients base of Fortune 500-listed companies to access to offerings and services from Willis Towers Watson (WTW), which include workforce protection and risk transfer solutions.

Complex risk environment lies ahead: RMIA

The Royal Commission unearthed misconduct at the major financial services groups, which in turn has led to regulatory changes and increased scrutiny from stakeholders and customers says RMIA CEO Jason Smith.

Can risk management save The Great Barrier Reef?

The tourism asset – valued at $56 billion – risks being overwhelmed by coral bleaching, sea level rises, ocean acidification, and pollution.

It pays to be bold

Bill payments provider Bpay is finding the balance between quick-moving growth and robust risk management. It comes down to culture, says head of corporate governance and risk Francesca Dickson.

Could ART solve your risky developments?

Karsten Berlage, managing director and regional head of Allianz Alternative Risk Transfer North America, talks us through its innovative risk transfer product, the Solar Proxy Revenue Swap.

​Risk of downturn to hit credit: Moody’s

This year, the global economy is on track to record the lowest level of growth since 2009, Moody’s said; increasing overall financial risk to global businesses.

One great reason to risk a startup

The lure of the start-up may be great, but so are the risks. Adam Selwood and Susie Jones, the hearts and minds behind Cynch Security, took the gamble, emboldened and inspired by one thing – a great idea.

Top takeaways from PARIMA KL

Business risk management expert Steven Tunstall said the conference was valuable for those looking to widen their experience and learn about the risks of the future.

Aon strengthens Australian data risk team

Leading Aon’s Australian Data and Actuarial Analytics team, Sulav Saha will work closely with Aon’s global Centres for Innovation and Analytics, driving the data and analytics strategy for Australia.

Live Blog: PARIMA Conference - Redefining Risks

The StrategicRISK team is covering the PARIMA Conference in Malaysia, in partnership with AXA XL, so stay tuned for the latest news throughout the day!

Five ways to work out if a company is serious about tackling modern slavery

The complexity and extensive nature of international supply chains enable businesses and consumers to turn a blind eye to modern slavery, writes Lisa Hsin, Doctoral Researcher in Socio-Legal Studies at University of Oxford

You cannot risk manage a decision

There are two components inherent in any decision – ‘what to do’ and the ‘how to do’. The ‘what to do’, cannot be risk-managed but the ‘how to do’ can to achieve prudent risk-managed decisions. Here are Hans Læssøe, founder of AKTUS and former risk manager at The Lego Group, ...

Risk manager challenge - dealing with rising insurance rates

Communicating rising rates with the c-suite is tricky, say risk managers, but brokers and insurers can help.

Asia-Pacific insurers raise concerns about global outlook

Blackrock’s Global Insurance Report 2019 reveals 54% of the region’s insurers are concerned by financial market risk as a “driver of change in the industry”, compared to just 39% globally.

“Risk management is not about managing risk, it’s about managing for success”

Stop talking about ‘risk’ and balance downside with upside risks if you want to support informed and intelligent decision-making, says Norman Marks, renowned risk management author

Uncertainties can be modelled

Simulation models and analytics are helping risk managers and decision-makers understand the effect of uncertainties and the trade-off between risk and return

The right attitude is key to a successful risk culture

Winner of this year’s Risk Mangement Team of the Year, NETS head of enterprise risk management and compliance, Wilson Yeo, discusses the electronic payment service provider’s strong risk culture.

Climate, technology and political extremism threaten business supply chains

A combination of political tension, climate change and technological dependency is putting global supply chains under more strain than ever before.

Compliance takes centre stage as regulators come down hard on business

Verint vice president, Australia and New Zealand, Michael Stelzer, discusses why we’re seeing increased regulatory pressure on businesses and how automation, machine learning and natural language recognition can help prevent you from becoming the next headline.

StrategicRISK Asia-Pacific (Issue 25)

In our latest issue, we speak to BHP chief risk officer, Robb Eadie about why he is a lifelong fixer. We also do a deep dive into the stories behind our award winners, including a not-to-be-missed profile of our Risk Manager of the Year 2019, Suchitra Narayanan.

Getting to grips with risk criteria

Not all risks are easily measurable, but that doesn’t mean they can’t form part of your risk criteria, argues Sarah Gordon, chief executive of Satarla

Future gazing with RIMS senior management

RIMS Australiasia president, Kevin Bates, asks Gloria Brosius, president, RIMS and Mary Roth, chief executive officer, RIMS, the tough questions about risk management

How to blow up your office & everyone in it

Calamity Monitoring, chief executive officer, Daniel Lewkovitz says checking, testing and retesting your security systems is the only way to ensure your organisation.

RIMS 2019: It’s no Garden of Eden

Artificial intelligence will be used in workplaces of the future in ways which will be ’humans working with AI, not AI versus humans.’

Data is the future of effective risk management

Traditional approaches to risk fail to resonate with senior managers, they are too “subjective” and ”anecdotal”. And if they dismiss risk management, it is because they lack understanding. So, the answer? We need to embark on #ChangingRisk with the use of data, says Danny Wong, CEO of Goat Risk Solutions

Building resilience against nat cats

As the global cost of nat cat incidents rise to about $340bn, businesses would do well to create a robust plan. Allied World outline an essential action plan for typhoon preparedness – one of the most severe nat cat risks

The myths that hold risk managers back from making a difference at the top table

When you place risk management into categories, you stop performing ERM and prevent yourself from helping the board make risk-intelligent decisions. Here’s Sarah Gordon’s (chief executive of Satarla) take on #ChangingRisk and influencing decision-making

QBE names Singapore CEO

In his new role, Ronak Shah is responsible for QBE Singapore’s operations. He will be based in Singapore and reports to Jason Hammond, CEO of QBE Asia.

From analogue to digital: What next?

Alexander Mahnke, president of the German risk management association and CEO Insurance (controlling & finance, financing) at Siemens, warns of the challenges of hardening commercial insurance rates, digitalisation and silent cyber.

6 ERM resources to support strategic planning

We’re fast approaching that time of year when organisations start their strategic planning and Carol Williams –risk management consultant and founder of ERM Insights – reveals her recommended resources

Special report: People risk

When it comes to protecting your employees from harm, it is vital for risk managers to use a full circle response to any event to understand how and why incidents occur and try to prevent their recurrence.

30 practical steps to implementing ‘Risk Management 2’

Alex Sidorenko outlines a step by step guide to integrating risk management into decision-making, processes and culture – with links to his recommended resources

The risky business of climate change

Climate changes debates are heating up in Asia Pacific. Swiss Re Corporate Solutions, Didier Bélot, head South East Asia, tells StrategicRISK why risk managers need to make the issue a top priority

#ChangingRisk Day is coming - Don’t miss out on your place!

Following the overwhelming success of our #ChangingRisk campaign this year, StrategicRISK is pleased to announce we will be hosting #ChangingRisk Day.

Don't be the next Subway

Global sandwich chain, Subway, has been making headlines for all the wrong reasons recently for franchising infractions. StrategicRISK sat down with industry stalwart, Patrick Smith of Acumen Advisory, to get his thoughts on this risky business model.

APAC firms severely underestimating intangibles threat

While executives have recognised the importance of intangible assets when it comes to driving a higher valuation, there is still more work to be done if companies want to effectively mitigate risk around these assets, according to a new poll.

Let’s make every decision risk-based

Risk management isn’t about creating risk policies or appetite statements, it is about changing how business decisions are made, says Alex Sidorenko, CEO of Risk Academy. That’s why he has launched Risk Awareness Week, to challenge and change perceptions.

Typhoon Lekima insured losses hit $1.3bn

Typhoon Lekima, the strongest storm to hit the region since 2015 has caused more than AUD1.3bn (CNY 6 billion) in insured losses, according to catastrophe modelling firm AIR Worldwide.

Risk culture or culture risk?

In this article, Business Olympian Group, director, Gavin Freeman, will try to unpack the meaning of “risk culture” and assess whether the role of risk teams is to measure risk culture or culture risk.

Why gender balance is important in risk management

What can we do to address gender equality in risk management? Maybe it’s a shift into a different approach that will enable more female leaders and improve the service, irrespective of gender, argues risk practitioner, Patrick Aubrey.

IP theft costs $600bn a year. Are you prepared?

Almost every country – and company – is grappling with how to deal with the issue of IP theft as we shift increasingly to a knowledge-based economy. EverEdge CEO Paul Adams examines this critical issue for risk managers.

Cyber insurance provides “false sense of security”

Cynch Security co-founder and seasoned risk practitioner, Susie Jones, urges risk managers to have an effective response plan that has been repeatedly tested to ensure it holds up in the event of a cyber security event.

How risk managers and internal auditors can improve the effectiveness of risk management

There is no commonly accepted idea of what effective risk management is. So, what steps can risk managers and internal auditors do to measure effectiveness? Norman Marks, renowned risk management author, has this advice

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.

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

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”.

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.

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

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.

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

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

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

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

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 ...

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

“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

Valuing intangible assets

Data has an intrinsic value but how do insurers value an intangible asset? James Tuplin from AXA XL explains.

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

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

Ludlow criticises insurers for delaying renewals

Delays cause risk managers to “rethink their programmes at very late notice”

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

2019 award winners revealed

StrategicRISK rewarded excellence in Asia–Pacific’s risk management community at a gala reception 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.

'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.

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.

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.

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

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.

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.

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

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.

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.

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?

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.

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.

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.

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

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.

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

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

Awards shortlist for service providers announced

Who is in the running at the third annual StrategicRISK Asia-Pacific Risk and Insurance Management Awards?

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

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.

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.

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.

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

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!

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

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.

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

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

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

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

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

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.

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

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.

​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.

(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

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

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 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

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

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.

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

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.

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.

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.

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

Willis Re appoints APAC agriculture trio

David Gregori joins the WTW team from Lloyd’s syndicate, Canopius and will be based in Hong Kong.

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.

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.

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.

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.

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.

$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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

‘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.

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.

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.

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

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.

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.

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

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.

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 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.

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.

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.

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.

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.

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.

“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.

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.

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

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?

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.

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.

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.

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.

'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.

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.

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.

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.

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.

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.

​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

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

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.

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.

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.

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.

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

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?

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 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.

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.

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

QBE's new climate risk tool is out of this world

QBE forms a partnership with climate prediction and risk management firm, Jupiter.

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.