“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.

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.

Could risk management have prevented #Sussexit?

What does the current crisis facing the British Royal family have to do with risk management? More than you or palace officials realise, argues our editor Lauren Gow.

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

Set fire to the rain

As parts of Sydney continue to smolder under the weight of catastrophic bushfire and snowfalls in other parts of the state, our editor Lauren Gow, reflects on what this means for all of us left behind.

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.

StrategicRISK Asia Pacific (Australia edition)

With attention increasingly fixed on unethical behaviour in business, can you be sure your own culture is free from rotten influences? This special Australia edition explores shadow values, why hindsight is 20/20 and our latest benchmarking survey results.

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.

5 tips for selling rates rises to management

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

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

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

Exclusive RIMS Conference voucher code for StrategicRISK readers

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

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

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

Hong Kong protests highlight need for political risk focus

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

Instinct is your most important weapon

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

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

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

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

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

Chernobyl: Your guide to Risk Culture 101

Chernobyl is an enduring lesson for risk managers on the damning effect a poor risk culture. It would be easy to say ’that would never happen again,’ but in the grubby aftermath of the Hayne report, can we honestly say we have learned our lesson, asks our editor, Lauren Gow?

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

In the delegation blame game, no one wins

Our editor, Lauren Gow, has an issue with other people. Not surprising, but when it comes to the delegation of risky tasks, who can blame her when things can go horribly wrong?

How do you risk manage chaos?

On a recent trip, our editor, Lauren Gow, very nearly missed her flight through no fault of her own. So, how do you risk manage for The Butterfly Effect?

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

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

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

D&O sharks claim first victims. Are you next?

Make no mistake: the victim list from the D&O war will be long and distinguished. But how much more blood will be allowed to flow out of corporate Australia before something is done, our editor Lauren Gow questions.

How to identify your key intangible asset risks

Do you know where your intangible risks lay? EverEdge’s managing director, Australia and New Zealand, Michael Masterson, gives you the hard facts in this easy 5 min read.

Top risks: a consolidated analysis

We are bombarded by numerous reports of the top risks to companies now and in the future. But what do they really mean for risk managers? Gabriel Souza, risk management specialist takes a detailed look at six risk reports and has this analysis

Risk monitoring: 6 considerations for understanding this make or break moment

Businesses take risks all the time but fail to monitor and manage these risks effectively, but Carol Williams, enterprise risk management consultant and founder of ERM Insights, has some tips to ensure risk monitoring is done in a way

Three levels of strategic risks

The concept of strategic risks has been given a lot of attention. ‘Strategy’ is possibly the hottest and sexiest word in business – but what does it actually mean in terms of risk management? Hans Læssøe, principal consultant at AKTUS, has this answer

Why you need to rethink supply chains for the tariff storm

Escalating trade tensions between the US and China is creating headaches for Asia Pacific risk managers, but there is a solution and it is all in the planning, says SAP Ariba ANZ, regional vice president, Henrik Smedberg. 

How to prepare for the worst day of your career

A crisis is an acid test for management and not one that any organisation wants to fail, especially in the age of social media

Perception is king

A ‘stuffy’, ‘data-led’, ‘paper-driven’ profession is what some believe risk management to be. But it is a perception far from the truth, and Tim Murray, the new chair of UK risk management association Airmic, is on a mission to let everyone know what risk management really is about. Sara Benwell ...

Four changes risk managers must make if they want to make a difference

Risk managers need to change the way they view, approach and act on risk. There are no quick fixes, just a hard process for #ChangingRisk, writes Hans Læssøe, principal consultant at AKTUS and former risk manager of The LEGO Group

“Today’s risk management is fragmented”

#ChangingRisk for the future requires a ‘unified’ voice to break down silos, says Colin Barker, company secretary for Bayer UK

Valuing intangible assets

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

Risk managers need to be brave and reach the next level

Tracey Skinner, risk manager, BT and a board member at UK risk management association AIRMIC, explains why risk managers need to talk to as many people as possible and not be blinded by their jargon

The illusion of control

Business leaders may be focussing on the wrong areas by trusting optimists within the business, argues Marcus Beard, associate director, Arthur D Little

Ludlow criticises insurers for delaying renewals

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

Is insurance fit for purpose?

Managing risks to intangible assets, changing business models, an evolving risk landscape are all hot talking points for risk managers in Harrogate. We caught up with Mark Stephenson, head of business development and market relationships, Liberty Specialty Markets, to find out how insurers are dealing with change

2019 award winners revealed

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

Bad culture is the elephant in your room

Use risk appetite as a way to achieve alignment and clear communication about the risks that people and teams can and should take and manage, says Gareth Byatt, principal consultant at Risk Insight Consulting and the Institute of Risk Management’s Asia-Pacific ambassador ahead of Risk Forum Asia Pacific.

'Risk needs to not be an afterthought', Narayanan

Speaking ahead of our Risk Forum Asia Pacific in Singapore, former AirAsia head of risk and insurance, Suchitra Narayanan says it is time to define roles and boundaries within organsations.

What is strategy? That’s the question

Much has been written about the risk leader of the future, but there is less agreement as to how exactly this person can be strategic in their approach. Darren Munday, partner at ICG, gives us the ‘how’ and proposes a structured approach to horizon scanning, in our latest #ChangingRisk article

LIVE: PARIMA Manila conference - Redefining Risk

Stay tuned today as the StrategicRISK team comes to you live from PARIMA’s Manila conference.

APAC risk managers fear reputational damage

Global risk readiness is at an all-time low, as Asia-Pacific risk managers fear reputational damage and increasing competition, according to a new survey from Aon.

Building a taxonomy of emerging risks

Reviews of risk registers, historical data and forecasting – the Cambridge Centre for Risk Studies unveil its approach to identifying emerging risks

Learn the language or risk being left behind: PARIMA's Baron

Risk managers need to change their approach to risk management by becoming fluent in the language of their business, not just the language of risk says PARIMA chairman Franck Baron ahead of the Manila conference.

Don’t be in the dark on data privacy

Data is fast becoming one of the most important intangible assets and organisations need to take data privacy seriously. KPMG’s data privacy services national leader, Kelly Henney talks through the grey areas for risk managers.

ILS risk transfer market slides as investors question mechanics

The period also saw innovation with the first-ever issue of a £75 million bond dedicated to terrorism reinsurance, according to a new report from Willis Re.

Want to make a difference in risk? Try adapting your soft skills

Dealing with the c-suite is becoming one of the most critical components of a risk manager’s job. And to play a bigger role in #ChangingRisk in their companies, risk managers need to develop critical soft skills, says François Malan, chief risk officer at Nexity

Be a better risk manager using coffee

How do you know what risks are top of mind in the business if you don’t ask everyone? Seek group enterprise and technology risk manager, Ben Agar says #changingrisk is impossible without these conversations.

Think of risk management as part of an ecosystem

Risk managers need to consider what is fit for purpose for their organisation, rather than using traditional techniques or using techniques learned in previous positions, says iCare chief risk officer, Gavin Pearce.

Political risk remains front and centre

From China and Trump to Brexit and Brussels, political risks continue to concern global businesses in 2019. How have companies adapted? And what are the biggest fears for the rest of the year?

Catlin stalwart launches new $1.8bn complex risk (re)insurer

Convex will underwrite insurance and reinsurance for complex specialty risks across a diversified range of business lines in London and Bermuda.

Insurers are covering reputational risk

For too long there has been a mismatch between the cover that risk managers demand and the policies that insurers are willing to provide.

FM Global to increase engineer workforce by a third

The firm said it intends to hire more than 60 seasoned engineers this year who will focus full time on helping clients prevent boiler and machinery-related (B&M) losses.

The future is bright if risk managers embrace AI techniques

A new generation of risk managers will proactively seek out risk roles and careers; become the pioneers of new risk techniques through the use of AI; and become the c-suite’s go-to person. That’s the #ChangingRisk hopes for the future, according to Ferma’s Typhaine Beaupérin, and Gilbert Canaméras

Stop thinking like risk managers and start thinking like the C-suite

As part of #ChangingRisk, I’d like more risk managers to report to the CEO, with access to the board, says Gaëtan Lefevre, group risk and insurance manager at Cockerill Maintenance & Ingénierie.

How the Prysmian Group is preparing for a hard Brexit

Supply chain and business interruption are some of the challenges that Alessandro De Felice, chief risk officer at the Prysmian Group and Ferma board member, is trying to mitigate as he prepares his business for the UK’s departure from the EU

The future is in the ‘radical risk management process’

Risk management is a mental process, not a technical one of data gathering, evaluation and reporting. Those who do nothing will just be exploited by those who constantly change and improve. So, swap tradition for a four-tiered ‘radical’ risk management process, writes Horst Simon of Risk Culture Builder

Awards shortlist for service providers announced

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

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.

Why I will never be a risk manager

The StrategicRISK team is on the road this week as we host our 6th annual Hong Kong Risk Forum at the Island Shangri-La, an undeniably beautiful venue. We have hosted the forum here a few times and my name is now well known to staff – as I would learn ...

Risk managers fear mergers will impact choice

Risk managers predict further consolidation of the broking sector following Marsh’s £4.3 billion takeover of JLT, but fear mergers will reduce the level of choice for insurance buyers.

Virtual panel discussion: How to elevate risk management with risk-based decision-making

Our panellists – Alexander Larsen, Alex Sidorenko, Danny Wong, and Hans Læssøe – answer questions from the audience about how best to apply risk-based decision-making and overcome the challenges of board and c-suite engagement

Time to push nat cats up the chain of command

CFOs are increasingly being held accountable for losses arising from nat cat events. Their best defence? To team-up with their risk manager

StrategicRISK Asia-Pacific (Issue 23)

Our industry must adapt to keep up with the ever-evolving risks of today’s business world. Our #ChangingRisk social movement promotes fresh thinking – yours – on how it can find its wings. FInd out how you can help in our latest edition!

How Lloyd’s will reinvent itself after its £1bn loss

After more than 330 years, the venerable insurance market Lloyd’s of London has announced plans to overhaul the antiquated way it does business

How to insure your cryptocurrency risks

Trading in cryptocurrencies used to be the domain of bedroom boffins - but now it has grown into a market worth well in excess of $100bn. However, those dealing in crypto are struggling to get insurance cover.

The science guy

Smart technology while great for business are also increasing our exposure to cyber risks. But Airbus Defence and Space’s risk manager Philippe Cotelle says it’s not rocket science. His approach to cyber risk is influencing our entire industry. His first lesson? Make the tech guys your new best friends

Cyber insurance to face another test after Hydro hack

One of the largest aluminium producers in the world, Norway’s Hydro, is set to put cyber insurers to the test after a massive ransomware attack shut down the multinational’s operations

Assessing the effectiveness of your risk management programme

In 2008, when FIs were in trouble, the UK banks decided to stop making loans. They brought their ‘risk appetite’ down to very low levels. But if their risk management programme had been assessed using the right criteria, could the situation be different? asks Norman Marks, renowned risk management author

Three fatal mistakes corporate risk managers make

A new paradigm in risk management is beginning to take shape, with more professionals talking about a shift to risk-based decision making and culture. But this has also uncovered some ugly truths about how we apply risk management in our businesses, writes Alex Sidorenko, chief executive of Risk Academy

Risk managers can become facilitators to strategic decisions by taking these key steps

To influence, risk managers must challenge the quality, prudence, and value of executive decisions, but many may feel untrained to do so. In this video interview, Hans Læssøe, principal consultant at AKTUS and former risk manager of The LEGO Group, walks us through the steps

Combat fear with leadership

Our editor Lauren Gow reflects on the Christchurch massacre, urging risk managers to take lessons from Prime Minister Jacinda Arden on how to handle fear in the face of adversity.

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

Underestimate perception at your peril

Let’s face it: Boeing have not had a good week but it is much worse for the airlines who have done nothing wrong, argues our editor Lauren Gow.

(Mal)practices in the use of risk matrices: is there an alternative?

The effectiveness of risk matrices has long been debated with some questioning its value – so let’s assess other risk methods, including multi-criteria, writes Slawomir Pijanowski, risk management expert and consultant for Atos Consulting

Why the whole concept of risk-appetite is nonsense and how to change it

The concept of risk-appetite has been around for years, yet so many risk practitioners still find themselves confused and unsure how to quantify, formalise and document it. Well, the short answer is you don’t need to. There is a better way, writes writes Alex Sidorenko, chief executive of Risk Academy

Decision-focused risk management – in four steps

Decision-focused risk management may seem very different to traditional risk management, but making the change is not as challenging as it may appear, writes Hans Læssøe principal consultant at AKTUS and former risk manager of The LEGO Group

How risk managers can prevent the next big cyber attack

Training employees to log themselves off the computer system when they walk away from their desks and spot suspicious emails is key to avoiding cyber breaches, the incoming head of risk and insurance for communications regulator OfCom has warned

How I would change risk management

Gareth Byatt, principal consultant at Risk Insight Consulting and the Institute of Risk Management’s Asia-Pacific ambassador shares his views on #ChangingRisk

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

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.

Risk can become a “profession”: RMIA CEO

Rising demand for risk managers presents an opportunity for the risk industry to develop as a formal profession, according to Scott Ryrie, the CEO of the Risk Management Institution of Australasia, speaking from this year’s RMIA Conference.

Major catastrophe threat to Asia-Pacific

RMS believes the region is vulnerable following several disasters this year, such as the Palu earthquake in Indonesia and Typhoon Jebi hitting Japan.

Live blog: PARIMA Tokyo

StrategicRISK is reporting live from PARIMA’s annual risk management conference in Tokyo

Business Interruption: Beyond the physical

In an extract from our latest edition of The Journal Stanley Cochrane, head of property, Asia Pacific, Swiss Re Corporate Solutions explores how to manage the risk of non-physical damage in a business interruption policy.

Technology increases risk threshold ‘exponentially’

Businesses who enhance customer experience through technology also dramatically increase their risk of a cyber attack, experts warn.

MSIG appoints new Asia CRO

Based in Singapore, William Song is now CRO of MSIG Holdings Asia responsible for risk management across the region including ASEAN, Hong Kong, Australia and New Zealand.

Become a solider of risk

The military is good in a crisis, or so accepted wisdom has it. So, if your business is facing a critical period, Oliver Wyman partner David Gillespie asks who better to take lessons from than those who have been on the real front line?

Asian attacks lead to rise in cyber policies

The growing cyber threat in Southeast Asia has led to a surge in cyber insurance policies and claims across the region say experts.

AGCS targets ART expansion with new set-up and leadership

In addition, from January 1, 2019, Ciara Brady joins AGCS from Swiss Re as global head of liability.

Political risk levels up 60% since 2017

A new survey from Willis Towers Watson (WTW) and Oxford Analytica found nearly 70% of global business leaders stated they had scaled back operations in a country as a result of political risk concerns or losses.

Malaysian managers fear regulatory risk

The industry’s most pressing concerns were revealed at StrategicRISK/PARIMA’s Risk Forum Malaysia where more than 100 risk managers shared their views at the September event.

AXA XL offers new data-driven supply chain tool

Risk managers will now be able to understand the quality of the conditions that sensitive or perishable products are kept in from the first mile to the last.

The Journal, 2nd edition: Business interruption

StrategicRISK and Swiss Re Corporate Solutions launch the second edition of The Journal examining business interruption risk.

StrategicRISK Asia-Pacific (Issue 21)

Turns out cognitive bias is making a nonsense of our decision-making skills – and that extends to who we hire for key roles in business says Lauren Gow in the latest edition of StrategicRISK

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.

Singapore government says raise cyber security now

Cyber Security Agency (CSA) to advise owners of critical information infrastructure (CII) on what they can do to further beef up their defence.

Are heat maps a blessing or a curse?

Ordinary risk heat maps are of limited help for management to steer the company. We need new concepts says Chris Schwager, managing director SRI Strategic Risk Institute

Kroll boosts APAC security with new Singapore head

Simon Ashenden has expertise in helping clients manage issues with fraud and compliance, cyber security, brand protection and counterfeiting.

StrategicRISK launches 'The Knowledge'

StrategicRISK, in association with Zurich, has launched its boldest product yet - The Knowledge - and it is something no risk manager should miss.

Geopolitical risk rise as economic volatility hits APAC

Financial market crashes, interstate conflict and cyber-crime now threaten almost half (46%) of APAC cities’ economic output (GDP@Risk), according to the Lloyd’s.

One giant leap for Australian kind

Australia is set to join all other OECD nations with its own space program. What could possibly go wrong? KPMG partner, defence, Mike Kalms says important lessons should be learned from the launch UK Space Agency before we take this next risky step into orbit.

IRM Newsletter: Everything you need to know

The underlying theme of this newsletter is ’integrated risk management and an integrated approach to the sharing of practices’.

Digital transformation: Future proof your business now

Digital transformation is changing every aspect of the business landscape at an exponential pace, bringing the full force of innovation and disruption to all sectors and markets says Allied World’s senior vice president, Hong Kong country manager & head of general casualty, Asia Pacific, Jotu Shohtoku.

New Australian quake model set to launch

The updated model, developed by Dr Valentina Koschatzky with input from Risk Frontiers’ Chief Geoscientist, Dr Paul Somerville, incorporates the latest data from Geoscience Australia’s recent revision of the Australian Earthquake Catalogue, which has more than halved the rate of earthquakes exceeding 4.5 in magnitude.

SR Awards 2018: Risk Advisor of the Year

Winner: AON

SR Awards 2018: APAC Broker Innovation

Winner: AON

SR Awards 2018: Risk Manager New Starter of the Year

Winner: Nigel Tay, StarHub

SR Awards 2018: ERM Programme of the Year

Winner: Manila Water Company

SR Awards 2018: Risk Manager of the Year

Victoria Tan’s advocacy of risk management emanates from an unshakeable belief that risk management is a fundamental aspect of effective corporate governance and pivotal to a company’s sustainability.

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

How do you roll with the changes?

In these times of transformative change, it is possible to fight the volatility – and it starts with knowing your business, your customers, and your competition, better.

What's hot at RIMS 2018?

Susan Hiteshew, a board member at RIMS, tells StrategicRISK which risks are big focuses at the RIMS 2018 event in San Antonio

RIMS 2018: Google using chatbots for risk management tasks

Director for business risk and insurance at Google addresses an educational session at RIMS 2018

Philippines at risk of becoming terrorist safe haven

Experts have warned SE Asia is at particular risk of becoming a safe haven for returning IS terror trainees.

There is a better way of managing risk

As we begin the countdown to our Risk Forum in Hong Kong on April 19, StrategicRISK spoke to ever-controversial risk commentator, Alex Sidorenko, to give us a little preview of what is to come next week

Social media meltdown: how to respond to a crisis

Reputational risk has been sharpened by social media, making crisis response even more vital. StrategicRISK European editor, David Benyon, reports

5 minutes with: Simon Weaver

StrategicRISK spoke to Willis Towers Watson’s new leader of Corporate Risk & Broking (CRB) for Asia and Australasia, Simon Weaver, to discuss expansion plans and how he aims to better engage with Asia Pacific risk managers in his new role

PARIMA adds three to growing board

New faces from Ashurt, Mitsubishi and Toyota set to join other heavyweight board members

Drone near misses rising 'exponentially'

Undoubtedly, the number of Airprox reports – near miss collisions in the air - involving suspected drone incidents is increasing exponentially across the globe but should risk managers be concerned?

Argo hires ex-QBE head for Asia role

Veronica Grigg joins the Lloyd’s team from QBE where she led teams across Europe, US, Latin America and Asia Pacific.

Average insurance prices in Australia jumped 8.2% in 2017

Average pricing decreased in Asia in Q4 2017; albeit at slower rates than what was observed in Q3

WTO chief issues trade risk warning

Comments echo WEF report which also warned risk managers that weakened political commitment to globalisation could cripple global supply chains and reduce economic activity

Conduct risk catches eye of global regulators

Fewer than half of CROs surveyed by accountancy firm, Ernst and Young (EY) said their firm had a developed a clear risk conduct framework.

APAC businesses warned to expect huge fines for data breaches

From 25 May 2018, Australasian businesses of any size may need to comply with the GDPR if they have an establishment in the EU, if they offer goods and services in the EU, or if they monitor the behaviours of individuals in the EU.

Three lines of defence model now used in 95% of APAC insurers

Majority of CROs identified that the greatest challenge with the three-LoD model is delineating the roles between the first and second line

Singapore Cybersecurity Bill: are you prepared?

Beazley’s regional manager, financial lines, Nicholas Tey tells StrategicRISK why risk managers need to start preparing to implement this upcoming legislation now

Fraud risk halved in 2017 but professional fraud on the rise

60% of frauds committed against commercial businesses were perpetrated by ’insiders’ according to new KMPG report

Prioritise cyber as a business enabler

KPMG partner, security services, Gordon Archibald tells StrategicRISK why cybersecurity is less about risk elimination and more about achieving the right balance of security and innovation

Top 7 cyber risks for Australia in 2018

Fresh from the KPMG Newsroom, partner, security services, Gordon Archibald tells risk managers what his Top 7 predictions for cybersecurity risks are in Australia in 2018

IRM launches major push into Asia Pac with new appointment

IRM said it only has a handful of members in SE Asia but that the organisation is “keen to develop relationships in the region”.

Risk managers battling budget constraints for tech upgrades

Two-thirds of respondents in a new joint survey between PARIMA and Marsh shows that risk managers are facing significant obstacles when seeking to upgrade a firm’s technology and security

Senior hires signal Miller’s commitment to growth in Asia Pac

The broker has strengthened its Singapore team with hires in political and credit risks, as well as the P&C and energy

Australian companies still failing to heed data warnings

The countdown is on for the 22 February deadline for the Australia’s new Notifiable Data Breaches (NDB) scheme and firms are being warned they must comply or face huge penalties

Insurance 'more affordable and available' in 2018, predicts WTW

According to Willis Towers Watson (WTW) figures, 2017 was a record-setting year for the ILS market as non-life ILS issuance continued to increase and ended the year close to $10 billion

Top 5 things risk managers in Asia need to know right now

Geoffrey Lambrou, Aon chief executive officer, Specialty Broking & Operational Excellence, Asia speaks exclusively with Strategic Risk Asia-Pacific to highlight key takeaways for risk managers from Aon’s Asia Market Review 2018.

Last week to enter: StrategicRISK Awards

StrategicRISK’s Asia-Pacific Awards recognise the achievements of regional risk/insurance managers, their brokers, insurers and advisers. Enter free of charge by 3 February 2018.

Business interruption tops Allianz risk ranking 2018

Cyber incidents and new technologies closely followed business interruption in the key markets of Japan, China and Australia

Geo-political and cyber top risks in 2018

Risk managers are facing geo-political fragility that has the potential to trigger shockwaves to global stability and business confidence, says Control Risks

Leveraging the value of risk standards and guidelines

Risk Insight Consulting’s Gareth Byatt explains why managing complex risks requires robust frameworks and a mindset of thinking dynamically

Nowhere to hide from climate risk

Climate Action 100+ initiative, launched in Paris today, will target 100 global companies responsible for an estimated 15% of global emissions

Allied World appoints country manager for Australia

Iain McLeod will be responsible for managing day-to-day operations

Human failings that can lead to disaster

More than 90% of all cyber security breaches stem from human error. So, are organisations doing enough to train and educate their staff?

Slow rollout for emerging tech – PARIMA survey

Emerging technology is a priority for risk management, but is being implemented slowly, according to a study from PARIMA, Marsh and the Asia Pacific Risk Centre

Australia bucks global rate decrease trend

Average rates also decreased in Asia in the third quarter but at less pronounced levels than observed in the previous quarter

Swiss Re Corporate Solutions appoints South East Asia head

Didier Bélot will be leading the firm’s commercial insurance programmes

When one is tired of London, StrategicRISK beckons

Our new StrategicRISK Asia Pacific editor, Lauren Gow, tells us why poet Samuel Johnson was wrong and how she wants you to get in touch

Collaboration and Interaction are key says PARIMA chair

Higher levels of sophistication needed to link insurance to risk management functions

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.

China gathers for regional risk rendezvous

Corporate risk managers in China came together for localised knowledge at the PARIMA Shanghai Conference 2017

Women in Risk community launches with bold aims

A new Women in Risk initiative in New Zealand has outlined its aims after a successful opening event in June

What does a product recall actually cost?

Swiss Re Corporate Solutions senior underwriter Manzhi Zheng says the price tag can quickly escalate during a product recall event. In this article, she outlines the factors that will have an impact

Securing cyber resilience, SWAT commander-style

By Gordon Song, group risk and internal audit head, Lazada Group

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

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

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: Product recall risks

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