Latest updates


US Xinjiang bill demands full supply chain visibility

Companies must map highly complex supply chains to identify signs of modern slavery - Verisk Maplecroft


Firms failing to address unethical behaviour - EY

Standards of corporate integrity have stayed the same or worsened since COVID began

Hong Kong 2

WTW launches crisis management solution

Broker merges SCR with Terror and Political Violence teams to assist multinationals

outllook ball future

WEF Report: From ‘fight or flight’ to ‘boiling frog’

By Helen Yates

Why it’s time to shift out of crisis management mode as geopolitical tensions obstruct resilience efforts

globe melt climate crisis

WEF Report: Climate inaction dominates global concerns

By Helen Yates

Top risks are climate crisis, growing social divides, heightened cyber risks and an uneven global recovery, as pandemic lingers on

cargo vessel (2)

Ningbo restrictions spell further supply chain disruption

A week’s delay of essential trade at the Chinese port could impact $4 billion worth trade, warns Russell Group

alarm clock

When to think about risk

Why timing is everything when it comes to effective risk management

ransomware attack, cyber skull

Ransomware will continue to evolve in 2022

After a year of unprecedented attacks, Beazley’s Raf Sanchez warns the worst is yet to come

World coronavirus mask

Standard risk management fails to address systemic threats - study

Joined-up thinking across government and academia is needed to deal with complex environmental risks

new hire, shaking hands

RIMS names Sterling 2022 president

Patrick Sterling takes the reins as risk management profession reaches “a pivotal moment in its history”

diverse board room

D&O risks in 2022 defined by COVID and diversity

Brokers have flagged emerging D&O risks, including COVID liabilities and ESG considerations

Vietnam flood

Summer floods drive 2021 cat losses - CRESTA

The Fukushima earthquake, floods in Henan province and most recently Typhoon Rai in the Philippines are among major cat events


Asia Pacific Risk Benchmarking Survey 2021: Show us the money

Boards remain more engaged in risk, but it’s time to start putting their money where their mouths are


CROSS urges attention to risk management

Engineers must consider risk management at a “fundamental level” following structural collapses and tragic building fires


India and Australia count cost of November floods

It was the wettest November for New South Wales and Australia since records began, according to Impact Forecasting


APAC faces heightened geopolitical risk

The Asia Pacific region will probably be the most geopolitically charged region going into 2022, warns Dragonfly

Hong Kong 2

How technology is shaping political risk

Social media has made activist politics more effective in emerging markets, finds the WTW Political Risk Index


Insolvencies, ESG and cyber are key risks for D&Os in 2022

Risk managers and their D&O insurers should also closely monitor potential exposures to US derivative actions, warns AGCS

China flood

2021 catastrophe claims tally reaches $112 billion

Total economic losses from natural and manmade catastrophes reached $259 billion, up by 20%

M&A up outlook

Omicron variant hits business sentiment

Half of the respondents report that their business is currently being affected by the supply-chain crisis

View from the board

How climate is changing the world’s boardrooms

75% of board members say climate change is very or entirely important to the strategic success of their companies - report


Wildfire buffers improve resilience, reduce claims

Nature-based solutions significantly reduce financial losses associated with wildfires, finds research


October storm claims tally reaches $1 billion

Severe weather in October “one of the costliest natural catastrophes ever” for South Australia - PERILS

closing gap, parametric

Can parametrics close the gap?

By Jon Guy

Parametric products have role to play in closing protection gaps and catering to emerging risks like NDBI and cyber

cyber handshake

Cyber captives to take off in 2022

As the cyber market continues to harden, buyers will seek alternative risk transfer solutions, predicts New Dawn Risk

covid future

COVID-19: Fallout continues for Indian firms

The pandemic, a prolonged recession, cyberattacks and data fraud are the primary short-term risks, finds RIMS and Marsh

marine cargo

Omicron variant could hurt supply chains

Global trade remains vulnerable to pandemic-related disruptions, but Asia is ramping up production - Oxford Economics

storm umbrella businessman

Australia to consult on cyclone reinsurance pool

The government has released draft legislation for a reinsurance pool for cyclones and related flood damage from 1 July 2022

Covid-19 Option 1

BI tops risks for APAC firms

In Asia Pacific, business interruption topped the list, followed by cyber attacks, finds Aon

Future Success

What is top of your risk radar for 2022?

Don’t miss your last chance to tell us about your priorities in the 2021 Asia Pacific risk benchmarking survey


Special report: Complex claims

When it comes to large and complex claims you told us your main concern was nasty surprises


Australian properties lack resilience to tropical cyclones

Tropical storms to become more severe as the climate changes; ICA calls for stronger building codes and retrofitting programs

marine cargo

WTW launches ports and terminals risk forum

It is collaborating with the University of Cambridge Centre for Risk Studies to develop an index of risk disruptors


StrategicRISK Q4 2021: The great reset

By Helen Yates

Risk management is not just about avoiding losses. It is about saying ‘yes’ when it counts


Asia to power global construction boom

The switch to more sustainable buildings and infrastructure and adoption of modern building methods will transform the risk landscape, finds AGCS

mental health

Mental health crisis to test firms in 2022

Having adequate resources to deal with the pandemic is a top challenge for Asian firms in 2022 - International SOS

Agile adaption digital

WEF champions “adaptive” SMEs

Factors that once disadvantaged small and medium-sized firms now work more in their favour

pinky promise

Making good on a promise

By Helen Yates

It is in how they manage blindsiding losses that the risk managers prove their mettle

leave job resign

Ready for the Big Quit?

Why employers unable to meet workers’ post-COVID expectations are seeing staff head for the exit

lightbulb, new thinking

A fresh take on risk

Is risk management strategically fit for purpose when it is too reactive and compliance-focused? asks Adrian Clements


Atradius: Asia trade at a crossroads

The future of Asia’s international trade hangs in the balance as global forces shift, warns Atradius


Global supply chains tested “like never before”

COVID-19, cyber risk and port backlogs are among six key facets of current global supply chain strain - FM Global

Court case

Judicial independence under attack in 45 countries

Companies must remain vigilant as the situation deteriorates rapidly in China

iStock-885690024 - cyber

Cyber and reputation are Australia’s top threats

Survey highlights the growing interconnectivity of risks, as firms shift focus to impact-based risk assessments


Firms failing to address environmental risk

Environmental issues are bottom of business leaders’ concerns and set to fall further in 2022, finds Beazley


Aon and ICEYE launch Japan climate risks solution

Japan experiences an average of three typhoon landfalls and several flood events annually


Parts of Australian coast will become ‘uninsurable’

ICA estimates Australian governments will need to invest $30 billion in coastal protection and adaptation due to climate change

travel shake hands partnership

Malaysia to lead Asia's 'Great Reopening'

Malaysia, Australia, and New Zealand will experience strong gains from an easing of curbs - Oxford Economics

green, net zero, climate change

Insurers’ sustainability focus a “clarion call”, says BlackRock

Nearly half of respondents have turned down an investment opportunity over the past 12 months due to ESG concerns - BlackRock

cyber attack 2

Operational technology breaches grow by 83%

Cybercriminals are targeting critical infrastructure with ransomware as they are considered easy prey - Skybox Security

kenya, flooding

COP26: Global resilience index launches

GRII will help sectors across the global economy quantify the value of building climate resilience, and the costs of doing nothing

Mining minerals hands child labour

Beware ESG threats in your supply chain

By Helen Yates

New laws will require corporates to monitor their supply chains for human rights and environmental abuses

transport and logistics

Demand for supply chain insurance to rise

The global supply chain crisis has exposed the limits of business interruption insurance - DBRS Morningstar


COP26: Risk management “central” to climate mitigation

Insurance industry has a “unique contribution” in advancing understanding and sharing of climate-related risks - report

Mary Shapiro

COP26: International Sustainability Standards Board launches

Move represents a “major step forward in establishing consistent, comparable global reporting standards” - TCFD


Supply chain woes to continue into 2022

Supply-chain disruption poses the greatest risk to global economic recovery, according to Oxford Economics

jewellery, one stop shop

Luxury brands face liability protection gap

D&O, environmental and business travel risks are underinsured - Willis Towers Watson survey

Climate COP26

COP26 “must be a turning point” - UN

As the World Leaders Summit gets underway in Glasgow, WMO warns the past seven years were the hottest on record

strength relationships

PARIMA Resilience Week: Pandemic highlights strength of third-party relationships

The Covid-19 pandemic has revealed the strengths and weaknesses of third-party relationships, according to a panel of leading risk executives.


GDP an “unsustainable” measure of growth

Global wealth has grown overall, but at the expense of future sustainability and by exacerbating inequalities, warns World Bank

mental health, homeworking

PARIMA resilience Week: Focus on mental health and wellbeing required in Covid-era

Organisations must focus on the mental health and wellbeing of their employees to build resilience in a post-Covid world, according to leading risk professionals.


Experian highlights cautious credit risk approach

Risk Radar report examines the key priorities and concerns of Australia’s most senior risk leaders across the lending market

arrows up

Global commercial insurance prices up 15% in Q3 - Marsh

Despite pricing levelling out in certain lines of business, the ‘pressure on rates in cyber insurance’ continues

global risk

PARIMA Resilience Week: Cyber seen as leading risk in APAC: Aon

Business interruption risk is the top concern of APAC risk professionals, according to Aon’s latest Global Risk Management Survey 2021.

Cyber safety

PARIMA Resilience Week: Cyber threat presents risks from within

Organisations face a series of cyber threats from within and from increasingly adept criminal actors, according to panel discussion attendees at PARIMA’s digital conference.

working from home, stress

PARIMA Resilience Week: Working from home heightens cyber risks

The trend towards working from home has opened organisations up to new cyber risks and legal liabilities, according to Gerallt Owen, managing director of cyber risk at Kroll.

data workforce

PARIMA Resilience Week: How corporates can build resilience with data

Corporates can use data insights to build resilience and improve risk management, according to Jonathan Rake, CEO Asia Pacific, Swiss Re Corporate Solutions.


PARIMA Resilience Week: Insurers make sustainability push

Global insurer AXA XL is educating customers about sustainability, using its technical and scientific expertise to inform clients about growing climate risks.

Franck Baron

PARIMA Resilience Week: PARIMA chairman Franck Baron calls for climate action

PARIMA chairman Franck Baron kicked off the PARIMA Digital Conference 2021 by urging global leaders to treat climate change with greater urgency.

Aviva ESG

ESG champions to receive preferred D&O terms

Marsh initiaitive will initially recognise US-based corporates but will be rolled out internationally in the coming months

climate change agreement shake hands

IRM publishes climate change guidance

It is the first time the IRM has published a guidance report focused solely on climate change for risk managers

shipping containers

Surge in demand for supply chain covers expected

CO2 crisis and other supply chain disruptions will drive “inevitable” interest in innovative supply chain insurance products

construction equipment

Chaucer adds political risk to BRI consortium

The consortium will provide capacity of up to $300m to companies working on China’s Belt and Road Initiative

Lloyd's of London inside

Beazley launches Lloyd’s first ESG syndicate

Syndicate 4321 will support those businesses that invest in ESG by offering additional capacity on a multi-line basis


Reinsurance bosses face up to systemic risks

Transparency is needed as re/insurers navigate the systemic risk potential of pandemics, cyber and climate change

legal judgement

Australian corporates lose BI test case

A judge has ruled in favour of insurers in the Federal Court of Australia in a second COVID-19 business interruption test case

shopping woman

Why retail reputations are on the line

Scrutiny of the sector and its conduct is growing against the backdrop of the global pandemic, finds RepTrak

ransomware attack, cyber skull

Trends behind the ransomware epidemic

Double and triple extortion and supply chain attacks are driving the surge in ransomware incidents - AGCS


Blog: PARIMA Resilience Week 2021 Daily News Summary

Highlights from PARIMA Resilience Week 2021


FERMA Talks: Political will for pandemic solution cools

Collaboration at all levels is necessary to ensure future financial resilience against systemic shocks, such as pandemics and state-sponsored cyber attacks.


FERMA Talks: The cyber conundrum

“We can’t leave insureds under-protected on cyber” as industry works through systemic risk potential

CEOs forum

FERMA Talks: Time to reward ESG?

Corporate risk managers throw down the sustainability gauntlet to insurers in day 2 discussions


FERMA Talks: Channelling strategic foresight

Horizon scanning is an essential tool for policymakers, explained European Commission vice president Maroš Šefčovič

Philippe Cotelle 2

FERMA Talks: Collaborate for resilience

The pandemic has made the communication lines between risk managers and their senior management very short, says Philippe Cotelle


FERMA Talks: Preparing for the next crisis

Legislation should incentivise companies that embed risk management into their culture, says FERMA president Dirk Wegener

Carolina Klint

European risk managers prepare for FERMA Talks 2021

The event’s theme reflects a more uncertain world: From risk to resilience - learning to deal with disruption

Etienne Champion

Ferma 2021: Hard market continues

Extreme weather events will focus minds as corporate insurance buyers navigate renewal season discussions - AXA XL

conference, event

Blog: FERMA Conference 2021 Daily News Summary

Stay tuned - live reporting from the FERMA Conference this week


Zombie companies to drive insolvency surge

As economies rebound and support schemes are withdrawn, the escalation of insolvencies is inescapable, warns Atradius

Mining minerals hands child labour

Slavery risks continue to rise in Asian hubs - Verisk

The challenges of maintaining responsible supply chains are becoming more difficult as human rights violations grow

conference, event

Blog: Airmic Conference 2021 Daily News Summary

Stay tuned - live reporting from the Airmic Conference this week

China flood

Global floods events lead 2021 nat cat tally - CRESTA

Extreme floods in Henan province in July caused claims of $1.9 billion, the largest cat event loss ever for Chinese insurers

merger new york

Global M&A on track for record-breaking year

Only Asia-Pacific buyers managed to outperform their regional Index with a strong quarterly result


Captive growth surges, led by PCCs

Marsh saw double the usual formation rate in 2020, with D&O premiums written via captives increasing by 50%


RIMS collaborates with India’s Amity University

Amity will offer a comprehensive risk management learning experience for graduate and post-graduate students


StrategicRISK Q3 2021: Comply or explain

Companies are being told ‘no more greenwashing’ as governments and activist shareholders push the zero-carbon agenda

climate change

Future Risks Report highlights growing climate threat

Pandemics and infectious diseases continue to top the list of concerns for Asia Pacific risk experts

road, city

ESG shaping construction risk profiles

Global construction output is expected to grow by 42% by 2030, driven largely by government stimuli - report

People growth graph, network

People risks - lessons from COVID

By Helen Yates

Speakers at this year’s Duty of Care summit highlighted the importance of mental health and pandemic preparedness


Abandoned cargo presents growing risk

Supply chain congestion and widespread delays in the international container trade is set to continue - TT Club

climate change placard

Climate-crisis in an era of comply or explain

By Helen Yates

With unstoppable momentum towards zero carbon, how can risk professionals identify key risks and opportunities?

connected home

Ransomware considerations for a hybrid workplace

There is now a much larger attack surface for cybercriminals to target due to remote and hybrid working practices

Dive In 2021 Logo Horizontal Small

Mental health takes centre stage at Dive In

The insurance industry’s D&I festival kicks off today with mental health, gender equality and racial inclusion high on the agenda

Work culture

Governance: Why culture matters

By Sara Benwell

How instances of poor governance, bribery and corruption have increased in the wake of the COVID-19 pandemic

business confidence

Supply chain disruption dents confidence

Half of businesses expect supply chain disruptions to continue beyond the middle of 2022 - Oxford Economics

risks, covid

COVID-crisis improves senior management engagement

The COVID-19 pandemic changed the perception of organisational resilience at top management level - BCI


Singapore’s reopening a step into the unknown

By Daniel Dunkley

Singapore has begun the perilous journey of opening up its economy. But greater economic freedom will heighten risks

marine cargo

Typhoon Chanthu disrupts supply chains

Delays caused by the closure of Shanghai and Ningbo ports could disrupt over $14 billion of trade flow - Russell Group

Renewable Energy

Energy underwriters must embrace decarbonisation

Insurers should view the transition to net zero as an opportunity to be proactive - IUMI

cyber crime, world

Technology risks top global survey

Attention to intellectual property is a potential blind spot that may require more forceful remediation - Beazley


The ART of renewals

By Matt Ford

Alternative risk transfer and parametric solutions can offer more than just relief from a hard market


Super Typhoon Chanthu on course for Taiwan

Chanthu is currently a category 5 windstorm, tracking from the Northern Philippines towards Taiwan

Never Forget 911

9/11: Never forget

By Helen Yates

9/11 transformed how we think about “unimaginable” events


RIMS Australasia 2021: Insurers to pull coverage due to climate concerns

By Dan Dunkley

Across Australasia, carbon-intensive sectors face being left without access to insurance capacity, warns Willis Towers Watson

climate change opportunity

Climate crisis to fuel rapid insurance growth - sigma

Climate-related risks are expected to result in a 22% increase in global property premiums, or up to $183 billion, over the next 20 years


Lloyd’s: Insurers must addressing emerging geopolitical risks

By Katie Scott

New report calls for innovation around insurance for geopolitical risks to address the “significant protection gap”


RIMS Australasia 2021: It’s all about resilience

By Dan Dunkley

Why strategic planning, human resources, business continuity and information security feed into strong resilience programmes

bermuda ariel

RIMS Australasia 2021: Hard market sparks captive discussions

By Dan Dunkley

Higher premiums and falling coverage is prompting insurance buyers to explore captive and virtual captive structures

Mary roth rims

RIMS Australasia 2021: Don’t neglect opportunity to “inspire change”

By Dan Dunkley

High likelihood, high-risk impact events are becoming more common, says RIMS president Ellen Dunkin

China flood

China tops flood risk index - Marsh

Japan ($3.7 trillion) and China ($7.5 trillion) have the highest economic exposure to flood in the world


Insurer M&A dips in 1H 2021 - Clyde & Co

The sharp drop in M&A activity in Asia Pacific can be attributed in part to the high regulatory bar in some jurisdictions

team happy

More positive outlook for insurance buyers - Marsh

For property and D&O insurance, premiums continued to increase throughout the first half of 2021, but at a lower rate

car parts

COVID prompts supply chain ‘overhaul’

Asia Pacific supply chains remain resilient, but Covid-19 is resulting in a broader rethink - EIU research

Indonesia floods

Push for insurance take-up after Henan floods

Substantial protection gap underpins “huge potential demand for catastrophe insurance protection” in China

growth plants

2021 on target for economic growth of 6.2% - Atradius

Emerging markets in Asia had the pandemic relatively well under control, until the Delta variant started to spread in recent months

China flood

Japan cleans up after floods and mudslides

Kyushu was worst hit, with some weather stations recording over 1,000mm of rain in less than a week


Boards sharpen focus on external risks - McKinsey

Directors seeking to identify risks that can “test a company’s resilience”, including political risk and the climate crisis

Cyber attack

Tokio Marine Insurance Singapore hit by ransomware attack

By Isobel Rafferty

The group has since hired an external specialist to verify the impact of the attack

Indonesia floods

Chinese insurers endure costliest-ever nat cat

The total economic cost of flooding in China in July has been estimated at nearly $25 billion - Impact Forecasting


Risks as Taliban retakes Afghanistan

The “largest foreign policy failure since the Suez Canal crisis” will cause deterioration in security - Dragonfly


Port closure signals further strain for global trade

Partial closure at China’s Port Ningbo adds to global supply chain woes, threatening $172 billion of goods - Russell Group

Indonesia floods

Nat cats cost $77 billion in 1H 2021

Severe flooding in Henan province in July resulted in estimated insured claims of CNY 11 billion ($1.7 billion)

marsh thecityuk cyber risk cybercrime

US banks vulnerable to systemic cyber attack

Tail events from a systemic cyber risk event caused by a ‘single point of failure’ could be “material”, warns Fitch

Flooded area

Flood exposures up by 24% since 2000

Nearly 90% of flood events over the past two decades occurred in South and Southeast Asia

supply chain

Sustainable procurement intrinsic to robust supply chains

Sustainability initiatives ensured 63% of buyers and 71% of suppliers were stronger through the pandemic - survey

climate change

IPCC: Prioritise adaptation and resilience

New report is “code red for humanity” with many climate change effects now “irreversible”

cyber attack

Ransomware payments surge by 82%

Latest Unit 42 figures confirm the ransomware crisis continues to intensify, with the rise of quadruple extortion

supermarket shelves

Almost half of food recalls avoidable - RQA

A large majority of recalls emanate from packaging mistakes, which are costly, reputationally damaging and avoidable

ESG grow advice

RepTrak: High correlation between ESG and trust

Corporate transparency and accountability are now an expectation, finds corporate activism study


AGCS: Bigger ships, bigger exposures

The South China, Indochina, Indonesia and Philippines maritime region remains the global loss hotspot, accounting for one in every three losses in 2020

Riot control

COVID continues to fuel political unrest - Aon

Public unrest about government responses to the COVID-19 pandemic will influence global unrest moving forward

Media image robot

Zurich considers AI-related emerging risks

Liabilities could arise from the unintended consequences of decisions made by algorithms and artificial intelligence

boardroom, directors

D&O market ready to “move on” from COVID

In Australia, a softening of the pricing curve is being observed with more cause for optimism - Gallagher


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


AIR releases new Japan quake and wind models

Events in recent years have reaffirmed the vulnerability of Japan to typhoons and earthquakes, prompting the updates

commercial property price up

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 headquarters

Aon and WTW call of mega merger

Brokers terminate $30 billion merger agreement following “an impasse” with the US Department of Justice

Flooded area

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

China flood

Catastrophic floods hit Zhengzhou

By Helen Yates

The record rainfall has caused widespread disruption across Henan, home to the world’s biggest production base for iPhones

Renewable Energy

Wildfire costs grow for solar sector

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


Resilience agenda gains ‘new urgency’

Geopolitical uncertainty and ESG are impacting strategic and operating decisions for ICT firms like never before - WTW


Parametric quake cover launches for Japan corporates

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

wind farms

Lack of clarity over wind turbine fires

While wind turbine fires are relatively rare, when one does occur, it often results in the total destruction of the asset

handshake meeting

Insurers must meet buyers’ changing needs

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

marine cargo

$19 billion exposed at South Africa ports

Violence in the aftermath of Jacob Zuma’s sentencing has now spread to Durban and Richard Bays Terminal - Russell Group

Future of transportation

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

Crystal ball future

Risk management a top priority for boards - EY

80% say improved risk management will be critical for their business to protect and build value in the next five years - EY

cyber insurance, data

Cyber tops financial services risk register

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

risks, covid

COVID continues to hinder APAC recovery

Economic growth in APAC ex-China is expected to be relatively subdued in 2021, according to Oxford Economics

Cyber security April 2021 Aviva EV

Let Colonial Pipeline fuel our fight back

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


Is the ‘harsh market’ starting to ease?

By Matt Ford

At mid-year, pricing for most classes of business was back to technical levels - but cyber remains an outlier

regulation, compliance, plans

COVID-19 forced firms to ‘cut corners’

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


Piloting post-COVID aviation trends

New generation aircraft bring benefits but higher repair costs; air cargo to continue strong performance - Allianz

cyber insurance, city

‘Colossal’ ransomware attack hits 200 firms

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

closed, coronavirus

Half of businesses ‘feel more resilient’ than a year ago

Sector attitudes to risk vary, finds Beazley, with those hardest hit by lockdown restrictions feeling less resilient

risk planning strategy

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


Special Report: Operational Risk

Operational resilience – everyone is talking about it. But how is it created and how can it protect us against the intangible risk landscape?

coal power plant

Power sector faces up to transition risks

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


South China port disruption could last months

Delays in Guangzhou, Yantian, Shenzhen, Shekou and Nansha are being compared to the Suez blockage


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.

cyber crime, world

Cyber insurance struggling to counter online threat

Cyber insurance has failed to live up to expectations that it may act as a tool for improving organisations’ cyber security practices, finds RUSI


Indonesia Asia’s most complex country for business

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

NSW floods

NSW and Queensland flood claims at $916m

PERILS has updated its loss estimate for the New South Wales and Queensland floods of 18 to 24 March 2021


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

bushfire 1

ICA welcomes NSW bushfire funding

Since the devastating 2019-20 bushfires insurers have paid out in excess of $5.6 billion in claims related to natural disasters in New South Wales

cyber insurance (4)

Cyber attack volumes grow for APAC firms

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

Riot control

After Hong Kong, SRCC restrictions remain

SRCC insurance provides cover for loss or damages caused by riots, protests, strikes or other work-related unrest

vaccine Covid-19

Lessons from the vaccine supply chain

By Sara Benwell

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

Queensland floods

Victoria floods gain ‘catastrophe’ status

Australian insurers have received more than 6,500 claims after storms and flooding affected large parts of the state of Victoria


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%

financial, covid

COVID erodes macroeconomic resilience - Swiss Re

There is lowest insurance resilience for natural catastrophes, with a record protection gap of $1.4 trillion

climate change opportunity

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

SR_web_Mary Nwaojei

Cyber: Breaking the culture of silence

A lack of transparency on cyber attacks is benefitting the threat actors and exacerbating the threat

Cyclone pic

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

Cyber attack

Ransomware cartels "expand the playbook" - CyberCube

Criminals will continue to target high-profile organisations, having researched their ability to pay a ransom prior to the attack

Mining minerals hands child labour

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

cloud black digital

Cloud outage highlights need for operational resilience

Multiple major websites went offline on Tuesday after an hour-long outage at the cloud service company Fastly

vaccine cargo

IoT is a supply chain risk “game-changer”

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

Crystal ball future

Emerging risks and the “COVID effect”

Government support programmes have kept alive unviable zombie companies, while wealth inequality has broadened

SR_web_Phil Zongo

Steps towards cyber resilience

Three proven strategies business leaders can deploy to accelerate cyber transformation


Lessons in risk from the Suez crisis

By Matt Ford

Suez, COVID and Brexit have challenged assumptions about the complex supply chain risks modern corporates must contend with

financial resilience

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


Russell releases port disruption scenarios

Around $7.5 trillion of trade is concentrated in 50 major ports, with potential for major supply chain disruption

legal action

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


COVID diverting attention from slavery risks

Businesses in financial services and technology could be dangerously unaware of the rising risks of modern slavery in their supply chain

coal power plant

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

I stock fraud hacker

Social engineering: Sophisticated and underinsured

Social engineering attacks are on the rise, but losses can pose a grey area where insurance is concerned


Sedgwick predicts post-pandemic recall surge

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

Queensland hail

Tech to help close climate protection gap

Early warning tool can help strengthen response to climate-related weather risk in Australia - Aon


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


Firms stuck in ‘response’ mode - Deloitte

Over half of organisations have faced a risk incident due to third-party failure during COVID-19 pandemic


After COVID, firms will face transformative change

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

risk planning strategy

Firms failing to anticipate emerging risks

Effective risk resilience is increasingly correlated to a firm’s viability and growth potential, finds Marsh

Cyber attack

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


Ransomware: ‘Don’t pay’, urges UK government

Paying a ransom does not guarantee a successful outcome and will not protect networks from future attacks, says Priti Patel

Headshot Adam Seager

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


India, China home to 80 of world’s 100 riskiest cities

Asian cities are at extreme risk of environmental factors, including pollution, temperature extremes and natural hazards, finds Verisk Maplecroft

cyber attack

Colonial Pipeline attack exposes ransomware “pandemic”

By Helen Yates

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

storm, cyclone

Hail drives cat losses in April

Cyclone Seroja triggered flash flooding and massive landslides in southeastern Indonesia and Timor-Leste


FM Global releases earthquake map

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

Cloud magnify

Cloud dependency brings systemic risk potential

During the last six months, Amazon, Google and Microsoft Azure have all experienced significant service outages affecting businesses worldwide - CyberCube


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

Queensland floods

Claims from NSW floods reach $1 billion

The New South Wales coast experienced the highest recorded rainfall since records began in March 2021


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


Semiconductor shortage disrupts supply chains

Scarcity is expected to be short-lived but will cause problems for sectors including electronics and motor, according to Oxford Economics

green, net zero, climate change

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

money graph profit going up upwards financial

Q1 commercial insurance prices rose 18%

The quarter is the first to show a fall in the average rate of increase since Q4 2017 as rate rises dropped to 8% in Asia - Marsh


Australian government launches cat risk pool

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

Hail storm

SE Queensland hail losses reach $1.17 billion

Hail of up to 14 cm in diameter caused widespread damage during the 2020 South East Queensland Halloween Hailstorms

aviation, aeroplane

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

ship cargo

COVID-19 continues to test supply chains

Pandemic is exacerbating trends such as cargo crime, man-made disruptions, and political protests, which all threaten supply chain resilience in 2021


Environmental risks a growing credit driver for Chinese insurers

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

climate change

Financial sector grossly underreporting climate exposure

Just a quarter are reporting portfolio emissions, which are on average 700 times higher than direct emissions

SR_web_Charles Minutella

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

ransom, cyber (2)

Governments most targeted by ransomware attacks

The government sector was most affected by ransomware attacks in 2020, followed by banking and manufacturing

Vietnam flood

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

company director

Cyber tops list of concerns for D&Os

The shift towards WFH has heightened cyber attack and data loss risks, with exposures for senior managers, finds survey

Climate change suspended world

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

Cyber resilience

Ransomware costs to reach $20 billion in 2021

Only 40% of organisations report having adequate remote work strategies to manage the risks associated with WFH, finds Aon cyber report


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

ship cargo

Supply chain professionals lack proper risk tools

Despite the growing fragility of a complex global supply chain, there is poor investment in risk management and ESG tools - IHS Markit


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

Grey swan

Report quantifies reputational impact of ‘grey swans’

In over 10% of crises in recent years - including COVID-19, 9/11 and the GFC - more than 50% of shareholder value was destroyed

travel covid19

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

storm, cyclone

ICA declares Cyclone Seroja a catastrophe

Destruction of the built environment is “severe” in a region of Western Australia not normally affected by windstorms

vaccine Covid-19

IoT used in vaccine insurance solution

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

climate change

COVID-19 a “foretaste” of climate shocks

Effective governance is at the heart of addressing climate risk and transitioning to a low carbon economy

SR_web_Oliver Chapman

Unpicking the Greensill collapse

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

digital, market

Asset-light economy presents new, disruptive risks

Corporations are holding more risk on their balance sheets as the value of intangible assets grows

suez canal

Suez backlog presents further disruption

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

digital trading

Digital disruption tops banks’ emerging risks

Untimely adoption may drive sudden changes to information security, change management, business continuity and third-party risk exposures


Energy sector undergoes rapid transformation

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


Labuan anticipates strong captive growth

Captive formation set to increase further in 2021 fuelled by the hardening commercial insurance market and renewed economic growth

coronavirus risk plane travel

Trans-Tasman travel bubble to open

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

Riot control

Social inequality shapes political risk map

Pandemic-induced economic stress will continue to exacerbate global political risk throughout 2021, according to Marsh


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

robot future coronavirus

WEF: Scenario planning for Industry 4.0

The rapid pace of technological change and pandemic crisis is accelerating trends; making risk forecasting more challenging

Vietnam flood

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


Nat cats cost global economy $190 billion in 2020

While COVID-19 was a stress test for society and the economy, it has an expiry date – climate change does not, warns Swiss Re chief economist


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?

digital race

Digital health sector overexposed - survey

More than two thirds lack insurance coverage for bodily injury claims arising from system failure or cyber breach

PPE sanitizer

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


Suez: 300 ships on standby

By Helen Yates

Suez Canal crisis will unveil which organisations have a strong understanding of their supply chain risk, and which do not

legal court

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


MS Exchange attacks to hit larger firms

The cyber attacks, believed to have come from Chinese state-sponsored hackers, exploit vulnerabilities in Microsoft Exchange servers

SR_web_Eddie Doyle

The art of the con

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

Cyber attack

Insurer CNA hit by cyber attack

By Helen Yates

The insurer, which underwrites cyber insurance via subsidiary CNA Hardy, said the “sophisticated” attack on 21 March caused network disruption


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

HK protests

BCPs must explicitly address civil unrest

Civil unrest is now the main political risk exposure for companies, with COVID-19 likely to fuel further disturbances


Power and utilities gain dedicated cyber cover

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


OECD: Insurers need "skin in the game" on pandemics

Insurance sector needs to play more active role in future pandemic solutions, says OECD secretary-general Angel Gurría

iStock-885690024 - cyber

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


NSW flood claims reach 11,700

SE Queensland floods also declared a catastrophe as large parts of the Hawkesbury-Nepean Valley remain inaccessible


RMS launches climate change models

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

NSW floods

NSW floods declared a catastrophe

Large parts of New South Wales, including Mid-North Coast and Hawkesbury-Nepean, are inaccessible after widespread floods

Renewable Energy

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


Cyber: Ransom payments jumped 171% in 2020

Healthcare organisations were most targeted while the rise of ’double extortion’ has fuelled ransomware losses

Franck 2

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


G-20 firms prepare for future crises

Seventy-five percent of organisations must adapt to survive “seismic shifts” in the market, finds resilience study

Indonesia floods

Indonesia, Philippines and Thailand gain exposure database

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

Renewable Energy

Renewables see 300% rise in extreme weather losses

Wildfire, floods, hailstorms and windstorms are damaging solar and wind projects with greater frequency and severity, finds GCube

Riot control

Pandemic and debt to fuel political instability

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

SR_web_Michael Beaumont

Managing the vaccine supply chain

It’s clear that freezer failure is going to be a significant risk to the smooth execution of this critical vaccination program


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


China and India lead economic recovery

There are several “bright spots” in the global economy as vaccine programmes are rolled out, notes Atradius

Women leadership

Bringing more women on board

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


Google offers cloud cyber risk protection

Google Cloud partners with Munich Re and Allianz Global Corporate & Specialty to provide cloud specific cyber insurance


Greensill crisis threatens steel supply chain

By Helen Yates

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

SR_web_Helene Galy

COVID-19 is no black swan

There was evidence the wolf was already in the herd, if only the shepherd had taken a closer look


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


Biden calls for resilient supply chains

Close cooperation with supply chain allies will “strengthen the capacity to respond to international disasters and emergencies”


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

Solarwinds sunburst hack

WEF: Building resilient digital supply chains

Analysis following the SolarWinds fallout shows there are three ways companies can build more resilient digital supply chains

court room

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

ERM success

RIMS: Pandemic has shaped ERM approach

Health and safety and business continuity have become ERM’s primary focus as a result of COVID-19, according to a RIMS survey


ESG drives better financial performance - study

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

earthquake 450

New fault investigated ten years on from Christchurch

A decade on, GNS Science experts have embarked on a research project to determine the earthquake risk of a recently discovered fault in the Waikato

social media

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

SR_web_Vasileios Drakopoulos

Managing risk in a volatile world

Risk leaders must work on strategies and business models to help their firms achieve their objectives in the new environment


Supply chains: Striking the right balance

By Helen Yates

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


Are you ready for 5G?

By Sara Benwell

Risk managers must ensure that the business opportunities offered by 5G are not outweighed by extra security threats

Data breach

Human factor dominates data breach notifications

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

pandemic solution

NDBI: Exposed and unprotected

Caroline Woolley explains why it’s much better to play ‘let’s pretend you have a loss’, than trying to deal with expectation gaps after an event

new job, people

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”

John Trowbridge

Australian insurers to examine coverage gaps

By Helen Yates

Review comes amid concern about the availability and affordability of some categories of insurance cover

John Neal Future at Lloyds

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


D&O protection gap grows as rates soar

By Helen Yates

Escalating premiums and lack of capacity could see firms refusing to purchase or reducing cover, leaving senior professionals on the hook for claims

Wildfire bushfire

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


2020 nat cat tally hits $78 billion

Hurricane Laura caused an insured loss of $8 billion to 9 billion, the largest weather-related loss event - Willis Re

price increases

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%)

coronavirus, office

COVID-19 prompts “evolution in risk management” - survey

Organisations in APAC had built more robust pandemic programs in response to similar threats already faced, such as SARS

oil platform

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

Cyber attack

Cyber: Lessons from the Sunburst hack

The SolarWinds attack has awoken risk managers to the threat of Trojan-Horse type supply chain incidents

Dr Rod

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.

pandemic insurance (2)

PPPs needed to insure systemic risk

Future climate and systemic risks remain a key challenge - Insurance Development Forum

Australian bushfires

Australia joins climate coalition

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


Insurers complicit in ransomware rise - warning

By Helen Yates

Insurers are inadvertently funding organised crime by covering ransom payments, says former NCSC chief


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


Unilever in supply chain living wage aim

Tackling societal inequality and raising living standards across the value chain are good for business and society, says food giant

social media

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


Tropical cyclone risk in 2050

Study assesses the likely impact of climate change on hurricane severity and storm surge over the next 30 years

Renewable Energy

Climate change transforms renewable risk landscape

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

World coronavirus mask

BI and pandemic top Allianz Risk Barometer 2021

Pandemic is a “reminder that risk management and business continuity management need to further evolve”

Queensland floods

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

social unrest

WEF: No vaccine for climate change

In 2020, the world saw the catastrophic effects of ignoring long-term risks such as pandemics - WEF Global Risks 2021

Capitol Hill Riot3

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

growth covid

Control Risks: “Don’t miss the rebound”

Long COVID, patchy vaccine rollouts, emerging digital threats, climate change and the US China relationship are Top 5 risks for 2021

computer transaction

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

climate change risks

2020 ties with 2016 as hottest year on record

Wildfires in Australia in 2020, although of unprecedented magnitude, represent only a small fraction of global fire emissions

coronavirus, travel

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

voice-assisted technology

Threat from “deep fake” cyber attacks grows

New and emerging social engineering techniques will fundamentally change the cyber threat landscape - CyberCube

Australian bushfires

‘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

Lloyd's view from below

Howden: Better risk transfer solutions needed

COVID-19 has brought the growing ‘intangibility’ of risk into focus, a trend that will accelerate


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

changing landscape

Six business risks for 2021

The need for robust organisational resilience plans and resources to ensure employee wellbeing are essential in the ‘new normal’

Hans Laessoe

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

artificial intelligence (2)

Willis Towers Watson to leverage AI for emerging risk solutions

Airmic welcomes broker’s partnership with analytics firm Polecat, which ”signals a new generation of innovative risk management solutions”


Sunburst hack highlights supply chain risks

By Helen Yates

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


Catastrophe losses cost insurers $83 billion in 2020

Losses from secondary peril events are forecast to increase, driven by climate change - Swiss Re sigma

legal action

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

rising rates

Insurance hikes could be “nail in the coffin”

Mactavish expects rates to continue to rise in 2021 and says that some companies will be unable to pay for their cover


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

company directors

D&O to be "further inflamed" by COVID vaccine

New Dawn Risk predicts the hard market for D&O risk could be extended by a further 24 months as rushed deals come to market

Michael Stuckings Headshot

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

Hail storm

Queensland hailstorms to cost insurers over $1bn

Catastrophe data firm PERILS says hailstones from the South East Queensland Halloween Hailstorms were up to 14cm in diameter


Terrorism: West Africa a new hotspot

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

shanghai insurtech china innovation

Better standards guide IoT risk management

As dependency on connected technologies increases, so do associated risks and the need for good governance, argues the World Economic Forum


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

legal court (2)

Insurance Council of Australia to appeal BI ruling

Pandemics were not contemplated for coverage under most business interruption policies, insists ICA


Australian flood: Proactive action needed

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


Liability solution targets motor manufacturers

Amid growing product recall risks, a 5-in-1 insurance solution has been developed for Asian automotive manufacturers

legal court

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


StrategicRISK Q4 2020: Twenty years in risk!

When StrategicRISK was born, few could have anticipated the world of risks we would be facing 20 years on


Special report: Sustainability Risk

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

Supply chain

COVID-19: a ‘Black Swan’ for Asian supply chains

How do companies tackle supply chain disruption during the pandemic, and what steps can be taken now to build in more resilience for 2021?

building safety

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


Biden presidency sees return to multilateralism

However, US-China ties could deteriorate during the transition to a Biden presidency, according to Verisk Maplecroft

legal court (2)

NSW Court of Appeal rules against insurers

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

iStock-812148912 grenfell

NSW tackles unsafe cladding

New scheme will offer financial incentives to the owners of high-rise properties to replace dangerous cladding


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?

FMG Cyber

Internal failures drive cyber claims frequency

Business interruption is the main cost driver behind cyber losses, accounting for around 60% of the value of all claims - AGCS


China risks rise for Australian companies

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

coronavirus (10)

Report finds “major flaws” in risk reporting

FTSE 100 companies ignored or downplayed the impact of pandemics, finds Mactavish in damning report

Kerala Floods

Nat cat loss tally rises in October

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

shanghai insurtech china innovation

China leads economic recovery

Amid uncertainty over the COVID-crisis, public policy should focus on sustainable infrastructure development and inclusive growth - sigma

digital conference

Hard market: “Start renewals early”

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

artificial intelligence

Using AI to manage supply chain risk

As much as 43% of third-party relationships are not subject to any form of due diligence checks, finds Refinitiv

Vietnam flood

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

Cyber attack

Global ransomware attacks rise 110% in September

The region that saw the most significant surge in ransomware attacks was Asia-Pacific

money graph profit going up upwards financial

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

US protests

US election: Protests expected

By Matt Ford

A contested scenario will increase the threat of political violence, with potential supply chain impacts


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

US flag

US businesses prepare for social unrest

Demand for political violence insurance soared ahead of the bitterly fought and as yet, unclear US election

back to work

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


Super Typhoon Goni slams into Philippines

“Strongest landfalling cyclone in history” devastates eastern Philippines, causing catastrophic damage to Catanduanes Island

Queensland hail

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

Australian bushfires

Australia must prepare for more severe nat cats - wildfires probe

By Helen Yates

The Royal Commission into National Natural Disaster Arrangements has called for urgent action on natural disaster risk mitigation

Hurricane Maria

Northern Philippines braces for Typhoon Goni

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

working from home

Cyber: Staff admit to risky behaviour

Home working has increased cyber vulnerability, with 73% using company-issued devices for personal matters - Mimecast

Supply chain large

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


Insurer BI premiums insufficient for COVID losses - study

The pandemic exposed a massive protection gap in the area of business continuity risk, according to the Geneva Association and University of St Gallen

ship cargo

Reducing temperature-controlled cargo losses

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

Mary roth rims

RIMS and HKFI collaborate on training initiative

Multi-year programme will design and deliver advanced risk management training for the Hong Kong market


Restoring mangroves to build coastal resilience

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

coronavirus (2)

COVID-19 a “wake-up call”

Pandemic highlights the ”staggering potential” for uninsurable systemic risks, according to re/insurer Munich Re

Climate change iStock-926155608

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

Queensland hail

April Queensland hailstorm claims reach A$604m

The largest hail impact was recorded in Rockhampton and Yeppoon, where the storms caused extensive damage

Queensland floods

APRA calls for urgent disaster risk funding

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

cyber insurance, city

Cyber insurance transparency key to growth

By Helen Yates

PCS has launched a new data set to help the cyber insurance sector manage risk and capital more effectively


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)

autonomous vehicle

Swiss Re and Daimler launch e-mobility MGA

“Movinx” will offer solutions for a sector being disrupted by technology and changing mobility service models

SR_web_Nir Kossovsky

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


Conduct risk rises for financial firms

The pandemic is driving concern over mis-selling and improper business practices in the financial services sector - ORX

coronavirus man, mask

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


Swiss Re Corporate Solutions and Hitachi launch ‘smart manufacturing’ solution

Insurance-based solutions will initially focus on manufacturing and transport firms that are adopting AI and other cutting-edge technologies

world coronavirus protection

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

Queensland floods

Australian cyclone risk increases under La Niña

The Bureau of Meteorology has declared that La Niña has developed in the Pacific, with the potential for increased floods and cyclone activity

Climate change suspended world

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

legal court (2)

BI test case heard by NSW Court of Appeal

Insurance industry argued that the intention of pandemic exclusions in commercial property policies that contain business interruption cover is clear

World coronavirus mask

Pandemic eclipses climate change - Future Risks

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

climate change covid19

Climate Week: CCRI warns of ‘cascading’ risk

COVID-19 should not be allowed to derail progress made in driving greater climate resilience

cyber insurance, city

Singapore underwriters tackle intangible risks

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

Jacinda Ardern

New Zealand introduces climate risk disclosure regime

New rules will require firms to disclose how climate change will affect their business on a ‘comply or explain’ basis

Indonesia floods

Indonesian flood model launches

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

working in office

COVID-19 is fuelling cyber losses

Concern over a catastrophic cyber event leading to claims of $10 billion or more is greatest in Asia Pacific

cyber insurance, city

ARPC study reveals cyber terrorism protection gap

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

Mining australia

Australian mining sector faces hard market

There is a continued constriction of insurance capacity for thermal coal operations - Willis Towers Watson


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

Bush fire

Virtual roundtable: Dark clouds on the horizon

Australasian risk managers are reacting to climate change and improving the resilience of their organisations to extreme weather events


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.


COVID crisis sparks captive growth

Captive formation grew by 200% in the first half of 2020, including captives to cover pandemic-related losses - Marsh


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


COVID-19: Mid-market firms hit by social engineering

Cybercriminals targeted businesses that remained open during lockdown, making them more susceptible to cyber attack


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

cyber insurance, city

Cyber protection gap widening

Flattening market trend is “at odds” with a heightened threat environment - Guy Carpenter


Southeast Asia to benefit from supply chain diversification

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

legal action

Five liability trends for a COVID age

Rising litigation; more costly recalls; civil unrest and the increased potential for indoor air quality claims are just some of the liability trends exacerbated by COVID-19


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

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RIMS Australasia 2020 Virtual Summit

Follow daily coverage from Monday 14 to Thursday 17 September 2020

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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.

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DAY FOUR: 2. CEO Panel: Plan, prepare, engage

Engagement and co-operation between risk teams, c-suites, brokers, and insurers is crucial in a challenging insurance market, according to panellists at the RIMS Australasia 2020 Virtual Summit.

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DAY FOUR: 1. The global insurance market & COVID19

Insurance premiums will keep rising: Chubb

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DAY THREE: 3. Phronesis: the art of the possible

The Covid-19 pandemic has brought with it real challenges – and real opportunities. But how can we tell the difference? The answer is through “phronesis”. 

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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.

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DAY TWO: 3. An introduction to alternate risk transfer: techniques & solutions

As the insurance market hardens around the world, more and more risk managers are looking to Alternative Risk Transfer to provide the cover they need – at the right price.

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DAY TWO: 2. Influencing the unseen

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

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DAY TWO: 1. Driving Innovation through positive Risk

How can you use risk to make money in a pandemic? The answer is by understanding your intangible assets and seeing risk as a game-changing opportunity for real growth.

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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.

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DAY ONE: 2. Managing cyber risk during disruption

Establishing a thorough cyber resiliency plan is the most effective way to guard against rising cyber risks, according to executives at FM Global.

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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.

Kerala Floods

Indonesia flood model launched

Climate change influences are likely to increase the impact of flooding over the near and medium term

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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

thumbnail_20191105 Parima on stage -1st-Batch

Parima gears up for “Resilience Week”

Parima is planning its first-ever digital conference between 9th and 13th November 2020

legal court

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


2020 insolvencies jump amid COVID-led recession

Global corporate insolvencies are forecast to increase by 26% in 2020, led by Hong Kong in Asia Pacific


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

Kevin Bates pic 2

Kevin Bates: A lesson in Carpe Diem

By Helen Yates

Risk managers have got to be genuine, authentic and transparent in order to succeed, says Kevin Bates

QBE mental health awareness

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


Lloyd’s targeted by climate campaigners

Protests outside the Lloyd’s market reflect growing pressure on the insurance industry to take action on heavy polluters

Sweatshop factory image

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

Australian bushfires

Black Summer losses to reach A$5.4 billion

Insurance Council of Australia says more than 83 per cent of bushfire claims have already closed

Hurricane Laura

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

Hurricane Laura

Hurricane Laura makes Louisiana landfall

Laura made landfall as a category 4 hurricane with wind speeds of up to 150mph and an “unsurvivable” storm surge

marsh thecityuk cyber risk cybercrime

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

coronavirus, decline

Global insurance protection gap reaches $1.24 trillion

The COVID-19 pandemic is expected to reduce global macroeconomic resilience by about 20% in 2020 - Swiss Re Institute

Hans Laessoe

The new risk horizon

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

Michael Stuckings Headshot

Time to revisit building codes?

Amidst the increasing frequency and intensity of natural catastrophes it is time to revisit the purpose and content of building codes, argues FM Global’s Michael Stuckings

Riot control

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

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Risk managers must heed COVID supply chain lessons

Among the key lessons from the crisis, RQA Group says there will be a move towards shorter, more localised supply chains and less reliance on the Far East


ICA launches BI test case in NSW Supreme Court

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

Benedict Burke_Crawfords

The Herculean task of rebuilding Beirut

By Matt Ford

Lessons learned in the aftermath of the Tianjin port explosion in 2015 will be particularly significant in Beirut, says Crawford’s Benedict Burke


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.


Long-term governance failures caused Beirut blast

Governmental shortcomings were to blame for the explosion in Lebanon, according to risk experts, who say lessons can be learned from the incident

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APAC commercial insurance pricing up 31% in Q2

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

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Insurers shine spotlight on container loss incidents

The extent and pace of growth in container volumes have put strains on a wide range of operational procedures


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

Kerala Floods

Monsoon floods inflict $20 billion of damage in July

Much of the physical damage to property, infrastructure and agriculture is expected to be uninsured - Impact Forecasting


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


Beirut explosion, 5 years on from Tianjin

The large blast in Beirut, Lebanon is expected to result in a significant insurance event as the death toll and casualties from the explosion continue to rise.

coronavirus (9)

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

legal court (2)

ICA prepares pandemic BI test case

The outcomes will be used to determine complaints arising in respect of COVID-19-related business interruption claims

cyber security

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

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Covid-19 transforms professional lines market

Rising premiums are expected for risk managers across the Asia-Pacific region

coronavirus man, mask

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

Supply chain large

Study recommends new approach to supply chain risk

Researchers in the UB School of Management say their framework would have benefitted organisations as the coronavirus pandemic hit


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

Australian bushfires

ICA welcomes hazard research funding

The Australian Government has pledged $88.1m over the next ten years to the Bushfire and Natural Hazards Cooperative Research Centre

Cyclone pic

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

business man look forward telescope

Strengthening business resilience after COVID-19

The speed with which the crisis unfolded meant companies had to improvise, because their crisis-response plans were too rigid and slow - Arthur D Little


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

HK protests

Emerging markets face “unparalleled” civil unrest

In India and Hong Kong, pre-existing grievances centre around political rights are likely to inflame protests - Verisk Maplecroft

risk (2)

Using risk appetite to support decision-making: Gordon

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

construction site

COVID-19: Construction insurance rates harden

In Asia, pricing generally rose during the first half of 2020 in key markets, including Singapore and Hong Kong


Australian hailstorms claims reach A$1.8 billion

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


Twitter hack exposes potential for reputational harm

The confluence of COVID-19 and advanced social engineering techniques poses a growing threat - CyberCube

Supply chain

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

marine cargo

Asian waters account for most shipping losses

Consequences of coronavirus and a sustained economic downturn could threaten long-term safety improvement


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

Cyber attack

Cybercrime to cost global economy $6 trillion by 2021

India, South Korea, Australia and China in top ten countries most targeted by significant cyber attacks - Specops

Kerala Floods

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

price rise

COVID to cost insurers up to $100 billion - sigma

Rate hardening is likely to continue amid potentially high losses and contracting insurance supply, particularly in commercial lines


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

Work from home challenge_Jon Grainger_SlaterandGordon

Firms must change cyber security approach

The traditional approach to cyber security must be replaced by something that is more user-centric - Aon and CyberCube

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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.

Australian bushfires

Australian bushfire claims reach A$1.86 billion

The figures were released six months after the worst Australian bushfire season on record, known as the ‘Black Summer’ - PERILS

QBE mental health awareness

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


Parametric products can increase climate resilience

By Matt Ford

Today’s “wealth of data” can be used to construct risk transfer products for extreme weather - Nephila’s Barney Schauble

staff retention

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?

shanghai insurtech china innovation

AXA XL receives green light for Shanghai-domiciled reinsurer

AXA XL Re China will provide non-life reinsurance in China after CBIRC grants business license

Cyber attack

Cyber threats grow in Singapore

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


RIMAS: Fighting the cyber war

Why organisations must fight a “cyber war”, according to Andeed Ma, president of the Risk and Insurance Management Association of Singapore

Supply chain large

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


StrategicRISK Q2 2020: Our time to shine

New risk realities arising in the post-COVID world will demand very new risk solutions. This is our moment.

storm, cyclone

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


How insurability hinges on disaster mitigation

By Helen Yates

Global warming is just one factor provoking the rise in natural disasters. If we want to avoid ‘no coverage’ regions, we must invest in risk mitigation


The importance of measuring the ‘resilience dividend’

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


The next massive tail risk

There is a one-in-three chance that at least one of four major tail risks will occur within the next decade, warns Deutsche Bank Thematic Research

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Tunstall turns to technology

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

financial loss, coronavirus

Marsh webinar highlights “collective failure of imagination”

By Matt Ford

Risk managers need to learn lessons from the pandemic, adapt to the “new normal” and plan strategically for an uncertain future - panellists


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


Infrastructure to drive growth post COVID - sigma

Emerging Asia will invest an estimated $1.7 trillion annually, equal to 4.2% of GDP; China will account for 35% of global investment


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

Belinda Bates

Zurich expands climate resilience team

“Risk management tools that can help businesses quantify the impact of climate change are high in demand”

cyber insurance, city

Phishing attacks ‘soared’ during lockdown

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

Cyclone pic

Cyclone Amphan causes $15 billion loss; mostly uninsured

Cyclone highlights the need for future investments in modernising coastal barriers, embankments, and the electrical grid - Aon

autonomous vehicle

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

HK protests

Hong Kong set for era of change

Risk managers in Hong Kong face a changing political climate and the risk of violent protests


Climate change survey: Have your say

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

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Societies ill-prepared for COVID-crisis - Swiss Re

Swiss Re Institute’s 2020 SONAR report says there is an opportunity for the pandemic to prompt a more sustainable future

supply chain

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

Renewable Energy

Power sector feels pandemic pressures

The increasing focus on ESG is also having a significant impact on future power sector risk management strategies


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


Idle vessels face new risks, Allianz warns

Increasing disruption and economic pressures caused by the pandemic has serious risk management implications for the maritime community

bushfire 1

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

View from the board

Selling the value of risk management to the board: Narayanan

If you haven’t convinced stakeholders in two minutes, you’ve probably lost their attention, says Suchitra Narayanan

legal, court

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

HK protests

South Asia at highest risk of civil unrest

Food insecurity a key driver amid economic and social fallout from COVID-19

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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

Future of transportation

FM Global launches 2020 update to Resilience Index

No Asian country ranked inside the top 30 for their ‘natural hazard risk quality’ and a number of Asian countries fell in 2020 in regards to ‘inherent cyber risk’

connect world

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


Lloyd’s pegs COVID losses at $4.3 billion

Estimates total industry losses of $203 billion; claims on a par with 9/11 and the combined impact of hurricanes in 2005 and 2017

coronavirus man, mask

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

Franck 2

PARIMA calls on insurers to treat customers fairly

PARIMA is not in favour of regulators imposing retroactive coverage of claims, but calls for the creation of risk pools 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


Energy sector loss severity is growing

Global energy firms need to address the changing risks of older refineries and petrochemical plants - Marsh


ICA explores insurance solutions for future pandemics

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


Restart facilities with care - AGCS

20% to 30% of AGCS fire claims are related to the condition of electrical equipment and installations

Kerala Floods

JBA rolls out global flood model

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


COVID-19 will change risk management - IRM

The future will see a sharper focus on resilience and strategic risk management, predicts survey

Renewable Energy

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

closed sign, coronavirus

How to avoid restart risks

Pre-start up safety reviews can help reduce losses when idle facilities are put back into operation - Swiss Re Corporate Solutions


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


RIMS calls for pandemic risk insurance program

91% of RIMS’ US members are supportive of a TRIA-type program for insurance claims relating to losses resulting from a pandemic

Cyber resilience

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


Cybercriminals profiting from COVID distraction

There are increasing aggregation risks associated with the shift towards remote working, warns AIR Worldwide

Digital wave

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


Is blockchain the solution for broken supply chains?

Resilience of supply chains “can be improved” through the deployment of blockchain technology - World Economic Forum


WTW launches cyber marine cover

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


Insolvency risks soar amid COVID crisis

Virgin Australia has become one of the biggest casualties of the COVID-19 outbreak so far

global risk

COVID-19 will “enhance protectionism” - Control Risks

By Helen Yates

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

Intangibles background2

Focus on intangible risks: Masterson

Organisations should not overlook the intangible risks facing their business, according to Michael Masterson.

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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.

coronavirus, money

BI claims present an “existential threat” - Willis Re

Estimates the global reinsurance sector will take a $30 billion hit to its capital base from COVID-19

more decisions

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.

IFB board shakeup

Move away from company-centric views: Clements

Risk managers need to change the way they perceive risk and move away from company-centric views, according to Adrian Clements.

coronavirus, exclusion

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


80% of boards unprepared for COVID-19 - EY

Just a fifth said firms were ’very prepared to respond to an adverse risk event from a planning, communications, recovery and resilience standpoint’

shanghai insurtech china innovation

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

marine cargo

COVID-19 heightens risks for cargo shippers and transport firms

Damaged goods already account for more than one in five marine insurance industry claims - Allianz

time is up

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 makes ‘business case’ for ERM

Pandemic shows the clear business benefits of managing risk from an enterprise-wide perspective - Gartner


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

supply chain

COVID-19 global supply chain disruptions continue

Organisations with a diversified supplier base are better equipped to address the effects of COVID-19 - Institute of Supply Management


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”

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Special report: Supply chains

Supply chains may be complex and suppliers remote, but you must know their ESG strategies well.

connected home

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

fire factory

Prevent losses at idle factories - FM Global

Fires, vandalism, theft, flooding and stormy weather could leave understaffed facilities vulnerable


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

coronavirus, money

COVID-19 fuelling US-China rivalry

By Helen Yates

An inability to cooperate in the fight against the coronavirus shows how far the bilateral relationship has deteriorated - Verisk Maplecroft

storm, cyclone

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

connected home

Asian risk managers adapt to COVID-19

Everybody has a plan until they get punched in the face, says Parima head Franck Baron, quoting Mike Tyson


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

HK protests

COVID-19: Spotlight on security risks

Protests and unrests, strikes and fraud and scams are just some of the security risks likely to be exacerbated by the coronavirus pandemic

Supply chain large

“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

Marriott 2

Marriott reveals new breach: 5.2 million exposed

By Helen Yates

The new compromise follows a major breach of up to 339 million guests, discovered in 2018

Lloyd's of London

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”

digital face

Risk 4.0 - Are you prepared: Black

Risk managers must be prepared for new risks in an unprecedented era of technological and societal change, according to Warren Black, principal and founder, Complexus


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

wind storm

Claims from February Australian floods reach A$794m

By Helen Yates

Property losses from the February east coast low make it the third largest such event in the last three decades - PERILS

independent brokers resisting lure consolidators

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.


COVID-19: Ethics will be tested

By Helen Yates

Deloitte has warned of a potential spike in bribery and corruption across Asia Pacific in the wake of COVID-19


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.

coronavirus, covid-19

COVID-19: The role of climate change

By Helen Yates

Climate change and growing extremes will likely increase the threat of global pandemics, according to AIR Worldwide

cyber product report

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.


COVID-19: Australian car firms to produce ventilators

By Helen Yates

Firms including Ford Australia and Holden Special Vehicles, which are adapting their assembly lines to produce ventilators and other medical equipment


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.

Supply chain

Pacific nations sign supply chain pact

By Helen Yates

Australia, Brunei, Canada, Chile, Myanmar, New Zealand and Singapore, the seven Pacific rim nations pledge to maintain open and connected supply chains as part of their collective response to combat COVID-19


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


Why pandemics fell off the risk radar

By Helen Yates

The risk of a global pandemic has risen in recent years, but the perception of that risk has not matched reality - WEF

Fitch Ratings4

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

Supply chain large

WEF: COVID-19 prompts new supply chain thinking

China seems to be seeing the light at the end of the tunnel of fighting the COVID-19 outbreak domestically, but there is much more work to be done for companies to resume normal productions and reconfigure their supply chains


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.

cyber product report

Insurance experts rank cybercrime as top risk for 2020

Cybercrime, disruptive technology and pricing are the top three most dangerous risks, according to a new Willis Towers Watson survey of more than 100 insurance industry executives

diversity hands

‘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.


Risk leaders need to up their soft skills

A new report argues that as technology increasingly takes over more routine, manual tasks, risk professionals need to upskill and constantly reinvent themselves, or risk being made redundant by technology.

men and women equal scale

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!

supply chain

New kit battling supply chain risk

Supply chain risk is increasing as the coronavirus epidemic continues to spread across the globe. A new tool from riskmethods aims to assist risk managers fight the issue.

US insurance giant

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.


Aon buys WTW in $80bn mega-deal

The combined company, a technology-enabled global professional services firm focused on the areas of risk, retirement and health,  will maintain its headquarters in London.


Changing perceptions of risk: Jonas

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

Coronavirus 2

5 minutes on coronavirus with Dr Hyzler

As the world scrambles, StrategicRISK spoke with Dr Adrian Hyzler to get his top tips for risk managers on how best to tackle this crisis over the coming weeks.


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


RMIA: How to quell coronavirus panic

Risk Management Institute of Australasia (RMIA) has announced it will host a series of workshops to assist risk managers to address the worsening crisis.


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


11 of 15 cities most at risk of rising sea levels in Asia

Guangzhou and Dongguan, two major cities in China’s Pearl River Delta Economic Zone, have been identified as the metropolitan areas most vulnerable to sea level rise worldwide.


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.


Global insurance prices rise 11% in Q4 2019

Asia regional composite pricing rose the slowest - hitting only 6% in the fourth quarter of 2019, compared to a 21% rise in the Pacific region.


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


Have we learned anything from Hayne?

A year on from the Hayne Commission represents a natural time to consider the new regulatory environment facing corporate Australia.


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


How WeWork got ‘bringing home the bacon’ all wrong

As WeWork prepares to shed its risky wild child image and take on a new CEO, our editor Lauren Gow reflects on where the issues began with this workplace upstart.

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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.


5 cyber security trends for 2020

The focus is now firmly on the customer and offering them better service and better protection, particularly with the new paradigm of “everything-as-a-service” – where everything is offered in cloud-based, consumer-based models.


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.


BMS hires senior broker in Sydney role

The global broker is continuing its expansion plans in the APAC region with the appointment of Kirsty Kennell-Webb.


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.


Emerging markets paving the way in digitisation

New markets are partnering with established digital platforms and ecosystems to combine features typically offered by standalone incumbent firms into a one-stop-shop service.


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.


WEF report signals danger for Asia-Pacific

As a region uniquely exposed to environmental risks, Asia-Pacific risk professionals see the WEF’s latest report as a timely reminder for the profession to prioritise the threat of climate change and environmental 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.


How to become a 'seller of risk' in 2020

Assimilating and reporting risk-based data to insurance partners is an increasingly important part of securing competitive pricing and coverage in today’s highly competitive soft market.


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.

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StrategicRISK Asia-Pacific (Issue 26)

In our latest issue, we take a look at how to tackle cyber espionage, spy on the looming recession rumours, as well as the latest results from our benchmarking survey.


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 risk managers can learn from the biggest cyber attacks of 2019

Looking back at some of the biggest data breaches in 2019 - what are some of the key learnings for businesses and the risk management community

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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


IRM guide on how to hire a great risk manager

The new guidance is based on IRM’s professional standards and is aimed at organisations of all types seeking to recruit senior risk professionals.

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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.

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Australians refocus on reputational risk

A new study of 132 Australian business leaders has found more concerned about the long-term impacts of their reputation, such as the erosion of brand equity.

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AXA XL appoints ex-Aon director to Asia role

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

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Five tips to boost your cyber security in 2020

This week, StrategicRISK caught up with Adam Selwood, co-founder of Cynch Security, to get his thoughts on where risk managers should be focusing their attention in 2020.


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.


Tech risk provider Sedgwick opens new Singapore office

The move follows the recent integration of the Insight Adjusters and Surveyors team, as Sedgwick continues its sustained growth plan across the region.


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.

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New product aims to tackle rising corporate fraud

Impersonation fraud is quickly becoming a systemic issue around the world with recent examples including a social engineering scheme utilising artificial intelligence-based software to impersonate an executive


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.

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Government cyberattacks on the rise

Governments worldwide are vulnerable to cyberattacks, though the associated risks to their credit quality are limited, according to a new report from Moody’s.


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.

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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.


What is your data worth?

Risk managers often spend so long looking at macro risks, but what about your own personal worth? KPMG associate director, cyber security, Sarah Roberts delves into the murky depths of the dark web to find your personal worth.

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​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.


Persuade with action

Ask what the big risks are for the future, says Benedikt Hintze of Georgsmarienhütte Holdings. Because risk management doesn’t just stop in 2020.

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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.


Crooked construction

China’s ambitious Belt and Road Initiative means huge opportunities for developers and investors. But with so many infrastructure projects in developing countries beleaguered by corruption and crime, can this one stay on the straight and narrow?


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.


Bots behaving badly

New technologies don’t always come with a completed rule book or instruction manual, let alone industry-agreed standards. KPMG director, data science, David Evans asks: How do we take advantage of AI offers while managing and mitigating risks?


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.


Risk management shifts gear to resilience model

Businesses will need to shift their focus from traditional risk management to building resilience so as to drive business enablement and build trust.


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!


One Asia-Pac cyber-attack could cost $110bn: Lloyd’s

The global reinsurance market believes a major attack could cause as much damage as half a year’s worth of losses from global natural catastrophes.


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


How to use data to build an impactful narrative in risk discussion

Danny Wong, founder of Goat Risk Solutions explains how data can help risk managers engage the c-suite and make better business decisions


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, ...


Digital transformation: what does it really mean?: SIRM Forum 2019

This year’s SIRM Forum opened for its 46th anniversary at the Seedamm Plaza Hotel in Pfäffikon (SZ) on 22 and 23 October 2019

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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.


Ups and downs of managing risk

Dean Kong, head of risk (AGM) for the Changi East megaproject – the development of a new passenger terminal to Singapore’s Changi Airport, tells StrategicRISK about the risk challenges of megaprojects.

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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.

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PARIMA set to hit KL in November

With transformative business models at play, risk managers need to continually adapt and equip themselves to stay relevant and ahead of the game. Stay tuned for exclusive coverage from the StrategicRISK team on November 4-5.


“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


How to talk to your CEO about risk management

If you want to engage your chief executive, drop the risk talk and focus on what they care about most: making effective decisions, says former chief executive, risk manager and author, Julian Talbot

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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

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Risk management must influence decision-making otherwise “it’s a waste of time”

No organisation can be without risks, so risk managers must use decision analysis to ensure that they are asking the right questions and taking the right risks, says Hans Læssøe, the founder of AKTUS and former risk manager at The Lego Group

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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.


Can he fix it?

A life-long drive to discover what is broken and make it right has taken BHP’s Robb Eadie all around the world. Now his sights are set on transforming the risk profession. Meet: The fixer.

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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.

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Building a risk management framework for a 21st century business

Danny Wong, founder of Goat Risk Solutions explores how to structure the risk management framework to embed comprehensive risk management throughout an organisation


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.

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Renaissance woman

For Suchitra Narayanan – accomplished dancer, nimble-footed, creative risk manager, and the 2019 StrategicRISK Awards’ leading lady – risk management is a dance, and being part of changing risk her most captivating performance yet.

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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.


Slaves to your business

We are all complicit in modern slavery. Do you really know if there is forced labour in your supply chain? Because ultimately, the buck and the power to changed enslaved people’s lives, lands with you.

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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

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Thomas Cook: tourism experts explain the travel company’s collapse

While the ultimate responsibility for the business failure of Thomas Cook must rest with the hands of its management, they faced a number of factors outside their control, writes  Anna Hillingdon, associate professor in risk and resilience and John Fletcher, Professor, Bournemouth University

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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

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Do the right thing and keep record of it

A panel discussion at the RIMS conference has delved into the ongoing issue of class action lawsuits plaguing Australian risk managers and their D&O insurance partners.


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.


‘We have absolutely lost the ability to communicate’: Bates

RIMS Australiasia president, Kevin Bates has encouraged risk managers to ask themselves the hard questions about why it is they doing things certain ways, particularly in terms of personal and board communication.


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.’

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Defining your reputation risk

Reputational risk is not “one risk”, but rather a category of risks which may impact your reputation, so how should you define and manage it? Hans Læssøe, principal consultant at AKTUS and former risk manager at Lego Group has this advice

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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


The hidden issue of risk calculations

Risk information isn’t always communicated on the same “playing field”. Information given to the boss may favour one solution over the other – and is the reason why most strategies fail to deliver expected results. But there are other hidden elements at play, writes Adrian Clements, international enterprise risk manager


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


Ransomware attacks on cities are rising – authorities must stop paying out

A ransomware campaign that targeted 23 US cities across Texas has raised serious concerns about the vulnerability of local governments and public services to cyber-attacks, writes David S. Wall, professor of Criminology, University of Leeds

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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


Xinjiang supply chain risks intensify

The likelihood of more companies being swept into controversy over the use of forced and child labour in Xinjiang increases, writes Ryan Aherin, Senior Commodities Analyst at global risk analysis company Verisk Maplecroft.

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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.


Could gamification be the key to managing logistics risk?

Gamification is the application of game-principles and game-design elements in anything that is not a game, and it’s a growing trend in logistics, argues KPMG national sector leader, transport & logistics, Brendan Richards.

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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.


ArgoGlobal syndicate quits Asia and most marine hull underwriting

Argo’s Lloyd’s Syndicate 1200 is to exit Asia and most of its hull underwriting globally.


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

New thinking

Operative versus redundant risk barriers

We need effective risk barriers, but which ones are truly needed, effective and animate innovation? And, crucially, are there multiple barriers protecting the same element but with different appetites? Adrian Clements, an international enterprise risk manager, has this advice.

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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.


5 tips for selling rates rises to management

Rates rises are hitting APAC risk managers hard and boardrooms are awash with questions on why prices are on the increase. PARIMA’s president, Franck Baron, shares his top tips for managing this issue.

New thinking

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

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Amazon fires explained: what are they, why are they so damaging, and how can we stop them?

Jos Barlow, Lancaster University and Alexander C. Lees, Manchester Metropolitan University place Amazon fires under the microscope

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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

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Exclusive RIMS Conference voucher code for StrategicRISK readers

The not-to-be-missed RIMS Conference this September is ” a real smorgasbord” for all, says RIMS Australiasia president, Kevin Bates.

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#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.

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Baron: ‘Current rates don’t reflect the quality of risk management in APAC’

PARIMA president Franck Baron has spoken exclusively with StrategicRISK, calling on the insurance industry to cut management overheads in the new tough market conditions.


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.

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Hong Kong protests highlight need for political risk focus

With tensions escalating in Hong Kong, StrategicRISK takes a closer look at the issue, advising risk managers to ’review and update their business contingency plans and crisis response protocols now’


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.

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Instinct is your most important weapon

As Sydney begins to recover from the latest terror occurrence, our editor Lauren Gow reflects on why preparation is important but the ability to act on instinct is even more so.

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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.


It’s a risky move but UPS don’t turn left

Every time an American turns left they are turning against the flow of the traffic. In Australia, it is the right. Not only is that dangerous because it makes collisions far more likely so UPS cut the risk by not turning left. Simple, right?

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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.

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The Cathay Pacific breach: a lesson in managing data protection risks

In June, the aviation industry suffered one of the largest known data breaches in recent history when the personal data of 9.4 million Cathay Pacific passengers was compromised. Mark Parsons, Mark Lin and Byron Phillips from Hogan Lovells in Hong Kong unpick the lessons to be learnt


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.


Drones ‘major risk’ for APAC airports

Amid a spate of drone disruptions across international airports over the past year, a new report from Willis Towers Watson presents an action plan for the APAC region on handling this looming threat.


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.


Risk lessons you should learn from Kodak

Historic business failures present some cautionary tales for modern risk managers. In this piece, StrategicRISK takes a closer look at why some of the biggest names in history no longer exist and why.

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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.


Book Review: Shaping the Future of the Fourth Industrial Revolution

Complexus principal and risk thought leader, Warren Black, takes a deeper look at the new book from founder and chairman of the World Economic Forum, Klaus Schwab.


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.


The ethical balancing act of boardrooms

Could organisational psychologists be the key to cutting the risk of misbehaviour? In the post-Hayne report era, all risk managers need to be looking at ways to set ethical behaviour with ‘tone from the top’.

New thinking in risk

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


Critical infrastructure at risk

The introduction of the industrial internet of things (IoT) across production and supply lines is likely to lead to a broader number of cyber risks and potential attacks.

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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.

New thinking in risk

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


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

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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.

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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.

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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

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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

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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.

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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.

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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

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Environmental bonds: When polluter pays

By Marc Cambourakis,country manager,Atradius Bonding France and Simona Belati, senior manager technical underwriting, Atradius Bonding Italy

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

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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


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

New thinking in risk

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. 

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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.


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


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

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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 ...

Alexander Larsen

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


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

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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

Colin Barker

“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

Julia Graham

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

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Valuing intangible assets

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


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


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


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.


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

julia graham

Risk managers want to become better storytellers

Risk managers are seeking to acquire a rather unexpected skill, according to Airmic.


Ludlow criticises insurers for delaying renewals

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

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Becoming data smart

Andy Jones, head of risk engineering, property and casualty on how risk managers can overcome the biggest big data challenges


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

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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

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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

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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.


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


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


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

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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.

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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.

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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.

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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


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


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?

Sarah McNamee

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.

Convex - Stephen Catlin and Paul Brand

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.


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.

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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.

ChangingRisk study

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.


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.

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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

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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


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.


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


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

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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

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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


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?

Awards webvision

Awards shortlist for service providers announced

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


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.


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


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.


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.

Patrick Smith

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.


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.

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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.


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

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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

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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.


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


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.

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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!

Lauren opinion

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

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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

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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 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.


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.

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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

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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.


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

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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.


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


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


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


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

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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

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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

Awards webvision

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.


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

new thinking in risk

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


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.

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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

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​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.


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


(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 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

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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

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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.


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

Cyber attack

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


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


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 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


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.

No deal

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

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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.