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

WTW launches cyber marine cover

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

COVID-19 will “enhance protectionism” - Control Risks

By Helen Yates

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

Use alternatives to heat maps: Sidorenko

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

Spotlight on business interruption insurance

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

China’s RTW covers potentially flawed - Fitch

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

Late notices are “missed opportunities” - Allied World

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

COVID-19 and climate change to transform energy sector

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

Risk manager is suddenly a hot job - Bloomberg Businessweek

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

EY: Surge in cyber attacks poses data loss risk

By Helen Yates

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

How climate change is shaping risk management

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

Climate change “major threat” to global resilience - sigma

By Helen Yates

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

COVID-19: Asean manufacturing index plummets

By Helen Yates

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

“Rethink and transform” supply chain model: PARIMA chairman

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

Fitch puts Lloyd’s of London on negative watch

By Helen Yates

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

COVID-19: Reducing the manufacturing supply chain impact

By Helen Yates

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

Risk managers should challenge subconscious bias: Gahan

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

StrategicRISK Q1 2020: World on Lockdown

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

ACSC warns of COVID-19 cyber scams

By Helen Yates

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

Using AI to map ‘silent cyber’ exposures

By Helen Yates

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

WTW launches COVID-19 tracking tool

By Helen Yates

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

Fitch: Negative outlook for APAC insurers

By Helen Yates

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

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

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

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

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

Why diversity is needed in risk and insurance

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

Risk market reacts to Aon WTW merger

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

Changing perceptions of risk

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

Latest estimates for COVID-19: AIR Worldwide

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

Stock market shocks increase as COVID-19 continues to spread

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

Employer medical costs rise in the wake of coronavirus

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

APAC suffers ongoing COVID-19 market shocks

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

Shut down equipment failure before it shuts you down

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

MS Amlin appoints new APAC chief

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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

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.

Why cyber insurance won’t solve your biggest cyber problems

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.

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.

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?

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?

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.

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.

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

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

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.

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.

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

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

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.

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

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.

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.

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

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.

‘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.

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

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

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

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.

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.

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.

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.

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

Sector view: Renewable energy Asia

Rapid growth puts Asia at the forefront of the renewable energy market

How the Galaxy Note 7 recall could improve Samsung’s reputation

A well-managed product recall can leave consumers feeling more positive about the brand

Cyber-attacks could cost Australian economy $16bn

Lloyd’s has seen the amount of cyber insurance purchased in Australia increase 168-fold in the past two years

Check into a career with prospects

By Jessica Reid

Parima China board member Keith Xia tells StrategicRISK about the country’s growing contingent of risk managers and his role as InterContinental Hotels Group head of risk for Greater China

Executive detentions on the rise in China

By Jessica Reid

Control Risks says cases are linked to restructures and workforce cuts

The way to manage a crisis

Vince Shiers, managing director of consultancy RQA Group, on the role of risk managers in a crisis

Diversity isn’t just the right thing to do – it’s about managing risk

Off the back of the Lloyd’s Dive In Festival, Lloyd’s Australia general representative Chris Mackinnon reflects on diversity and inclusion in the workplace

Mitigating medicine’s (alleged) costly slip-ups

As the medical negligence landscape shifts, we look at the impact on hospitals and how risk managers can mitigate the dangers

Infrastructure projects face major gaps in risk training

By Jessica Reid

Survey finds that four in five risk managers are faced with the issue

Special report: Product recall

Recalling a product is a potentially crippling step – and the digital revolution has made it even riskier than ever.

Swiss Re Corporate Solutions appoints new boss for Southeast Asia

Heavyweight moves from Zurich

XL Catlin appoints new country manager for Hong Kong

Kin Lau moves to Lloyd’s after nine years with the insurer

Tianjin explosion: lessons learned

Just over one year has passed since the devastating Tianjin blasts in China. So what has the insurance industry learned from the event?

RMIA launches CRO certification

Certification available for ‘top of the crop’ risk managers

Blockchain could make insurers redundant

By Ilonka Oudenampsen

The new technology can be used to automate insurance solutions and bypass third parties

RIMS opens applications for new online certification exam

The RIMS-Certified Risk Management Professional certification is available to prequalified practioners

Women in Reinsurance ‘WiRE’ launched in Singapore

New convenor is from IAG Re Singapore

Poor planning is a bigger risk than Brexit

The biggest post-Brexit risk is failing to plan for the future, says Rita Trehan, former CHRO at Honeywell and AES Corporation

StrategicRISK launches new Asia-Pacific Awards

Inaugural awards are now open for entries

RIMS Australasia: A society that’s young at heart

By Jessica Reid

With a new president and two fresh faces on the board, RIMS Australasia plans to introduce more events and target the emerging generation of risk professionals

Special report: The future of risk

From wearable sensors to virtual reality, technology is set to revolutionise the risk management profession as we know it today.

Special report: Corporate liability

With some cases culminating in the execution of company directors, understanding liability issues for directors in China could not be more vital.

Sector view: Technology, media and telecommunications

While fire and explosion remains a top risk for all firms, cyber and technology exposures are becoming increasingly complex for TMT firms.

Special report: Property risks

Risk managers must understand the specific property risks of their business and be able to communicate these risks to stakeholders as part of their mitigation plans.

Asia Risk Report 2015

Asia Risk Report is StrategicRISK’s second annual risk management study, featuring exclusive data insights, industry opinions and analysis

Special report: Corporate governance

StrategicRISK’s latest special report explores the importance of good governance and examines the findings of AIG’s recent corporate governance benchmark survey.

Special report: Large project risks

Asia’s demand for infrastructure is growing, as is the need to manage many related risks factors.