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

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

Cyber protection gap widening

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

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

RIMS Australasia 2020 Virtual Summit

Follow daily coverage from Monday 14 to Thursday 17 September 2020

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.

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”. 

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.

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.

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.

Indonesia flood model launched

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

Parima gears up for “Resilience Week”

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

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

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

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

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 makes Louisiana landfall

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

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

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

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

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

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

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

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 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.

ICA prepares pandemic BI test case

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

Covid-19 transforms professional lines market

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

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

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

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

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

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

Twitter hack exposes potential for reputational harm

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

Asian waters account for most shipping losses

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

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

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

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

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

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

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

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

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.

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 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

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

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

Zurich expands climate resilience team

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

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

Hong Kong set for era of change

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

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

Power sector feels pandemic pressures

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

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

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

South Asia at highest risk of civil unrest

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

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’

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

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

Energy sector loss severity is growing

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

Restart facilities with care - AGCS

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

COVID-19 will change risk management - IRM

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

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

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

Cybercriminals profiting from COVID distraction

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

Is blockchain the solution for broken supply chains?

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

Insolvency risks soar amid COVID crisis

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

Focus on intangible risks: Masterson

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

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

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.

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’

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

COVID-19 makes ‘business case’ for ERM

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

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

Special report: Supply chains

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

Prevent losses at idle factories - FM Global

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

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

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: 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

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

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

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

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

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

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

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

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

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

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The murky risk brewing in your morning coffee

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

Coronavirus - what your business needs to do now

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

Environmental risks top World Economic Forum Report

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

Risk culture: top focus for APAC risk managers in 2020

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

White Island tragedy raises risk questions

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

What the UK general election result means for you

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

2019: The year of the APAC catastrophe

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

AXA XL appoints ex-Aon director to Asia role

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

WTW partners with Hong Kong-based Tricor

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

Complex risk environment lies ahead: RMIA

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

Can risk management save The Great Barrier Reef?

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

It pays to be bold

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

Could ART solve your risky developments?

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

​Risk of downturn to hit credit: Moody’s

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

One great reason to risk a startup

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

Top takeaways from PARIMA KL

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

Aon strengthens Australian data risk team

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

Live Blog: PARIMA Conference - Redefining Risks

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

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

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

You cannot risk manage a decision

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

Risk manager challenge - dealing with rising insurance rates

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

Asia-Pacific insurers raise concerns about global outlook

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

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

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

Uncertainties can be modelled

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

The right attitude is key to a successful risk culture

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

Climate, technology and political extremism threaten business supply chains

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

Compliance takes centre stage as regulators come down hard on business

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

StrategicRISK Asia-Pacific (Issue 25)

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

Getting to grips with risk criteria

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

Future gazing with RIMS senior management

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

How to blow up your office & everyone in it

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

RIMS 2019: It’s no Garden of Eden

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

Data is the future of effective risk management

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

Building resilience against nat cats

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

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

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

QBE names Singapore CEO

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

From analogue to digital: What next?

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

6 ERM resources to support strategic planning

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

Special report: People risk

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

30 practical steps to implementing ‘Risk Management 2’

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

The risky business of climate change

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

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

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

Don't be the next Subway

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

APAC firms severely underestimating intangibles threat

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

Let’s make every decision risk-based

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

Typhoon Lekima insured losses hit $1.3bn

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

Risk culture or culture risk?

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

Why gender balance is important in risk management

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

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

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

Cyber insurance provides “false sense of security”

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

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

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

The risky logistics of space

On the eve of the 50th anniversary of the first moon landing, KPMG’s Partner, National Head, Transport & Logistics, Brendan Richards gives risk managers some out-of-this-world tips of managing interplanetary supply chains.

Will cyber policies cover huge GDPR fines facing British Airways and Marriott International?

The penalties come two days after British Airways was fined £183m by the Information Commissioner’s Officer for a separate data privacy breach

Everything you need to know about the G20 summit

In this must-read piece from Andy Gilholm, principal and director of Analysis at Control Risks considers the outlook beyond the G20 talks and considers some specific escalation risks including China’s planned “unreliable entities list”.

Culture and trust in a complex and disruptive world

Disconnected risk culture (DRC), says Alan Hilburg, president, Hilburg Associates, is the single greatest threat to organisations over the next five years. Why? Failing to culturally connect multi-generational and multi-cultural workforces has created a global crisis of distrust within organisations - and historic levels of risk.

Will insurers ever be able to address reputation risks?

Reputation risk tops the table of greatest risk in CNA Hardy’s recent survey. But it is still difficult to insure. If insurers want to play their part in #ChangingInsurance, they will need to develop risk manager relationships beyond binary transactions and immerse themselves in their clients’ company

AGCS shake up sees closure of NZ business and APAC CEO replaced

AGCS will also cease underwriting of long tail risks in Australia as James Stack is named new chief following departure of current CEO Willem Van Wyk.

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.

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

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

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 ...

Multinationals 'acutely challenged' by cyber

The risks posed by malicious actors are increasing in volume and sophistication and organisations’ vulnerabilities constantly challenged, according to new Chubb report.

Where should risk management be placed within the governance structure of a business?

As long as risk managers have access to the decision-makers at the top table, it doesn’t matter where they fit within the organisational structure. But there are arguments for why risk management should sit with internal audit, writes Alex Sidorenko, chief executive of Risk Academy

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

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

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

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

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.

Risk managers want to become better storytellers

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

Becoming data smart

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

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

Risk Forum APAC 2019 - Live blog

Live coverage of StrategicRISK’s Risk Forum APAC in Singapore

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.

Ignorance is not bliss

In the new age of advanced risk, complacent organisations are allowing themselves to become vulnerable to the disruptive forces of the Fourth Industrial Revolution, says founder and principal of Complexus, Warren Black ahead of this year’s Risk Forum Asia Pacific.

Crisis management 101

If we asked each company how their crisis plans are structured and managed, we will likely see inconsistencies, out-of-date procedures; ill-prepared stakeholders, says Gabriel Souza, risk management specialist. Here’s his advice

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.

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).

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.

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.

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.

Risk management systems versus risk management process

Process management achieves results through planning and system management manages various components that must work together to achieve an objective. Here’s how the two should work, writes Adrian Clements, international enterprise risk manager

The risk manager’s job is no longer about risk defence

We are facing a paradigm shift. Risk management cannot be defensive anymore. Risk management must support the businesses and should be at the root of organisational strategy. Brigitte Bouquot, Amrae president and risk manager for Thales lays out her vision for #ChangingRisk

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.

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.

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.

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.

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.

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.

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

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

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

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?

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.

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.

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.

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.

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.

Insight not information: what the CEO needs from their risk manager

If the c-suite care about decision-making, opportunity and strategy, why do risk managers focus on compliance data and backward facing risk analysis? This will eventually make us obsolete, writes Adrian Clements, international enterprise risk manager and former risk manager at ArcelorMittal

Marsh JLT mega merger closes as ex-JLT boss slams deal

‘The best people will surely leave’ claims former JLT commercial director James Twining in a bleak assessment of Marsh’s takeover of JLT.

Cyber heatmaps: do we need to stop rating our risks or categorising them by colour?

Heat maps are focused on ‘risks’, but decision-makers don’t care much about the risks to avoid or mitigate. Their prime focus is on the success achieved by taking the right risks, so do we need to rethink cyber heatmaps? writes Norman Marks, renowned risk management author.

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

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

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.

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.

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.

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

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

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

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.

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

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

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

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

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.

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

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

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.

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

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.

Cyber governance ‘not rocket science’: Airbus

Philippe Cotelle, the head of insurance and risk management for the defence and space division of Airbus, has said the governance of cyber risk is “not rocket science”.

Top 5 reputation risk predictions for 2019

Life is unpredictable for the most part, but one thing is certain - business owners will face new and emerging challenges, according to risk experts.

‘We need to be agile in the way we look at risk’

Nor Adila Ismail, the long-serving chief risk officer at Malaysian oil and gas company PETRONAS, has taken an unconventional route to the top. She reveals what she has learned about the risk profession, and offers some advice to newcomers.

Be the change you want to see

Something needs to be done to transform risk management and this shift starts with us as risk managers, writes risk expert Suchitra Narayanan.

Brexit: It boils down to deal or no deal

As British Prime Minister Theresa May fights to negotiate a Brexit deal that will command a majority in parliament before the UK crashes out of the EU on 29 March, StrategicRISK speaks to an expert about the potential impact on insurance buyers.

StrategicRISK launches #ChangingRisk campaign

Risks are changing and risk management needs to change too. That’s why we’ve launched #ChangingRisk - a campaign promoting new thinking in risk.

Navigating risk in globalised supply chains

As the modern business world becomes more inter-connected and complex, the supply chains with which organisations operate do too SAP Ariba ANZ, regional vice president, Henrik Smedberg explains.

Mondelez case prompts cyber warning

As the $100m Mondelez vs Zurich case continues in the US, StrategicRISK takes a closer look at the case and what it means for risk managers globally.

'In the midst of a crisis of confidence' says risk president

Amrae president, Brigitte Bouquot, warned risk managers at this week’s conference that they must adapt to stay relevant to their businesses.

In defence of risk heat maps

Risk management expert, author, consultant and executive director of Vose Software, David Vose, takes a satirical stance on the ever-controversial risk heat maps

StrategicRISK wants to hear from you!

Awards deadline extended to February 8 with eight risk management awards up for grabs, so get in quick before entries close.

Too small to fail? Think again

Some SMEs believe they are too small to be targeted by cyber criminals or any internal issues will not greatly impact them. How wrong they are, say cyber risk experts.

Why ignorance is a risk you can't ignore

Regulation is now saying: it is no longer enough to allow the complexity of global supply chains to prevent you from uncovering Modern Slavery. So how should your business respond?

'Apathetic' risk management is putting your business at risk

In the new age of advanced risk, complacent organisations are allowing themselves to become vulnerable to the disruptive forces of the Fourth Industrial Revolution, says risk thought leader Warren Black.

APAC insured losses in 2018 'not a surprise'

The 2018 average was only slightly more than the annual average since 2011, but the third-highest total during the eight-year period, according to new Willis Re figures.

Join forces or perish

The latest World Economic Forum report has called on global leaders and business leaders alike to find a collective path to navigate the risks of 2019.

Time to answer the call

Following damning Royal Commission findings, the financial services industry is being forced to re-examine its culture and risk processes. This is your moment.

The life of a risk culture manager

Westpac New Zealand’s senior manager, conduct risk and risk culture, Roberta Prentice tells us what working in risk is really like and how the IRM certification has assisted her career.

Special report: Business transformation - 3

Our future is digital – there is no escaping it. Businesses that want to stay in the game must learn to adapt, with help from you, their risk expert. And this involves bolstering defences against the threats this new world will, inevitably, bring.

StrategicRISK Asia-Pacific (Issue 22)

After a year in the job, our editor Lauren Gow reflects on the year that was 2018 and what the year ahead might have in store for Asia-Pacific risk managers.

Marsh appoints APAC leaders post $5.7bn JLT merger

As the Marsh and JLT merger draws to a close, Marsh has announced a number of appointments, effective upon closing of the mega deal.

Lloyd's announces trio of APAC appointments

Following an organisational restructure, Iain Ferguson has been appointed regional director of APAC, combining the existing and Greater China regions under one banner.

‘Positive’ risk managers play a central role: StrategicRISK survey

A new survey conducted by StrategicRisk Asia-Pacific and leading risk consultant Gareth Byatt reveals risk managers in Asia are happy with the level of coverage and integration in their business, and believe their organisation actively considers risk in decision-making.

Strategic risks dominate annual APAC survey

Changing competitive landscape, targeted cyber attacks and failure of critical infrastructure also rated highly both in terms of financial impact and likelihood to occur.

Top 5 risks for 2019

Businesses that have developed a new type of resilience will not only be ready for this new world reality, but will also be well- positioned to seize any outsized opportunities that will inevitably emerge in 2019.

How to become asset light

Suchitra Narayanan, group head of risk and insurance, AirAsia Berhad, explains why the low-cost airline made the shift from being asset heavy to asset light and how the company’s risk profile has changed as a result

Control Risks CEO Richard Fenning to step down in May

Fenning has been CEO of Control Risks since 2004 and joined the company in 1993. He will remain as a part-time adviser to the company for a year after leaving the CEO role.

APAC's 'deeply integrated' chains at risk in trade wars

Speaking post-G20, experts have warned continued tensions would disrupt global trade, erode the effectiveness of the multilateral international trade regime and dampen growth.

How risks to intangible assets could harm your business

The rise of the intangible economy could amplify your risks causing long-term loss in revenues and profits, so what can you do about it? Hans Laessoe, principal consultant at AKTUS and former senior director of risk at the LEGO Group, has this advice

How one worm brought the world to its knees

In this latest extract from the Journal, Control Risks director Carla Liedke details how a single worm targeting the Ukranian government managed to bring numerous multinationals to their knees.

2018: Worst bankruptcy

There is never a good type of bankruptcy, but the fall of the UK’s second largest construction giant, Carillion, is a lesson for all risk managers in the dangers of pushing margins to their limits.

2018: Worst new economic risk

As the year winds down, StrategicRISK is looking back on the year that was 2018. We begin with the worst new economic risk and how this affects APAC risk managers.

Why you should educate yourself before speaking to the Board

Following on from a new Munich Re report on climate change, StrategicRISK spoke to our 2018 Asia-Pacific Risk Manager of the Year and Ayala Corp’s group risk management and sustainability head, Victoria Tan, about why climate change needs to be a top priority in your business.

Climate risk could make world 'uninsurable'

Increasing risks to all businesses as nations are failing to act on their current Paris Agreement commitments, with the planet is heading towards a 4°C or higher trajectory.

Breaking up is hard to do

Businesses are largely still in the dark over exactly what Brexit Day will bring next March, but practical plans need to be devised and enacted now. And risk managers must be central in preparing for every eventuality, deal or no deal.

Nat-cats driving risk strategy changes in APAC

The globe is being battered by an increasing number of natural catastrophes which are forcing risk managers to rethink strategy. Andre Martin, head of innovative risk solutions, Swiss Re Corporate Solutions tells StrategicRISK why you shouldn’t let natural perils disrupt your business.

Where should risk management sit in the organisation?

The tricky question of where the risk function should sit within the business is a big challenge for senior management. This latest Knowledge piece, risk thought leader Chris Corless looks at different options for your business.

“Not much” risk managers can do to guard against major nat-cats

Following news from RMS that APAC is at risk of numerous 1-in-100-year events, StrategicRISK went to the market to see how this might impact your business.

Renewed hope for 'palatable and affordable' insurance with new cyber risk pool

Following news that Singapore will set up the world’s first commercial cyber risk pool, StrategicRISK spoke to StarHub’s Nigel Tay to get his thoughts on what this really means for risk managers in the region.

A basic principle most people don’t understand about risk

In this new opinion piece renowned author, blogger and retired chief audit executive, Norman Marks explains why you may have been making a fundamental error in risk management

Counterfeit risk far from sweet

As counterfeit risk becomes more difficult to detect, risk managers face a difficult challenge to mitigate risk. How is counterfeit risk evolving? What lessons can companies learn from the honey scandal and similar cases? And what is the best way to mitigate counterfeit risk?

Global initiatives drive climate change collaboration

The Asia-Pacific risk industry is rethinking its approach to climate change, driven by global initiatives encouraging climate-related financial disclosure and industry collaboration.

Tokio Marine Kiln shuts Hong Kong office

Insurer said the decision was made after re-assessing the ongoing, challenging market for the engineering, marine cargo and marine liability lines written out of Hong Kong which have made the cost of maintaining the office unsustainable.

Loss in brand equity, data theft, and lack of technological innovation, named top three digital transformation risks

During a live poll at StrategicRISK’s Knowledge Singapore event, risk managers mapped out the effectiveness of controls in managing digital transformation risk.

Australian Royal Commission an “opportunity” for risk profession

The fallout from Australia’s Banking Royal Commission could provide a “launch pad” for the country’s risk profession as companies look to improve their internal processes, according to industry analysts.

'Communication is key' to CRO and broker relationship

Ahead of the Brokerslink conference in Hong Kong, StrategicRISK caught up with Jacqueline Legrand, chief executive officer to hear her thoughts on the changing nature of relationships between brokers and risk managers.

Should operational risk managers be in the first line of defence?

The ideas behind this would be that ‘risks are managed where they occur’. It’s a complicated question, but an uncomplicated answer – in short, no, according to risk thought leader Chris Corless.

The war to end all trade

Political risk tensions are rising as the US and China trade war shifts up another gear. StrategicRISK examines why this is causing horizon-scanning headaches for risk managers in the APAC region.

Lazy hazy Singapore days could be a risk of the past

Swiss Re Corporate Solutions has launched HazeShield, a standalone haze insurance solution for businesses operating in Singapore.

Why there are no winners in a trade war

Trade balances between the US and China are largely unaffected so far by the skirmishes but the world is bracing for the next round of shots fired. StrategicRISK and KPMG look at how the first signs of the trade wars are influencing business activities and creating headaches for risk managers.

Enterprise Risk Management – have we been doing it right all along?

Chief risk officer, Michael Doyle, argues ERM has in fact stood the test of time and has made a significant contribution to the development of risk management as a profession.

​How do you justify investment in more risk resources when the results are hard to measure?

Mark Wilson, director, 20-20 Risk Advisory & Insights examines whether risk can be linked to ROI

13 common mistakes when building global crisis readiness programs

Regardless of the sector, size or the geographic location, there are a number of common mistakes that organisations make when establishing global readiness programs. Control Risks senior partner, Bill Udell and associate director, Aaron Schwirian explain how you can avoid them

What to do when food bites back

Australia’s fruit industry is currently under the dark cloud of malicious tampering. StrategicRISK spoke to The Recall Institute director Steven Hather to find out about prevention and cure in food manufacturing risk

Managing crises in the modern age

Crises have always occurred, but we are now seeing an increase in their type, complexity and frequency. However, there is no need for panic just yet, Control Risks principal Matthew Oyston explains.

Why strategic risks are not operational risks viewed strategically

Chief risk officer, Michael Doyle tells StrategicRISK why businesses need to be very clear on where strategic risk ends and operational risk begins.

FM Global launches new cyber readiness assessment

New offering helps FM Global clients measure their overall cyber security resilience, taking into account inherent cyber risk, mitigating security controls and ability to respond to and recover from a cyber incident.

Time to kill 3LoD?

The Risk Culture Builder’s Horst Simon tells StrategicRISK why it might be time to #Kill3LoD in order to get to the next level of risk management.

Ever wondered how airports keep millions of passengers safe?

Managing Fraport AG’s vast insurance operations, with its sky-high risks, is not a job for the faint of heart.  Risk manager, Hans Joerg Schill, tells StrategicRISK what it’s like to risk-manage Germany’s largest aviation hub

D&O: A market in freefall

Make no mistake - the future of Side C coverage in Australia is dire. And without the safety net it gives, Australian firms are struggling to attract the top talent for their boards. Is there anything risk managers can do to protect their businesses?

Sector view: Food and beverages

As the Australian food and industry thrives, the heat is on to manage its risks. We look to the lab where solutions are being developed to better handle contamination and consider a more holistic approach to coverage that goes far beyond simple product recall insurance.

Time to prepare your Modern Slavery report

KPMG Banarra’s Human Rights and Social Impact Services team, Richard Poole, partner, and Meg Brodie, associate director, discuss how you can meaningfully engage suppliers and build their capacity to meet new expectations around human rights risk.

Do traditional risk registers and risk matrices still remain relevant in project risk management?

Hans Læssøe, principal consultant at AKTUS and former risk manager of The LEGO Group examines whether traditional risk management tools still have a relevant place in project risk management.

Overcoming cognitive bias in senior executives

If we accept there is a cognitive bias in decision making, how can we as risk professionals account for this and help our senior executive make better bias-free decisions? Risk Academy’s Alex Sidorenko discusses

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

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

The real threat behind fake news

So-called ‘alternative facts’ in today’s online world reach many quickly and can ruin the reputations of those in the firing line. Risk managers must be primed to shut down bad buzz before it has a chance to spread.

RIMS Conference 2018: Why you need to attend

As we hit the downhill run to RIMS Sydney conference on 4-5 September and Auckland 7 September, StrategicRISK sat down with the RIMS board to find out why you shouldn’t miss this year’s conference.

Part two: Building resilience into modern organisations

Organisational risk frameworks aspire to help their organisations become intelligently responsive to the highly disruptive forces which emerge out of complex working systems, but what does this mean for risk managers? Risk specialist, Warren Black explains.

Part one: Building resilience into modern organisations

In the first of our three-part series, risk specialist Warren Black tells us why risk management in the modern age is harder than at any other time in history.

What would be the ideal indicator/parameter to measure your ERM maturity?

Many organisations look for some metric of maturity of their ERM program to show how well they are performing, and potentially where and how they can improve, Hans Læssøe, principal consultant at AKTUS and former risk manager of Lego explains.

Trade wars put APAC at risk

The rise in protectionist trade measures from the US and countermeasures from the People’s Republic of China have significantly raised the risk stakes in Asia, says new report.

To ERM or not to ERM?

Is ERM valuable?  This was the theme of an online discussion hosted by Alex Sidorenko and Hans Læssøe.  StrategicRISK caught up with both risk practitioners ahead of the debate to find out more.

Managing enterprise risk when exploring Asian opportunities

When a business fails to adequately protect itself against events that may stop or compromise its operations, they could be putting themselves at risk of major disruption says FM Global’s operations manager, Lyndon Broad.

The dark side of digital connectivity

Research throughout the world is pointing to Asia-Pacific as both the source and the victim of cyber-crime. Willis Towers Watson’s regional associate director, cyber, Jessica Wright tells StrategicRISK why a lack of awareness could prove extremely costly for businesses in the region.

New cyclone model hits Australia

RMS’s V18 incorporates new capabilities for both the cyclone and earthquake models, including vulnerability functions for Industrial Facilities and Builders Risk, Marine Cargo and Specie risks.

Managing construction delay risks

In complex, interconnected construction projects, delays can grow exponentially but the right mitigation strategies are out there if you know where to look.

Slavery risk rises in SE Asia as job losses hit home

More than 55% of jobs in SE Asia’s key manufacturing hubs under threat with slavery and labour abuses in SE Asia set to spiral over next two decades as automation consumes job market

SR Awards 2018: Risk Management Product of the Year

Winner: Sword Active Risk

SR Awards 2018: APAC Insurer Innovation

Winner: Swiss Re Corporate Solutions

SR Awards 2018: Risk Training Programme of the Year

Winner: Swiss Re Corporate Solutions

SR Awards 2018: APAC Risk Management Team of the Year

Winner: Ayala Corporation

SR Awards 2018: StrategicRISK Award

Winner: Transurban

“Risk? What risk?” How do you get buy in from risk owners who want to tell you they have no problems?

Seasoned risk and internal audit leader Chris Corless discusses the road block most risk managers have come up against—the resistant risk owner.

Lloyd's CEO to step down in 2019

Inga Beale defied tradition as the first female chief executive when she joined Lloyd’s in January 2014.

The changing face of terrorism risk

Loss of attraction and non-damage business interruption protections are increasingly in demand from insurers, while companies are dusting off response policies and evacuation procedures against evolving terror threats.

How will you manage the Modern Slavery risk?

Richard Boele, partner, KPMG Banarra, Human Rights and Social Impact Services and Meg Brodie, associate director, KPMG Banarra, Human Rights and Social Impact Services discuss the impact of Modern Slavery legislation

Financial crises: The Perils of Pauline

Wars and financial crises are the two big threats most capable of wiping out economic growth, according to Martin Wolf, chief economics commentator, Financial Times

Top risk priorities for the Ayala conglomerate

StrategicRISK caught up with Victoria Tan, head of risk management and sustainability at Philippine conglomerate Ayala Corporation, at Risk Forum APAC 2018 in Singapore to find out what makes her tick

APAC hit by record number of terrorist attacks

Comparing Islamist terror threat with the picture before ISIS emerged,  Control Risks found the number of attacks in 2013 – 2,676 – to have almost doubled to 5,276 in the year to the end of April 2018.

Don’t rely on GL to cover environmental risks, report warns

Environmental risks have grown as the world gets smaller and more interconnected, insurer Chubb and law firm Clyde & Co argue, in a new environmental risk report

2018: the year of political risk

Geopolitical and economic uncertainty is fuelling the growing uptake of political risk covers. By taking a more proactive, analytic approach, corporations can elevate this coverage from a risk transfer transaction into a strategic tool. By Antony Ireland

Reputational threat key supply chain risk

StrategicRISK is at the AIRMIC conference this week, where Europe editor David Benyon had a chance to sit down with Paul Goulding, Airmic board member and head of insurance at Heathrow Airport to find out what lessons risk managers can learn about threats to reputation in the increasingly dangerous within ...

MS Amlin hires triple threat trio for Singapore roles

Global (re)insurer pushes for increased market domination as it seeks to further strengthen its ties to the Asia Pacific region

Political risk rises on Indonesian election eve

Indonesia’s local polls on 27 June will command little international media heed, but will have significant implications for foreign business, risk consultancy Steve Vickers and Associates (SVA) has warned

Risk management of a disaster: Space Shuttle Columbia

How do you manage a tradegy? Former NASA risk manager, Mike Lutomski, spoke to StrategicRISK about the lessons he learnt from the Space Shuttle Columbia disaster in 2003

XL Catlin appoints ex-WTW director to new Singapore role

XL Catlin chief executive, Asia Pacific, Craig Langham, said growth in competitive Asian market means”the right expertise” is required to grow their book of business

6 tips for risk managers on using technology to manage risk

Marsh’s director for emerging technologies, Leslie Chacko, gives his top tips for how risk manager can use technology innovations to better connect them to their business

C-suite panel: Take care of the business as if you don’t have insurance

Aon Thailand CEO Andrew Bentley, David Johnson, Regional Senior Vice President, Regional Manager - Asia Operations, FM Global and Brian Delaney, Corporate Chief Financial Officer - Minor International PCL joined PARIMA board member, Steve Tunstall to offer delegates a view of risk management from c-suite perspectives

'Embrace ERM and 3 LoD' to manage cyber risk says Thailand OIC deputy

Opening PARIMA’s Bangkok conference Chuchatr Pramoolpol, Deputy Secretary-General, Office of Insurance Commission said cyber risk has come to the fore in recent years in Thailand

Call for 'coordinated and holistic approach' to nat cats in APAC

In the wake of the UN’s warning that natutral catastrophes bills in APAC could top $160bn by 2030, StrategicRISK spoke to AIG’s AIG global innovation lead for client services, Sheri Wilbanks about what risk managers in the region can do to try to stay ahead of this risk

Beware the Gray Rhino, not just the Black Swan

IKEA China’s risk management and compliance director and RIMS board member Robert Zhang spoke to StrategicRISK about the fast-changing risk landscape

Risk Forum APAC 2018 in photos

More than 230 risk managers attended StrategicRISK/PARIMA’s Singapore conference on 8 May 2018

Risk Forum APAC: Appetite for reconstruction – StarHub

Ryan Tan at Singaporean telco StarHub pushes a risk management philosophy about creating an appetite for change

Virtual IRM APAC Regional Interest Group on the horizon

The Institute of Risk Management (IRM) new APAC global ambassador, Gareth Byatt, speaks exclusively with StrategicRISK about his plans for the region.

IRM expands global grasp with new ambassador for APAC

Risk Insight Consulting principal consultant, and regular StrategicRISK contributor, Gareth Byatt has been appointed a new Global Ambassador for Australia and the Asia Pacific region.

Three key messages from our Hong Kong Risk Forum

StrategicRISK Asia Pacific editor Lauren Gow shares her thoughts from the recent Hong Kong Risk Forum where everything from Google insurance to natural catastrophe risks was discussed

Special report: Business transformation - 1

Times are changing fast and that means new risks on top of old risks. So how do you stay one step ahead when market disrupters are bowling through every industry?

Impossible to dodge

Times are changing fast and that means new risks on top of old risks. So how do you stay one step ahead when market disrupters are bowling through every industry?

RIMS 2018: Disruptive tech risks not well understood – Marsh study

Organisations are exploring the benefits of the Internet of Things, artificial intelligence, and Blockchain, but risk awareness is not keeping pace

Beazley replaces APAC head

Lucien Mounier will be based in Singapore, Beazley’s hub in the Asia Pacific region, and will be responsible for developing the group’s business across the region, working closely with Beazley Singapore’s principal officer, Byran Lee.

Global political tensions lead to increased terror risk in Asia

Islamic State poses a sustained threat to Singapore and Southeast Asia, while a number of war zones globally are serving as incubators for terrorism in the region

Unconscious bias – the hidden risk you’re not yet managing

It distorts our perception of risk and causes us to be over-reliant on initial data, to disregard information that contradicts our existing beliefs, and engage in potentially damaging group think. StratgeicRISK spoke to The Progress Partnership director, Katherine Bryant, to hear her insight into this emerging risk

StrategicRISK Asia-Pacific edition (Issue 19)

In the latest edition of StrategicRISK we explore global regulation updates and what they mean for risk managers, delve into the brand new world of neobanking and explore whether it is time to rip up your risk appetite document

WTW creates senior risk role for APAC expansion

The broking giant has confirmed it has created a new role to maximise global growth opportunities and utilise local market potential

Finalists revealed

Who is in the running at the second annual Asia-Pacific risk management awards?

Does risk management need a gender balance?

To mark International Women’s Day, we asked three risk managers to share their experiences and thoughts on whether seeking gender balance and diversity is important for the risk management industry

PARIMA chairman dubs AXA/XL Group merger 'big is beautiful'

Speaking exclusively with StrategicRISK, Franck Baron, risk manager of International SOS and chairman of PARIMA, says the merger is a sign that more M&A could be on the horizon

AXA agrees to buy XL Group

AXA says US$15bn (AU$19bn) deal will propel it to number one in global P&C commercial, subject to regulatory and shareholder approval

Miller continues APAC push with new hire

The broker has poached producer broker, Julian Coates, from rival Aon as it pushes forward with its plans to expand heavily into the region

New Singapore risk centre promises to 'transform risk'

Deloitte to invest US$15m  over three year period, in collaboration with the Singapore Economic Development Board

Fewer than half of businesses are aware of NDB legislation

Today marks the beginning of strict data breach legislation in Australia but a recent survey has found only half of Australian businesses have a risk management strategy to deal with cybersecurity

4 lessons risk managers can learn from banks

Bank RMs say it is time to wean business off people-dependent risk management

Airmic welcomes ISO31000 update

The new version is shorter than its predecessor and has been updated to take into account changes to the way business works

New AIR hire aims to increase nat cat resilience in SE Asia

According to a recent report released by AIR, global economic losses from catastrophes average roughly US$345 billion annually, of which less than 20% are insured

XL Catlin hires Guy Carp head for China CEO role

Bermuda-based firm said the role will combine CEO and country manager duties

Geopolitical storms signal new norm for risk managers

Risk managers could be facing at least 5-10 years of geopolitical instability so it is time to adjust to this ’new norm’, says PARIMA chairman Franck Baron

Wake-up call: Spreadsheets remain top risk management tool

Survey findings deduced that spreadsheets (76%) are the most commonly used tool among all technologies, closely followed by risk assessment (52%)

How do you regulate an unpredictable unknown?

Cryptocurrency is the screaming toddler currently barrelling through financial markets causing mischief and misadventure where it falls. It is unpredictable, largely unregulated and there is only a short history of data for risk managers to work with. The Institute of Risk Management’s (IRM) expert on the matter, Alex Larsen, ...

Asian firms ‘lack focus’ on cyber risk

The intangibility of the risk is also a pressure point for Asian risk managers who are facing a threat to their firms which is difficult to pinpoint

Common claims pitfalls - how to minimise and overcome them

Willis Towers Watson, head of claims, Asia, Neil Thomas, shares his top tips with StrategicRISK on how risk managers can better manage a claims crisis

Nitrogen boost decreases fire risk says new research

Oxygen reduction systems (ORS) stream nitrogen into the spaces, lowering the oxygen level to reduce fire risk, according to the research from commercial and industrial property insurer, FM Global

Nat cats are 'new norm' says PARIMA chairman

News

Environment, cyber biggest flash points - WEF risk report

The risks around us are evolving faster than our reactions, the World Economic Forum warns

Cunningham Lindsey appoints Singapore CEO

David Seng will move to CEO whilst current CEO Robert Williams moves to Major and Complex regional role

Brace yourselves: 2018 will be challenging

Insurers are likely to take a more aggressive approach to loss affected or catastrophe exposed risks, as well as risks that lack adequate risk controls

Sector view: Energy

Along with the oil and gas industry, the shockwaves caused by steep falls in value have hit shipping, services and insurers.

Zurich snaps up all of ANZ's life business

The deal is set to make Zurich Australia’s leading retail life insurer.

Recalls rise sharply in Asia

New research from Allianz Global Corporate & Specialty (AGCS) shows Chinese products accounted for over three times as many recall cases in the US as US products in 2015

Antibacterial time bomb threatens to explode

New UN report warns unprecedented crisis of drug-resistant germs brewing in the natural environment

A buoyant attitude

Saurabh Verma, senior vice president, chief insurance officer at Reliance Industries, tells us about spooky hotels, working in a goldmine, a wine-stained shirt, falling out of a canoe and wishing he could swim

AGCS expands in China, Indonesia

The commercial lines arm of Allianz has moved to boost its insurance presence in Beijing and Jakarta

Don't ignore human factor in cyber risk

Willis Towers Watson figures show 75% of US firms have a cyber policy but this figure is significantly lower in Asia

Low-cost, low-violence tech theft risk grows

Forged personal or corporate identities and forged bills are supported by social engineering or a data hack to increase their plausibility

Crisis management and the digital age

Chris Twyford, director of security, Asia, Middle East and Africa (AMEA) at Mondelēz International, on managing a crisis in the internet era

Special report: Captives

Asia’s high-tech production industry is huge, sophisticated and growing but carries a myriad of risks, from devastating earthquakes to highway robbery.

Sector view: High-tech production

Asia’s high-tech production industry is huge, sophisticated and growing but carries a myriad of risks, from devastating earthquakes to highway robbery.

A short guide to entering StrategicRISK’s annual Asia-Pacific Awards

Everything you need to know to enter the 2018 Awards

Global cybercrime losses could hit $6 trillion

No end in sight for cybercrime threat as global connectivity fuels risk

Sompo launches worldwide platform as global operations combine

Global clearance system to give common tone to worldwide business

The rising risk of cyber-related class actions

Firms who fail to have adequate cyber insurance could find themselves in court as a result

Economic inequality, security concerns among APAC risk trends

Global Risks Report (GRR) unveils the six interrelated trends changing the face of Asia-Pacific

StrategicRISK Awards 2018

Sixteen categories up for grabs for risk managers, insurers, brokers and service providers

HDI Global SE names Singapore MD

German-based insurer replaces retiring boss with internal appointment

Australia's top risks 2017

Less traditional concerns are grabbing risk managers’ attention, our 2017 Australia risk management survey suggests

‘Everybody is a risk manager’: Risk shifts to executive domain

A study found that risk management programmes are increasingly being handed to senior management and business units. So what does it mean for risk managers?

RIMS Risk Forum: Setting the agenda

Ahead of the RIMS Risk Forum, board members from the society’s Australasia chapter consider the changing risk landscape and the challenges that it presents to RIMS and the wider risk profession

Economic losses from disasters plunge in 2017

By Trevor Treharne

Losses down to just US$44 billion in the first half of 2017, with US$23 billion worth covered by insurance

AIG witnesses 87% spike in enquiries due to WannaCry

Greater China region responds to jitters in the wake of the global cyber attack, but many firms are still underprepared.

Getting fit for crisis management

By Trevor Treharne

While risk professionals are great curators of crisis processes, sometimes they can overlook the psychology of challenging situations

Workplace injury risk rife in healthcare industry

How a simple change in procedures could dramatically reduce injury risk for healthcare employees

What happens when risk managers lose creditability

By Trevor Treharne

Once credibility at a firm is lost, a risk manager’s role can become an arduous one to fulfil

Hong Kong gets exclusive typhoon warning insurance

By Trevor Treharne

Swiss Re Corporate Solutions seeks to cover business losses for Hong Kong firms after forced shutdowns in the wake of a typhoon warning.

Arthur J Gallagher appoints CEO for Australia

By Trevor Treharne

Sarah Lyons will now lead approximately 900 employees throughout the country.

Special report: Cyber claims

The recent WannaCry ransomware attacks have spurred businesses into bolstering their online defences. But what can we expect from the next generation of cyber threats, and how will the insurance industry respond?

What PARIMA’s Australian launch means for risk managers

Ahead of the soft launch of the risk management association in Australia, StrategicRISK sits down with a PARIMA board member to learn what the expansion means.

How should companies prepare for an 'inevitable' product recall?

Recall and crisis consultant Steve Hather outlines his top tips

Sector view: China construction

High hopes are on China’s growing construction sector to help stimulate the country’s economy. But companies must make sure they’re adequately covered or they will nd themselves in strife.

Getting ethics right as a risk manager

Risk managers regularly face ethical decisions unique to their role and finding the right answers can be challenging

Taking control of a nat cat crisis

Mike Campbell-Pitt, managing director of Crawford Hong Kong, offers a loss adjuster’s view of crisis management and business continuity after a nat cat

Is ISO 31000 now obsolete?

Advanced complexity and severe unpredictability pose an existential threat to the global standard, writes Warren Black, HDR candidate at Australia’s Queensland University of Technology

The three major terrorism trends to watch for in 2017

IHS Markit says October had a record number of terrorist attacks

Special report: Cross-border risks

Exporting to new countries means more opportunities but also greater risks. This goes way beyond the political upsets that have hogged the headlines in 2016.

Seas around The Philippines the most pirated in the world

Kidnappings by pirates globally is on the rise

Asia to drive insurance growth in 2017/18

Region predicted to grow by 8% in 2017 and 9% in 2018

Because you’re worth it

A StrategicRISK study of more than 150 risk professionals across Asia lifts the lid on the kind of money they’re earning

Cost of supply chain disruptions on the rise - report

Lack of adequate supply chain visibility is likely a reason for the increase in disruptions

President Trump: A leap into the unknown

StrategicRISK editor-in-chief Mike Jones considers how the US election result will change the global risk landscape

Risk and corporate governance in China

As GlaxoSmithKline and Caterpillar discovered, a failure to appreciate the downsides of Chinese business culture could cost you hundreds of millions. By Joshua Bateman CFA, CAIA, based in Greater China.

Future healthcare risks and their remedies

We are staring at a decade of rapid healthcare development and innovation. What risks will these achievements create and how can risk managers mitigate them?

Exclusive: Parima appoints three new board members

By Jessica Reid

Risk management association formalises entry in to Australia by appointing the country’s first board member

Modelling an approach to manage infectious disease risk

The spread of infectious diseases considered among the global risks of highest concern for doing business. By Dr Francesca Viliani, public health expert, International SOS.

‘Hong Kong is a very important step’ in Swiss Re’s evolution

Swiss Re Corporate Solutions APAC boss discusses the group’s new license

Risk managers ‘least involved’ during infrastructure planning

Calls for greater involvement during whole project

Special report: Healthcare risks

There’s much to look forward to as medicine progresses in leaps and bounds. But with new innovations come new risks.

How the president plans to make China great again

Xi Jinping’s hugely ambitious One Belt One Road initiative aims to emulate the economic glory days of the ancient Silk Road. Many observers are convinced it will fail. Has he bitten off more than he can chew?

Yahoo cyber attack ‘largest data breach to date’

500 million users’ data including names, addresses and passwords have been stolen in Yahoo cyber attack

Study estimates 100,000 premature deaths from Indonesian haze

Last year’s haze was the worst in almost two decades

How risk management can help reduce infrastructure overruns

Time and budget blow-outs can be mitigated by proper risk management, according to StrategicRISK survey

Willis Towers Watson Australasia boss moves to JLT

Andrew Boal announced as new regional head

Lloyd’s and PARIMA host first professional development programme

Singapore event draws risk managers from around Asia-Pacific

Singapore’s Zika cases sparks concerns of Asian outbreak

Study estimates that 2.6 billion could be at risk

New insurance festival launched to celebrate diversity and inclusion

Lloyd’s creates global festival following a successful London Market event last year

​Autonomy on four wheels

Carsten Krieglstein, head of liability at Allianz Global Corporate & Specialty Central & Eastern Europe, explains that automated cars give rise to a host of legal questions which insurers have no option but to deal with

Companies don’t peer too far into the future

Emerging risks are a vital issue, but few risk professionals are expected to look more than three or four years ahead

Special report: Supply chain risk

Pressure is growing on global corporates to tackle unacceptable labour practices in their supply chains, chiefly modern-day slavery.

Special report: Risk management technology

Case studies, analysis and industry views on the challenges and opportunities of technology platforms in managing risk.