Companies must map highly complex supply chains to identify signs of modern slavery - Verisk Maplecroft
Standards of corporate integrity have stayed the same or worsened since COVID began
Broker merges SCR with Terror and Political Violence teams to assist multinationals
Why it’s time to shift out of crisis management mode as geopolitical tensions obstruct resilience efforts
Top risks are climate crisis, growing social divides, heightened cyber risks and an uneven global recovery, as pandemic lingers on
A week’s delay of essential trade at the Chinese port could impact $4 billion worth trade, warns Russell Group
After a year of unprecedented attacks, Beazley’s Raf Sanchez warns the worst is yet to come
Joined-up thinking across government and academia is needed to deal with complex environmental risks
Patrick Sterling takes the reins as risk management profession reaches “a pivotal moment in its history”
Brokers have flagged emerging D&O risks, including COVID liabilities and ESG considerations
The Fukushima earthquake, floods in Henan province and most recently Typhoon Rai in the Philippines are among major cat events
Boards remain more engaged in risk, but it’s time to start putting their money where their mouths are
Engineers must consider risk management at a “fundamental level” following structural collapses and tragic building fires
It was the wettest November for New South Wales and Australia since records began, according to Impact Forecasting
The Asia Pacific region will probably be the most geopolitically charged region going into 2022, warns Dragonfly
Social media has made activist politics more effective in emerging markets, finds the WTW Political Risk Index
Risk managers and their D&O insurers should also closely monitor potential exposures to US derivative actions, warns AGCS
Total economic losses from natural and manmade catastrophes reached $259 billion, up by 20%
Half of the respondents report that their business is currently being affected by the supply-chain crisis
75% of board members say climate change is very or entirely important to the strategic success of their companies - report
Nature-based solutions significantly reduce financial losses associated with wildfires, finds research
Severe weather in October “one of the costliest natural catastrophes ever” for South Australia - PERILS
Parametric products have role to play in closing protection gaps and catering to emerging risks like NDBI and cyber
As the cyber market continues to harden, buyers will seek alternative risk transfer solutions, predicts New Dawn Risk
The pandemic, a prolonged recession, cyberattacks and data fraud are the primary short-term risks, finds RIMS and Marsh
Global trade remains vulnerable to pandemic-related disruptions, but Asia is ramping up production - Oxford Economics
The government has released draft legislation for a reinsurance pool for cyclones and related flood damage from 1 July 2022
In Asia Pacific, business interruption topped the list, followed by cyber attacks, finds Aon
Don’t miss your last chance to tell us about your priorities in the 2021 Asia Pacific risk benchmarking survey
When it comes to large and complex claims you told us your main concern was nasty surprises
Tropical storms to become more severe as the climate changes; ICA calls for stronger building codes and retrofitting programs
It is collaborating with the University of Cambridge Centre for Risk Studies to develop an index of risk disruptors
Risk management is not just about avoiding losses. It is about saying ‘yes’ when it counts
The switch to more sustainable buildings and infrastructure and adoption of modern building methods will transform the risk landscape, finds AGCS
Having adequate resources to deal with the pandemic is a top challenge for Asian firms in 2022 - International SOS
Factors that once disadvantaged small and medium-sized firms now work more in their favour
It is in how they manage blindsiding losses that the risk managers prove their mettle
Why employers unable to meet workers’ post-COVID expectations are seeing staff head for the exit
Is risk management strategically fit for purpose when it is too reactive and compliance-focused? asks Adrian Clements
The future of Asia’s international trade hangs in the balance as global forces shift, warns Atradius
COVID-19, cyber risk and port backlogs are among six key facets of current global supply chain strain - FM Global
Companies must remain vigilant as the situation deteriorates rapidly in China
Survey highlights the growing interconnectivity of risks, as firms shift focus to impact-based risk assessments
Environmental issues are bottom of business leaders’ concerns and set to fall further in 2022, finds Beazley
Japan experiences an average of three typhoon landfalls and several flood events annually
ICA estimates Australian governments will need to invest $30 billion in coastal protection and adaptation due to climate change
Malaysia, Australia, and New Zealand will experience strong gains from an easing of curbs - Oxford Economics
Nearly half of respondents have turned down an investment opportunity over the past 12 months due to ESG concerns - BlackRock
Cybercriminals are targeting critical infrastructure with ransomware as they are considered easy prey - Skybox Security
GRII will help sectors across the global economy quantify the value of building climate resilience, and the costs of doing nothing
New laws will require corporates to monitor their supply chains for human rights and environmental abuses
The global supply chain crisis has exposed the limits of business interruption insurance - DBRS Morningstar
Insurance industry has a “unique contribution” in advancing understanding and sharing of climate-related risks - report
Move represents a “major step forward in establishing consistent, comparable global reporting standards” - TCFD
Supply-chain disruption poses the greatest risk to global economic recovery, according to Oxford Economics
D&O, environmental and business travel risks are underinsured - Willis Towers Watson survey
As the World Leaders Summit gets underway in Glasgow, WMO warns the past seven years were the hottest on record
The Covid-19 pandemic has revealed the strengths and weaknesses of third-party relationships, according to a panel of leading risk executives.
Global wealth has grown overall, but at the expense of future sustainability and by exacerbating inequalities, warns World Bank
Organisations must focus on the mental health and wellbeing of their employees to build resilience in a post-Covid world, according to leading risk professionals.
Risk Radar report examines the key priorities and concerns of Australia’s most senior risk leaders across the lending market
Despite pricing levelling out in certain lines of business, the ‘pressure on rates in cyber insurance’ continues
Business interruption risk is the top concern of APAC risk professionals, according to Aon’s latest Global Risk Management Survey 2021.
Organisations face a series of cyber threats from within and from increasingly adept criminal actors, according to panel discussion attendees at PARIMA’s digital conference.
The trend towards working from home has opened organisations up to new cyber risks and legal liabilities, according to Gerallt Owen, managing director of cyber risk at Kroll.
Corporates can use data insights to build resilience and improve risk management, according to Jonathan Rake, CEO Asia Pacific, Swiss Re Corporate Solutions.
Global insurer AXA XL is educating customers about sustainability, using its technical and scientific expertise to inform clients about growing climate risks.
PARIMA chairman Franck Baron kicked off the PARIMA Digital Conference 2021 by urging global leaders to treat climate change with greater urgency.
Marsh initiaitive will initially recognise US-based corporates but will be rolled out internationally in the coming months
It is the first time the IRM has published a guidance report focused solely on climate change for risk managers
CO2 crisis and other supply chain disruptions will drive “inevitable” interest in innovative supply chain insurance products
The consortium will provide capacity of up to $300m to companies working on China’s Belt and Road Initiative
Syndicate 4321 will support those businesses that invest in ESG by offering additional capacity on a multi-line basis
Transparency is needed as re/insurers navigate the systemic risk potential of pandemics, cyber and climate change
A judge has ruled in favour of insurers in the Federal Court of Australia in a second COVID-19 business interruption test case
Scrutiny of the sector and its conduct is growing against the backdrop of the global pandemic, finds RepTrak
Double and triple extortion and supply chain attacks are driving the surge in ransomware incidents - AGCS
Collaboration at all levels is necessary to ensure future financial resilience against systemic shocks, such as pandemics and state-sponsored cyber attacks.
“We can’t leave insureds under-protected on cyber” as industry works through systemic risk potential
Corporate risk managers throw down the sustainability gauntlet to insurers in day 2 discussions
Horizon scanning is an essential tool for policymakers, explained European Commission vice president Maroš Šefčovič
The pandemic has made the communication lines between risk managers and their senior management very short, says Philippe Cotelle
Legislation should incentivise companies that embed risk management into their culture, says FERMA president Dirk Wegener
The event’s theme reflects a more uncertain world: From risk to resilience - learning to deal with disruption
Extreme weather events will focus minds as corporate insurance buyers navigate renewal season discussions - AXA XL
Stay tuned - live reporting from the FERMA Conference this week
As economies rebound and support schemes are withdrawn, the escalation of insolvencies is inescapable, warns Atradius
The challenges of maintaining responsible supply chains are becoming more difficult as human rights violations grow
Stay tuned - live reporting from the Airmic Conference this week
Extreme floods in Henan province in July caused claims of $1.9 billion, the largest cat event loss ever for Chinese insurers
Only Asia-Pacific buyers managed to outperform their regional Index with a strong quarterly result
Marsh saw double the usual formation rate in 2020, with D&O premiums written via captives increasing by 50%
Amity will offer a comprehensive risk management learning experience for graduate and post-graduate students
Companies are being told ‘no more greenwashing’ as governments and activist shareholders push the zero-carbon agenda
Pandemics and infectious diseases continue to top the list of concerns for Asia Pacific risk experts
Global construction output is expected to grow by 42% by 2030, driven largely by government stimuli - report
Speakers at this year’s Duty of Care summit highlighted the importance of mental health and pandemic preparedness
Supply chain congestion and widespread delays in the international container trade is set to continue - TT Club
With unstoppable momentum towards zero carbon, how can risk professionals identify key risks and opportunities?
There is now a much larger attack surface for cybercriminals to target due to remote and hybrid working practices
The insurance industry’s D&I festival kicks off today with mental health, gender equality and racial inclusion high on the agenda
How instances of poor governance, bribery and corruption have increased in the wake of the COVID-19 pandemic
Half of businesses expect supply chain disruptions to continue beyond the middle of 2022 - Oxford Economics
The COVID-19 pandemic changed the perception of organisational resilience at top management level - BCI
Singapore has begun the perilous journey of opening up its economy. But greater economic freedom will heighten risks
Delays caused by the closure of Shanghai and Ningbo ports could disrupt over $14 billion of trade flow - Russell Group
Insurers should view the transition to net zero as an opportunity to be proactive - IUMI
Attention to intellectual property is a potential blind spot that may require more forceful remediation - Beazley
Alternative risk transfer and parametric solutions can offer more than just relief from a hard market
Chanthu is currently a category 5 windstorm, tracking from the Northern Philippines towards Taiwan
Across Australasia, carbon-intensive sectors face being left without access to insurance capacity, warns Willis Towers Watson
Climate-related risks are expected to result in a 22% increase in global property premiums, or up to $183 billion, over the next 20 years
New report calls for innovation around insurance for geopolitical risks to address the “significant protection gap”
Why strategic planning, human resources, business continuity and information security feed into strong resilience programmes
Higher premiums and falling coverage is prompting insurance buyers to explore captive and virtual captive structures
High likelihood, high-risk impact events are becoming more common, says RIMS president Ellen Dunkin
Japan ($3.7 trillion) and China ($7.5 trillion) have the highest economic exposure to flood in the world
The sharp drop in M&A activity in Asia Pacific can be attributed in part to the high regulatory bar in some jurisdictions
For property and D&O insurance, premiums continued to increase throughout the first half of 2021, but at a lower rate
Asia Pacific supply chains remain resilient, but Covid-19 is resulting in a broader rethink - EIU research
Substantial protection gap underpins “huge potential demand for catastrophe insurance protection” in China
Emerging markets in Asia had the pandemic relatively well under control, until the Delta variant started to spread in recent months
Kyushu was worst hit, with some weather stations recording over 1,000mm of rain in less than a week
Directors seeking to identify risks that can “test a company’s resilience”, including political risk and the climate crisis
The group has since hired an external specialist to verify the impact of the attack
The total economic cost of flooding in China in July has been estimated at nearly $25 billion - Impact Forecasting
The “largest foreign policy failure since the Suez Canal crisis” will cause deterioration in security - Dragonfly
Partial closure at China’s Port Ningbo adds to global supply chain woes, threatening $172 billion of goods - Russell Group
Severe flooding in Henan province in July resulted in estimated insured claims of CNY 11 billion ($1.7 billion)
Tail events from a systemic cyber risk event caused by a ‘single point of failure’ could be “material”, warns Fitch
Nearly 90% of flood events over the past two decades occurred in South and Southeast Asia
Sustainability initiatives ensured 63% of buyers and 71% of suppliers were stronger through the pandemic - survey
New report is “code red for humanity” with many climate change effects now “irreversible”
Latest Unit 42 figures confirm the ransomware crisis continues to intensify, with the rise of quadruple extortion
A large majority of recalls emanate from packaging mistakes, which are costly, reputationally damaging and avoidable
Corporate transparency and accountability are now an expectation, finds corporate activism study
The South China, Indochina, Indonesia and Philippines maritime region remains the global loss hotspot, accounting for one in every three losses in 2020
Public unrest about government responses to the COVID-19 pandemic will influence global unrest moving forward
Liabilities could arise from the unintended consequences of decisions made by algorithms and artificial intelligence
In Australia, a softening of the pricing curve is being observed with more cause for optimism - Gallagher
Insurance buyers stand to benefit from greater choice as regulators lose appetite for monopolistic tie-ups - Brokerslink
Events in recent years have reaffirmed the vulnerability of Japan to typhoons and earthquakes, prompting the updates
It is the 15th consecutive quarter of rate increases in the global commercial insurance market, finds Marsh
Brokers terminate $30 billion merger agreement following “an impasse” with the US Department of Justice
Fatalities due to temperature extremes were the deadliest type of disaster during the first six months of 2021
The record rainfall has caused widespread disruption across Henan, home to the world’s biggest production base for iPhones
Insufficient fire risk management and record high temperatures will increase the likelihood of fires spreading out of control
Geopolitical uncertainty and ESG are impacting strategic and operating decisions for ICT firms like never before - WTW
Seismographs are installed directly at a client’s premises to provide a faster claims pay-out process
While wind turbine fires are relatively rare, when one does occur, it often results in the total destruction of the asset
Only 54% of insurance buyers say their cover is addressing their business challenges very well, finds Beazley
Violence in the aftermath of Jacob Zuma’s sentencing has now spread to Durban and Richard Bays Terminal - Russell Group
While controls are useful, risk leaders must focus on the impact of shocks at a business model level
80% say improved risk management will be critical for their business to protect and build value in the next five years - EY
Cyber attacks, pandemics and over regulation are among the biggest fears for CEOs at banks and insurers - PwC
Economic growth in APAC ex-China is expected to be relatively subdued in 2021, according to Oxford Economics
Take ransomware seriously, and find your weak spots now – before the hackers do
At mid-year, pricing for most classes of business was back to technical levels - but cyber remains an outlier
Under mounting pressure to increase revenue and profits, 65% of organisations admitted taking due diligence shortcuts
New generation aircraft bring benefits but higher repair costs; air cargo to continue strong performance - Allianz
Attack on Miami-based IT supplier Kaseya was timed to coincide with the 4th of July celebrations
Sector attitudes to risk vary, finds Beazley, with those hardest hit by lockdown restrictions feeling less resilient
Too many firms were unprepared for the global pandemic due to delayed response time and lack of clear roles
Operational resilience – everyone is talking about it. But how is it created and how can it protect us against the intangible risk landscape?
As insurance capacity shrinks, power companies across Asia need to adopt cleaner fossil fuels, warns WTW
Delays in Guangzhou, Yantian, Shenzhen, Shekou and Nansha are being compared to the Suez blockage
We all learned a lot in the past year. Now it’s time to take that into the latest redesign of work life.
Cyber insurance has failed to live up to expectations that it may act as a tool for improving organisations’ cyber security practices, finds RUSI
Hong Kong is the second most simple jurisdiction in which to conduct business, finds TMF Group
PERILS has updated its loss estimate for the New South Wales and Queensland floods of 18 to 24 March 2021
One third of India’s cotton growing regions face severe climate risks by 2040 if carbon emissions continue to soar
Since the devastating 2019-20 bushfires insurers have paid out in excess of $5.6 billion in claims related to natural disasters in New South Wales
89% and 82% of Australian and Singaporean cybersecurity professionals said attacks increased due to remote working
SRCC insurance provides cover for loss or damages caused by riots, protests, strikes or other work-related unrest
How risk managers can learn vital lessons in resilience from the global vaccine effort
Australian insurers have received more than 6,500 claims after storms and flooding affected large parts of the state of Victoria
84% of firms are hit again after submitting to ransom demands; with data corrupted during the recovery for 43%
There is lowest insurance resilience for natural catastrophes, with a record protection gap of $1.4 trillion
It will provide central banks and supervisors globally with a common starting point for analysing climate risks under different scenarios
A lack of transparency on cyber attacks is benefitting the threat actors and exacerbating the threat
The number of forecast tropical cyclone landfalls across East Asia varies significantly, with below-normal figures forecast for Japan and Korea
Criminals will continue to target high-profile organisations, having researched their ability to pay a ransom prior to the attack
Organisations are urged to take action to root out child labour within their supply chains as numbers grow to 160 million worldwide
Multiple major websites went offline on Tuesday after an hour-long outage at the cloud service company Fastly
Aon’s vaccine insurance solution demonstrates the technology’s potential in the insurance market, says GlobalData
Government support programmes have kept alive unviable zombie companies, while wealth inequality has broadened
Three proven strategies business leaders can deploy to accelerate cyber transformation
Suez, COVID and Brexit have challenged assumptions about the complex supply chain risks modern corporates must contend with
Climate risk is an increasingly important factor for companies and leaders making strategic decisions - FM Global
Around $7.5 trillion of trade is concentrated in 50 major ports, with potential for major supply chain disruption
After Shell and ExxonMobil, why climate change in major emerging markets could be next legal battleground for energy firms
Businesses in financial services and technology could be dangerously unaware of the rising risks of modern slavery in their supply chain
An explosion at a Queensland coal-fired power station has led to a widespread power outage, from northern New South Wales to Cairns
Social engineering attacks are on the rise, but losses can pose a grey area where insurance is concerned
Product recall events are on the rise despite ongoing operational challenges experienced by global car and OEMs
Early warning tool can help strengthen response to climate-related weather risk in Australia - Aon
Economic losses due to natural catastrophes in the region reached $67 billion last year, indicating a huge gap and growth opportunity for re/insurers
Over half of organisations have faced a risk incident due to third-party failure during COVID-19 pandemic
COVID-crisis will lead to a new period of rapid, transformative growth and prosperity, predicts Studio 44
Effective risk resilience is increasingly correlated to a firm’s viability and growth potential, finds Marsh
It comes a week after AXA said it would be dropping extortion payments when underwriting cyber-insurance policies in France
Paying a ransom does not guarantee a successful outcome and will not protect networks from future attacks, says Priti Patel
Argo Group’s Adam Seager on the challenges of maintaining corporate cohesion in a more virtual working environment
Asian cities are at extreme risk of environmental factors, including pollution, temperature extremes and natural hazards, finds Verisk Maplecroft
CISA urges organisations to take action to strengthen cyber security following US critical infrastructure attack
Cyclone Seroja triggered flash flooding and massive landslides in southeastern Indonesia and Timor-Leste
In China, a hazard model jointly developed by FM Global and the China Earthquake Administration is used
During the last six months, Amazon, Google and Microsoft Azure have all experienced significant service outages affecting businesses worldwide - CyberCube
Analysis of $1 billion of insurance industry claims show cyber incidents, including crime, is the top cause of loss - AGCS
The New South Wales coast experienced the highest recorded rainfall since records began in March 2021
Companies with strong internal coordination and contingency planning will be better placed to respond to climate shocks
Scarcity is expected to be short-lived but will cause problems for sectors including electronics and motor, according to Oxford Economics
New tool will assess companies’ transition plans to a low-carbon economy and ensure firms can continue to access insurance
The quarter is the first to show a fall in the average rate of increase since Q4 2017 as rate rises dropped to 8% in Asia - Marsh
The $10 billion reinsurance pool will subsidise the cost of insurance coverage for cyclones and related flood damage
Hail of up to 14 cm in diameter caused widespread damage during the 2020 South East Queensland Halloween Hailstorms
Myriad failures that contributed to the 737 MAX crashes revealed “systemic shortcomings” in Boeing’s ability to manage risk - Arthur D Little
Pandemic is exacerbating trends such as cargo crime, man-made disruptions, and political protests, which all threaten supply chain resilience in 2021
Insurers’ have a rising exposure to climate-related disasters and decarbonisation policies warns Moody’s
Just a quarter are reporting portfolio emissions, which are on average 700 times higher than direct emissions
As companies look to pivot from the pandemic, their focus of attention is turning towards building sustainability in supply chains
The government sector was most affected by ransomware attacks in 2020, followed by banking and manufacturing
Swiss Re CorSo risk framework helps firms assess physical climate exposure; Many climate ‘hotspots’ are located in Asia Pacific
The shift towards WFH has heightened cyber attack and data loss risks, with exposures for senior managers, finds survey
China could lose nearly 24% of its GDP in a severe scenario; Malaysia, Thailand, India, the Philippines and Indonesia lack resilience - Swiss Re Institute
Only 40% of organisations report having adequate remote work strategies to manage the risks associated with WFH, finds Aon cyber report
Global corporate bankruptcies are forecast to increase by 26% in 2021 as fiscal support is gradually phased out
Despite the growing fragility of a complex global supply chain, there is poor investment in risk management and ESG tools - IHS Markit
As firms scaled-up cloud computing during lockdown, they did not always scale up their security processes at the same rate
In over 10% of crises in recent years - including COVID-19, 9/11 and the GFC - more than 50% of shareholder value was destroyed
Australia and New Zealand’s agreement on quarantine-free travel marks a new chapter for the two antipodean nations, but risks for travellers remain
Destruction of the built environment is “severe” in a region of Western Australia not normally affected by windstorms
Insurance industry initiative, led by Aon, offers supply chain protection for COVID-19 vaccine shipments
Effective governance is at the heart of addressing climate risk and transitioning to a low carbon economy
Did fintech superstardom enable the Greensill collapse and could it have been prevented?
Corporations are holding more risk on their balance sheets as the value of intangible assets grows
Cargo accumulations are expected at ports and terminals, presenting security risks and straining yard capacities
Untimely adoption may drive sudden changes to information security, change management, business continuity and third-party risk exposures
WTW report highlights the importance of using risk quantifications and analytics to conduct energy transition initiatives
Captive formation set to increase further in 2021 fuelled by the hardening commercial insurance market and renewed economic growth
Further COVID-19-related travel disruption, such as government-enforced lockdowns, may not be covered by insurance
Pandemic-induced economic stress will continue to exacerbate global political risk throughout 2021, according to Marsh
Lloyd’s and Kiwi start-up Bounce launches New Zealand parametric earthquake insurance which pays claims within five days
The rapid pace of technological change and pandemic crisis is accelerating trends; making risk forecasting more challenging
Parametric insurance solutions are a valuable form of transfer to manage climate and other natural disaster risks, explain Marc Paasch and Richard Zhang
While COVID-19 was a stress test for society and the economy, it has an expiry date – climate change does not, warns Swiss Re chief economist
Like so many of us, capitalism kicked off 2021 with something of an existential crisis. Is it time to call time on short-termism?
More than two thirds lack insurance coverage for bodily injury claims arising from system failure or cyber breach
The past year has forced businesses to become more agile and pivot quickly in order to survive. But when business models change, so do risk profiles
Suez Canal crisis will unveil which organisations have a strong understanding of their supply chain risk, and which do not
The High Court will hear appeal arguments over the NSW Court of Appeal’s judgment in the first BI test case
The cyber attacks, believed to have come from Chinese state-sponsored hackers, exploit vulnerabilities in Microsoft Exchange servers
Cyber security strategist Eddie Doyle explains how social engineering attacks prey on individuals’ vulnerabilities
The insurer, which underwrites cyber insurance via subsidiary CNA Hardy, said the “sophisticated” attack on 21 March caused network disruption
It has the potential to create more than $40 billion dollars of trade disruption, with implications for retail and automotive sectors among others
Civil unrest is now the main political risk exposure for companies, with COVID-19 likely to fuel further disturbances
Product includes cover for property damage and fines and defence costs arising from regulatory actions, including GDPR
Insurance sector needs to play more active role in future pandemic solutions, says OECD secretary-general Angel Gurría
Boards have made gains in recent years by recognising cyber as an enterprise risk, but greater resilience is needed
SE Queensland floods also declared a catastrophe as large parts of the Hawkesbury-Nepean Valley remain inaccessible
Growing frequency of extreme weather catastrophes alongside regulatory, ESG and climate reporting requirements is driving demand for analytics
Large parts of New South Wales, including Mid-North Coast and Hawkesbury-Nepean, are inaccessible after widespread floods
The ability to channel investment into sustainable projects is viewed as a sizeable growth opportunity for the insurance sector
Healthcare organisations were most targeted while the rise of ’double extortion’ has fuelled ransomware losses
Parima chairman Franck Baron says most APAC corporates are retaining more risk as the insurance market hardens
Seventy-five percent of organisations must adapt to survive “seismic shifts” in the market, finds resilience study
PERILS will provide market-wide property sums insured exposed to earthquake, tropical cyclone (typhoon) and flood
Wildfire, floods, hailstorms and windstorms are damaging solar and wind projects with greater frequency and severity, finds GCube
Political upheaval and unrest in emerging markets will define the next two years, predicts Verisk Maplecroft
It’s clear that freezer failure is going to be a significant risk to the smooth execution of this critical vaccination program
Even though disasters will always be unexpected, business continuity planning has benefits both before and after they occur, finds the World Bank
There are several “bright spots” in the global economy as vaccine programmes are rolled out, notes Atradius
Suzanne Sangiovese shares her thoughts on women’s risk leadership opportunities on International Women’s Day
Google Cloud partners with Munich Re and Allianz Global Corporate & Specialty to provide cloud specific cyber insurance
Greensill Capital is the main source of supply chain finance for steel tycoon Sanjeev Gupta
There was evidence the wolf was already in the herd, if only the shepherd had taken a closer look
Insureds are exploring alternatives and trade-offs - such as increasing deductibles - to offset proposed premium increases, finds Aon
Close cooperation with supply chain allies will “strengthen the capacity to respond to international disasters and emergencies”
Should relations deteriorate it could trigger an aggressive tit-for-tat policy response, with significant implications for global markets and corporates
Analysis following the SolarWinds fallout shows there are three ways companies can build more resilient digital supply chains
It follows an initial test case heard in the NSW Court of Appeal last year regarding the application of the Quarantine Act exclusion to business interruption policies
Health and safety and business continuity have become ERM’s primary focus as a result of COVID-19, according to a RIMS survey
Sustainability initiatives drives better financial performance due to improved risk management and more innovation
A decade on, GNS Science experts have embarked on a research project to determine the earthquake risk of a recently discovered fault in the Waikato
The solution is available globally and initially to clients in the leisure & hospitality, manufacturing, retail and transportation sectors
Risk leaders must work on strategies and business models to help their firms achieve their objectives in the new environment
Supply chains must balance efficiency and resilience, according to participants at a StrategicRISK Virtual Roundtable
Risk managers must ensure that the business opportunities offered by 5G are not outweighed by extra security threats
Data breaches attributed to human error continue to increase according to the Office of the Australian Information Commissioner
Caroline Woolley explains why it’s much better to play ‘let’s pretend you have a loss’, than trying to deal with expectation gaps after an event
The APAC region “is at the forefront of dealing with climate change and all other aspects of sustainability”
Review comes amid concern about the availability and affordability of some categories of insurance cover
The COVID-19 pandemic has highlighted gaps in the knowledge, understanding, and mitigation of systemic and black swan risks
Escalating premiums and lack of capacity could see firms refusing to purchase or reducing cover, leaving senior professionals on the hook for claims
Bushfires in the north-east Perth Hills region have so far destroyed 81 homes, with insurers receiving over 270 claims worth $40m
Hurricane Laura caused an insured loss of $8 billion to 9 billion, the largest weather-related loss event - Willis Re
Nearly all regions reported double-digit price increases, led by the UK (44%), Pacific (35%), and the US (17%)
Organisations in APAC had built more robust pandemic programs in response to similar threats already faced, such as SARS
Europe and Asia suffer from some of the most severe fossil-fuel-company insured losses in the world, according to PCS data
The SolarWinds attack has awoken risk managers to the threat of Trojan-Horse type supply chain incidents
Tackling mental health is not just the right thing to do, but an essential exercise in risk management, according to International SOS’ Dr Rodrigo Rodriguez-Fernandez.
Future climate and systemic risks remain a key challenge - Insurance Development Forum
Worsening natural disasters across Australia illustrate the threat of asset damage and operational disruption arising from physical climate risks
Insurers are inadvertently funding organised crime by covering ransom payments, says former NCSC chief
Just 36% of the losses were covered by insurance, creating a protection gap of 64%, according to Aon
Tackling societal inequality and raising living standards across the value chain are good for business and society, says food giant
As a largely uninsurable risk, risk professionals are seeking metrics to better measure, monitor and manage reputational risk
Study assesses the likely impact of climate change on hurricane severity and storm surge over the next 30 years
Asia to take the lead in the clean energy transition with some key challenges for risk managers
Pandemic is a “reminder that risk management and business continuity management need to further evolve”
“It is always cheaper to build a dam than to pay for the flood” - WEF Global Risks 2021
In 2020, the world saw the catastrophic effects of ignoring long-term risks such as pandemics - WEF Global Risks 2021
The FBI warns of violence ahead of Joe Biden’s Presidential inauguration, but heightened security may defer the risk
Long COVID, patchy vaccine rollouts, emerging digital threats, climate change and the US China relationship are Top 5 risks for 2021
The Workforce Cyber Culture Assessment assesses people risk and the impact of business culture in a cyber context
Wildfires in Australia in 2020, although of unprecedented magnitude, represent only a small fraction of global fire emissions
Violent crime, political instability, severe natural disasters and social unrest are among the other threats to businesses and their staff
New and emerging social engineering techniques will fundamentally change the cyber threat landscape - CyberCube
Insurance losses during the New Year peak period were most severe in New South Wales, which accounted for 71% of the industry loss
COVID-19 has brought the growing ‘intangibility’ of risk into focus, a trend that will accelerate
Corporate bankruptcies will be a strong driver of D&O risk in 2021 in Singapore and Australia, predicts Clyde & Co
The need for robust organisational resilience plans and resources to ensure employee wellbeing are essential in the ‘new normal’
Climate change is so big that we do not even see it as a wave that may “break” and cause havoc for us
Airmic welcomes broker’s partnership with analytics firm Polecat, which ”signals a new generation of innovative risk management solutions”
The SolarWinds Orion ‘backdoor’ hack has affected numerous global organisations, including the US government - FireEye
Losses from secondary peril events are forecast to increase, driven by climate change - Swiss Re sigma
COVID-19-related insolvencies and ’event-driven’ litigation linked to diversity, climate change and/or ESG concerns are exposing D&Os
Mactavish expects rates to continue to rise in 2021 and says that some companies will be unable to pay for their cover
Companies prioritise operational resilience and staff wellbeing as they adapt to the crisis and look ahead to the future
New Dawn Risk predicts the hard market for D&O risk could be extended by a further 24 months as rushed deals come to market
Supply chains are particularly vulnerable to climate risk, as many global production systems are focused on ensuring efficiency over resiliency
Catastrophe data firm PERILS says hailstones from the South East Queensland Halloween Hailstorms were up to 14cm in diameter
Increased instances of human rights violations by security forces pose a major reputational risk for some firms
As dependency on connected technologies increases, so do associated risks and the need for good governance, argues the World Economic Forum
Cyber criminals consider SMEs a ‘sweet spot’ due to their lack of security controls and poor cyber hygiene
Pandemics were not contemplated for coverage under most business interruption policies, insists ICA
Geneva Association calls for more resources to mitigate flood damage and greater collaboration between public and private sectors
Amid growing product recall risks, a 5-in-1 insurance solution has been developed for Asian automotive manufacturers
The question of pandemic business interruption coverage will remain a significant source of uncertainty for Australian insurers - AM Best
When StrategicRISK was born, few could have anticipated the world of risks we would be facing 20 years on
Our virtual roundtable met to compare notes on sustainability risk coming out of the pandemic.
How do companies tackle supply chain disruption during the pandemic, and what steps can be taken now to build in more resilience for 2021?
Employers will need to go through an evolution in their Duty of Care provisions, just as they did post 9/11
However, US-China ties could deteriorate during the transition to a Biden presidency, according to Verisk Maplecroft
The Insurance Council of Australia is considering whether to appeal the pandemic business interruption test case decision
New scheme will offer financial incentives to the owners of high-rise properties to replace dangerous cladding
There are positive signs that a Covid-19 vaccine is close. How should risk managers ensure the health and safety of returning staff?
Business interruption is the main cost driver behind cyber losses, accounting for around 60% of the value of all claims - AGCS
Amid rising trade tensions between China and Australia, political risks are growing for companies Down Under
FTSE 100 companies ignored or downplayed the impact of pandemics, finds Mactavish in damning report
Total combined economic losses from heavy seasonal rainfall across India are estimated at $4 billion
Amid uncertainty over the COVID-crisis, public policy should focus on sustainable infrastructure development and inclusive growth - sigma
Risk managers should start their renewal process early and manage their expectations, advises FM Global
As much as 43% of third-party relationships are not subject to any form of due diligence checks, finds Refinitiv
Fully probabilistic model provides countrywide coverage and enables insurers to assess their exposure to floods, which affect 70% of the country’s population
The region that saw the most significant surge in ransomware attacks was Asia-Pacific
All regions, except Latin America (9%), reported double-digit pricing increases, led by the UK (34%), Pacific (33%), and the US (18%) - Marsh
A contested scenario will increase the threat of political violence, with potential supply chain impacts
In an interview with Parima, David Jacob, CEO of Marsh Asia, said the spotlight would remain on risk managers moving into 2021
Demand for political violence insurance soared ahead of the bitterly fought and as yet, unclear US election
Major changes to Singapore’s work injury compensation laws are set to come into effect, increasing liability for employers. Here’s what you need to know
“Strongest landfalling cyclone in history” devastates eastern Philippines, causing catastrophic damage to Catanduanes Island
The hailstorms struck south-east Queensland late on the 31st October causing significant damage to vehicles and property
The Royal Commission into National Natural Disaster Arrangements has called for urgent action on natural disaster risk mitigation
Goni will take a similar path as of Tropical Storm Quinta (Molave), increasing the vulnerability of people affected
Home working has increased cyber vulnerability, with 73% using company-issued devices for personal matters - Mimecast
The new standard will assess a global supply chain’s ability to mitigate the impact of disruptive events
The pandemic exposed a massive protection gap in the area of business continuity risk, according to the Geneva Association and University of St Gallen
Why temperature-controlled incidents are such a common cause of marine cargo claims and how to avoid them
Multi-year programme will design and deliver advanced risk management training for the Hong Kong market
Globally, mangroves reduce flood damages by $65 billion every year; insurance solutions are critical to post-storm restoration
Pandemic highlights the ”staggering potential” for uninsurable systemic risks, according to re/insurer Munich Re
Setting out pathways to mandatory TCFD disclosures should be a “priority” for public authorities, according to the Bank of England
The largest hail impact was recorded in Rockhampton and Yeppoon, where the storms caused extensive damage
Executive board member Geoff Summerhayes warns of the “high, rising and volatile costs” of natural disasters
PCS has launched a new data set to help the cyber insurance sector manage risk and capital more effectively
Total combined economic losses of seasonal monsoon flooding in China are likely to exceed CNY220 billion ($32 billion)
“Movinx” will offer solutions for a sector being disrupted by technology and changing mobility service models
ESG pledges, unmet, will leave stakeholders disappointed and pose the greatest enterprise risks of all, warns Nir Kossovsky and Denise Williamee
The pandemic is driving concern over mis-selling and improper business practices in the financial services sector - ORX
COVID-19 has created a new urgency to protect working people, with compulsory unemployment insurance a much-needed safety net - research
Insurance-based solutions will initially focus on manufacturing and transport firms that are adopting AI and other cutting-edge technologies
The pandemic will shape future loss trends with changes to working environments, travelling habits and supply chain networks, predicts AGCS
The Bureau of Meteorology has declared that La Niña has developed in the Pacific, with the potential for increased floods and cyclone activity
Data suite from JBA will help global financial services firms plan for their future and understand possible flood risk under different climate scenarios
Insurance industry argued that the intention of pandemic exclusions in commercial property policies that contain business interruption cover is clear
Climate change remained the number one risk in Europe but fell to third place in Asia and America
COVID-19 should not be allowed to derail progress made in driving greater climate resilience
Marsh has seen a 30% increase in the take up of cyber insurance across Asia annually
New rules will require firms to disclose how climate change will affect their business on a ‘comply or explain’ basis
Model provides a detailed assessment of the flood risk countrywide, including the industrial estates in flood-prone West Java
Concern over a catastrophic cyber event leading to claims of $10 billion or more is greatest in Asia Pacific
The research considered the practicalities of extending insurance coverage to include cyber terrorism in Australia
There is a continued constriction of insurance capacity for thermal coal operations - Willis Towers Watson
Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In
Australasian risk managers are reacting to climate change and improving the resilience of their organisations to extreme weather events
As lockdown restrictions lift, organisations must carefully manage the safety, mental health and wellbeing of their staff. It’s the right thing to do, and it’s good for business.
Captive formation grew by 200% in the first half of 2020, including captives to cover pandemic-related losses - Marsh
Before you can manage and mitigate risks to you brand and reputation, you first need to be able to measure it
Cybercriminals targeted businesses that remained open during lockdown, making them more susceptible to cyber attack
Mining companies must incorporate ESG, above all climate change into their risk mitigation strategies in order to survive in the future - WTW
Flattening market trend is “at odds” with a heightened threat environment - Guy Carpenter
Global supply chains are undergoing fundamental and accelerated restructuring, the latest Swiss Re Institute sigma study
Rising litigation; more costly recalls; civil unrest and the increased potential for indoor air quality claims are just some of the liability trends exacerbated by COVID-19
How can we ensure that a desire to ‘be resilient and purposeful’ results in practical actions that add sustainable value for people, society and the planet? asks Gareth Byatt
Follow daily coverage from Monday 14 to Thursday 17 September 2020
The Covid-19 pandemic has demonstrated how profoundly a risk can have impacts that stretch across society and the economy. But as we recover it’s vital we keep our eyes on the horizon and “redouble” our efforts to mitigate the far greater risk posed by climate change.
Engagement and co-operation between risk teams, c-suites, brokers, and insurers is crucial in a challenging insurance market, according to panellists at the RIMS Australasia 2020 Virtual Summit.
The Covid-19 pandemic has brought with it real challenges – and real opportunities. But how can we tell the difference? The answer is through “phronesis”.
Organisations should focus on prevention and early detection of mental health and wellbeing risks in the workforce, according to Adam Hall, talent and reward leader for Willis Towers Watson Australasia.
As the insurance market hardens around the world, more and more risk managers are looking to Alternative Risk Transfer to provide the cover they need – at the right price.
How can you manage the risks associated with having staff online and engaging with social media?
How can you use risk to make money in a pandemic? The answer is by understanding your intangible assets and seeing risk as a game-changing opportunity for real growth.
The “full steam ahead”charge to the cloud during the Covid-19 pandemic has highlighted the challenges risk managers now face when trying to manage complex supply chains and rapidly-developing cyber risk.
Establishing a thorough cyber resiliency plan is the most effective way to guard against rising cyber risks, according to executives at FM Global.
Disruption from Covid-19 will create opportunities for organisations navigating the new normal, according to Laura Langone, RIMS President, and head of insurance operations at Airbnb.
Climate change influences are likely to increase the impact of flooding over the near and medium term
A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before
Parima is planning its first-ever digital conference between 9th and 13th November 2020
Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies
Global corporate insolvencies are forecast to increase by 26% in 2020, led by Hong Kong in Asia Pacific
Supertyphoon Haishen is currently on track to make landfall as a category 4 storm, with windspeeds of up to 156 mph
Risk managers have got to be genuine, authentic and transparent in order to succeed, says Kevin Bates
As lockdown restrictions lift, organisations must carefully manage the risks associated with encouraging staff back to work, including their safety, mental health and wellbeing
Protests outside the Lloyd’s market reflect growing pressure on the insurance industry to take action on heavy polluters
The risk is set to intensify further as the economic fallout from COVID-19 takes full hold, warns Verisk Maplecroft
Insurance Council of Australia says more than 83 per cent of bushfire claims have already closed
Cat modelling firms peg insurance losses from the Category 4 storm at between $4 billion and $8.7 billion
Laura made landfall as a category 4 hurricane with wind speeds of up to 150mph and an “unsurvivable” storm surge
12 billion records were exposed in the first half of 2020. More than the total number of records leaked during the whole of 2019
The COVID-19 pandemic is expected to reduce global macroeconomic resilience by about 20% in 2020 - Swiss Re Institute
Risk management is undergoing a significant change and complacency is not an option, argues Hans Læssøe
Amidst the increasing frequency and intensity of natural catastrophes it is time to revisit the purpose and content of building codes, argues FM Global’s Michael Stuckings
In Asia-Pacific, almost two-thirds (64%) of countries experienced an increase in their country economic risk rating
Among the key lessons from the crisis, RQA Group says there will be a move towards shorter, more localised supply chains and less reliance on the Far East
Outcome will be used to determine complaints arising from COVID-19 related business interruption claims
Lessons learned in the aftermath of the Tianjin port explosion in 2015 will be particularly significant in Beirut, says Crawford’s Benedict Burke
Trade credit insurer Atradius has analysed the impact of the coronavirus pandemic on five Asian markets - India, Japan, Indonesia, Thailand and Vietnam - revealing economic contraction, sharp swings in export rates and a rise in business insolvencies.
Governmental shortcomings were to blame for the explosion in Lebanon, according to risk experts, who say lessons can be learned from the incident
COVID-19 related losses among the factors driving up insurance pricing - Marsh
The extent and pace of growth in container volumes have put strains on a wide range of operational procedures
By 2030-2040 climate change will prolong wildfire seasons, adding up to three months of days with high wildfire potential in Western Australia
Much of the physical damage to property, infrastructure and agriculture is expected to be uninsured - Impact Forecasting
Observers are drawing comparisons with the 2015 explosion in the Chinese port of Tianjin, which highlighted accumulation exposures in ports - AM Best
The large blast in Beirut, Lebanon is expected to result in a significant insurance event as the death toll and casualties from the explosion continue to rise.
Firming commercial insurance prices and impacts from COVID-19 could present opportunities for the captive insurance segment - AM Best
The outcomes will be used to determine complaints arising in respect of COVID-19-related business interruption claims
Items like data, content, software code, brands, confidential information, inventions, industrial know-how, and design rights are integral to corporates
Rising premiums are expected for risk managers across the Asia-Pacific region
217 complaints have been filed in the US with 55% involving cruise ship passengers and nursing home residents and staff
Researchers in the UB School of Management say their framework would have benefitted organisations as the coronavirus pandemic hit
Research from Refinitiv reveals 43% of third-party relationships are not subject to any form of due diligence checks
The Australian Government has pledged $88.1m over the next ten years to the Bushfire and Natural Hazards Cooperative Research Centre
Cyclone Amphan, which killed 133 people in India in May, was the costliest economic event of 1H 2020
The speed with which the crisis unfolded meant companies had to improvise, because their crisis-response plans were too rigid and slow - Arthur D Little
Half of organisations have taken actions such as hiring freezes, furloughs, and workforce reduction to reduce costs
In India and Hong Kong, pre-existing grievances centre around political rights are likely to inflame protests - Verisk Maplecroft
In the last of our #changingrisk series, Sarah Gordon warns against vanilla risk appetite statements
In Asia, pricing generally rose during the first half of 2020 in key markets, including Singapore and Hong Kong
The largest impact was experienced in Canberra which suffered from hailstones up to 6cm in size
The confluence of COVID-19 and advanced social engineering techniques poses a growing threat - CyberCube
Two-thirds of organisations plan to source goods more locally post-pandemic, reducing reliance on the Far East - BCI report
Consequences of coronavirus and a sustained economic downturn could threaten long-term safety improvement
Companies are investing heavily in GRC tools, but often lack the ability to measure risk behaviour and culture, says Justin Greenstein
India, South Korea, Australia and China in top ten countries most targeted by significant cyber attacks - Specops
Total combined economic losses from flooding across the greater Yangtze River Basin in China in June is expected to reach $5.1 billion
Rate hardening is likely to continue amid potentially high losses and contracting insurance supply, particularly in commercial lines
Losses associated with supply chain failure, data privacy breach or disruption to IT services have at least doubled in the last five years
The traditional approach to cyber security must be replaced by something that is more user-centric - Aon and CyberCube
Climate change is a truly global risk. Why risk managers need to consider the physical, reputational and transition risks arising from climate change.
The figures were released six months after the worst Australian bushfire season on record, known as the ‘Black Summer’ - PERILS
Risk managers and HR need to collaborate to ensure employees are supported in a post-pandemic world - Mercer
Today’s “wealth of data” can be used to construct risk transfer products for extreme weather - Nephila’s Barney Schauble
As Australians and New Zealanders return to offices, mass gatherings, daily commutes and open shops, what are the biggest risks facing organisations in the region?
AXA XL Re China will provide non-life reinsurance in China after CBIRC grants business license
Cybercrime cases now accounting for more than a quarter of overall crime in Singapore - EverEdge
Why organisations must fight a “cyber war”, according to Andeed Ma, president of the Risk and Insurance Management Association of Singapore
COVID-19 is set to have a substantial impact on the risk landscape, particularly in terms of supply chain and third-party risk
New risk realities arising in the post-COVID world will demand very new risk solutions. This is our moment.
Above-average numbers are however anticipated for the Philippines in the first part of 2020, as ENSO neutral conditions continue
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
Zurich shares new risk management lessons from disaster events to help businesses become more resilient
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
Risk professional Steve Tunstall believes technology will be at the heart of risk management’s future
Risk managers need to learn lessons from the pandemic, adapt to the “new normal” and plan strategically for an uncertain future - panellists
More than half of APAC’s top CEOs and CFOs say their companies are underprepared for climate-related financial risks, finds FM Global
Emerging Asia will invest an estimated $1.7 trillion annually, equal to 4.2% of GDP; China will account for 35% of global investment
Disruption to traditional working patterns and an increase in remote working is the top risk to the ethical conduct - EY
“Risk management tools that can help businesses quantify the impact of climate change are high in demand”
Beazley has reported a 25% spike in ransomware attacks in the first quarter of 2020 versus Q4 2019
Cyclone highlights the need for future investments in modernising coastal barriers, embankments, and the electrical grid - Aon
More complex and costly repairs; new fire and cyber threats and potential recalls are among the new exposures - AGCS
Risk managers in Hong Kong face a changing political climate and the risk of violent protests
Has COVID-19 distracted your business from climate change? Take part in our short survey
Swiss Re Institute’s 2020 SONAR report says there is an opportunity for the pandemic to prompt a more sustainable future
A gradual easing of restrictions would be “less disruptive” for the global supply chain, finds peer-reviewed study by UCL and Tsinghua University
The increasing focus on ESG is also having a significant impact on future power sector risk management strategies
As economies restart after the COVID-crisis, there is an opportunity to embed sustainability into the recovery, argues Zurich’s John Scott
Increasing disruption and economic pressures caused by the pandemic has serious risk management implications for the maritime community
Nearly of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers - ICA
If you haven’t convinced stakeholders in two minutes, you’ve probably lost their attention, says Suchitra Narayanan
COVID-crisis prompts decision to suspend the continuous disclosure provisions of the Corporations Act for six months
Food insecurity a key driver amid economic and social fallout from COVID-19
”Why don’t our risk management frameworks [enable] immediate actions rather than leaving the actions for the decision makers?” - Sonjai Kumar
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’
Economic distress and social discontent will rise unless world leaders, businesses and policymakers work together to manage pandemic fallout
Estimates total industry losses of $203 billion; claims on a par with 9/11 and the combined impact of hurricanes in 2005 and 2017
The answers are likely to lie at government level, with insurance risk pools one option for future pandemics
PARIMA is not in favour of regulators imposing retroactive coverage of claims, but calls for the creation of risk pools for future pandemics
The combined impacts of climate change and rapid urbanisation are aggravating flood risk in the Philippines - Guy Carpenter
Global energy firms need to address the changing risks of older refineries and petrochemical plants - Marsh
An Australian pandemic risk insurance pool is one option being mooted by the Insurance Council
20% to 30% of AGCS fire claims are related to the condition of electrical equipment and installations
Estimates almost 50% of global flood losses can be found in just eight countries in Asia
The future will see a sharper focus on resilience and strategic risk management, predicts survey
”Energy industry that emerges from this crisis will be significantly different from the one that came before” - IEA
Pre-start up safety reviews can help reduce losses when idle facilities are put back into operation - Swiss Re Corporate Solutions
96% of Singapore businesses to invest more in technology to support remote working and business continuity planning
91% of RIMS’ US members are supportive of a TRIA-type program for insurance claims relating to losses resulting from a pandemic
As use of conferencing technologies grows during the lockdown, organisations should step up attention to their vendor cyber risks - RSA Archer and RiskRecon
There are increasing aggregation risks associated with the shift towards remote working, warns AIR Worldwide
Digital transformation should be used to “reliably and repeatedly detect changes to risk”, argues risk thought leader Chris Corless
Resilience of supply chains “can be improved” through the deployment of blockchain technology - World Economic Forum
Product includes business interruption cover in the event of a cyber incident that disrupts operations
Virgin Australia has become one of the biggest casualties of the COVID-19 outbreak so far
Companies will be pressured to ‘onshore’ their supply chains, predicts Charles Hecker
Organisations should not overlook the intangible risks facing their business, according to Michael Masterson.
Risk managers can harness data to their advantage to engage C-Suite members on important issues, according to Danny Wong.
Estimates the global reinsurance sector will take a $30 billion hit to its capital base from COVID-19
Risk managers should use alternatives to heat maps to inform decision-making, according to Risk Academy’s Alex Sidorenko.
Risk managers need to change the way they perceive risk and move away from company-centric views, according to Adrian Clements.
The COVID-19 outbreak has laid bare the limitations of business interruption insurance, with companies across the globe discovering gaps in coverage
Just a fifth said firms were ’very prepared to respond to an adverse risk event from a planning, communications, recovery and resilience standpoint’
The return-to-work BI policies are aimed at supporting the resumption of production and work within the Chinese economy
Damaged goods already account for more than one in five marine insurance industry claims - Allianz
Delayed claim reporting can cost both carrier and insured hundreds of thousands of dollars in defence costs
Pandemic shows the clear business benefits of managing risk from an enterprise-wide perspective - Gartner
Energy firms must incorporate ESG standards and climate change into their risk mitigation strategies - Willis Towers Watson
Organisations with a diversified supplier base are better equipped to address the effects of COVID-19 - Institute of Supply Management
The pandemic has catapulted the field into prominence almost overnight and boards “want a chief risk officer on speed dial”
Supply chains may be complex and suppliers remote, but you must know their ESG strategies well.
As the COVID-19 pandemic sweeps the world, cyber attacks and the risk of critical data loss are on the rise
Fires, vandalism, theft, flooding and stormy weather could leave understaffed facilities vulnerable
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
An inability to cooperate in the fight against the coronavirus shows how far the bilateral relationship has deteriorated - Verisk Maplecroft
Failure to take immediate tangible action could lead to climate systems reaching irreversible tipping points, jeopardising insurability
Everybody has a plan until they get punched in the face, says Parima head Franck Baron, quoting Mike Tyson
March highlighted the worst performance of the ASEAN manufacturing sector on record, according to IHS Markit
Protests and unrests, strikes and fraud and scams are just some of the security risks likely to be exacerbated by the coronavirus pandemic
The covid-19 crisis should prompt companies to “rethink and transform” global supply chain models, according to Franck Baron
The new compromise follows a major breach of up to 339 million guests, discovered in 2018
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”
Risk managers must be prepared for new risks in an unprecedented era of technological and societal change, according to Warren Black, principal and founder, Complexus
Manufacturing companies must assess and devise strategies to reduce the impact of COVID-19 - SpendEdge
Property losses from the February east coast low make it the third largest such event in the last three decades - PERILS
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.
Deloitte has warned of a potential spike in bribery and corruption across Asia Pacific in the wake of COVID-19
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.
Climate change and growing extremes will likely increase the threat of global pandemics, according to AIR Worldwide
The Australian Cyber Security Centre has warned cyber criminals are exploiting fears surrounding the COVID-19 outbreak in a new series of phishing scams.
Firms including Ford Australia and Holden Special Vehicles, which are adapting their assembly lines to produce ventilators and other medical equipment
Guy Carpenter has partnered with RiskGenius to improve the detection and qualitative analysis of silent cyber exposure across various lines of business.
Australia, Brunei, Canada, Chile, Myanmar, New Zealand and Singapore, the seven Pacific rim nations pledge to maintain open and connected supply chains as part of their collective response to combat COVID-19
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
The risk of a global pandemic has risen in recent years, but the perception of that risk has not matched reality - WEF
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
China seems to be seeing the light at the end of the tunnel of fighting the COVID-19 outbreak domestically, but there is much more work to be done for companies to resume normal productions and reconfigure their supply chains
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.
Cybercrime, disruptive technology and pricing are the top three most dangerous risks, according to a new Willis Towers Watson survey of more than 100 insurance industry executives
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.
A new report argues that as technology increasingly takes over more routine, manual tasks, risk professionals need to upskill and constantly reinvent themselves, or risk being made redundant by technology.
Instead of just celebrating International Women’s Day, StrategicRISK has decided to celebrate the achievements of some of our best and brightest women over the next two weeks. Stay tuned for more stories to follow!
Supply chain risk is increasing as the coronavirus epidemic continues to spread across the globe. A new tool from riskmethods aims to assist risk managers fight the issue.
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.
The combined company, a technology-enabled global professional services firm focused on the areas of risk, retirement and health, will maintain its headquarters in London.
Val Jonas, CEO of Risk Decisions Group, suggests risk programmes are put through a 20-minute workout
As the world scrambles, StrategicRISK spoke with Dr Adrian Hyzler to get his top tips for risk managers on how best to tackle this crisis over the coming weeks.
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
Risk Management Institute of Australasia (RMIA) has announced it will host a series of workshops to assist risk managers to address the worsening crisis.
Nordic bank head of economic forecasting Håkan Frisén, and investment strategist, Johan Hagbarth, answer your questions on the risks facing business share prices
Guangzhou and Dongguan, two major cities in China’s Pearl River Delta Economic Zone, have been identified as the metropolitan areas most vulnerable to sea level rise worldwide.
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.
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.
A new report is warning APAC risk managers a prolonged outbreak will cause significant second-round effects, including severe supply chain disruption
A year on from the Hayne Commission represents a natural time to consider the new regulatory environment facing corporate Australia.
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
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.
Will Ho, who is currently Head of Reinsurance (Asia), will be taking on the role subject to regulatory approval.
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 fund’s main goal is to support those working in the areas most hit by the epidemic in China’s Hubei Province and aid will consist of medical supplies, donations and insurance protection.
The global broker is continuing its expansion plans in the APAC region with the appointment of Kirsty Kennell-Webb.
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.
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.
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.
As a region uniquely exposed to environmental risks, Asia-Pacific risk professionals see the WEF’s latest report as a timely reminder for the profession to prioritise the threat of climate change and environmental risk.
Environmental risks make up the entire top five risks in order of likelihood for the first time, according to the latest WEF report.
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.
In our 2019 Survey, in partnership with AIG, we took a dive into Asia-Pacific risk managers’ greatest concerns and what tops your to-do lists for 2020. With more reporting increased risk engagement and team size, the stage is set for real progress in 2020. Your priority number #1? Risk culture.
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.
New Zealand’s Whakaari/White Island tragedy has raised questions about the level of safety in the adventure tourism and cruise ship sector after the death toll from the eruption rose to 16 people.
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
StrategicRISK explores what the conservative general election win means to UK business leaders and what new risks have emerged on the horizon
The new guidance is based on IRM’s professional standards and is aimed at organisations of all types seeking to recruit senior risk professionals.
Asia Pacific has seen an unprecedented year of natural disasters in 2019 with a spate of fires, monsoons and typhoons with experts predicting the worst is yet to come.
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.
Stephen Nguyen joins the global insurer as a client management leader based in Hong Kong.
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.
The new partnership will enable Tricor clients base of Fortune 500-listed companies to access to offerings and services from Willis Towers Watson (WTW), which include workforce protection and risk transfer solutions.
The move follows the recent integration of the Insight Adjusters and Surveyors team, as Sedgwick continues its sustained growth plan across the region.
The Royal Commission unearthed misconduct at the major financial services groups, which in turn has led to regulatory changes and increased scrutiny from stakeholders and customers says RMIA CEO Jason Smith.
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
The tourism asset – valued at $56 billion – risks being overwhelmed by coral bleaching, sea level rises, ocean acidification, and pollution.
Governments worldwide are vulnerable to cyberattacks, though the associated risks to their credit quality are limited, according to a new report from Moody’s.
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.
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 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.
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.
Ask what the big risks are for the future, says Benedikt Hintze of Georgsmarienhütte Holdings. Because risk management doesn’t just stop in 2020.
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.
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?
Business risk management expert Steven Tunstall said the conference was valuable for those looking to widen their experience and learn about the risks of the future.
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?
Leading Aon’s Australian Data and Actuarial Analytics team, Sulav Saha will work closely with Aon’s global Centres for Innovation and Analytics, driving the data and analytics strategy for Australia.
Businesses will need to shift their focus from traditional risk management to building resilience so as to drive business enablement and build trust.
The StrategicRISK team is covering the PARIMA Conference in Malaysia, in partnership with AXA XL, so stay tuned for the latest news throughout the day!
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.
The complexity and extensive nature of international supply chains enable businesses and consumers to turn a blind eye to modern slavery, writes Lisa Hsin, Doctoral Researcher in Socio-Legal Studies at University of Oxford
Danny Wong, founder of Goat Risk Solutions explains how data can help risk managers engage the c-suite and make better business decisions
There are two components inherent in any decision – ‘what to do’ and the ‘how to do’. The ‘what to do’, cannot be risk-managed but the ‘how to do’ can to achieve prudent risk-managed decisions. Here are Hans Læssøe, founder of AKTUS and former risk manager at The Lego Group, ...
This year’s SIRM Forum opened for its 46th anniversary at the Seedamm Plaza Hotel in Pfäffikon (SZ) on 22 and 23 October 2019
Communicating rising rates with the c-suite is tricky, say risk managers, but brokers and insurers can help.
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.
Blackrock’s Global Insurance Report 2019 reveals 54% of the region’s insurers are concerned by financial market risk as a “driver of change in the industry”, compared to just 39% globally.
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.
Stop talking about ‘risk’ and balance downside with upside risks if you want to support informed and intelligent decision-making, says Norman Marks, renowned risk management author
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
Simulation models and analytics are helping risk managers and decision-makers understand the effect of uncertainties and the trade-off between risk and return
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
Winner of this year’s Risk Mangement Team of the Year, NETS head of enterprise risk management and compliance, Wilson Yeo, discusses the electronic payment service provider’s strong risk culture.
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.
A combination of political tension, climate change and technological dependency is putting global supply chains under more strain than ever before.
Danny Wong, founder of Goat Risk Solutions explores how to structure the risk management framework to embed comprehensive risk management throughout an organisation
Verint vice president, Australia and New Zealand, Michael Stelzer, discusses why we’re seeing increased regulatory pressure on businesses and how automation, machine learning and natural language recognition can help prevent you from becoming the next headline.
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.
In our latest issue, we speak to BHP chief risk officer, Robb Eadie about why he is a lifelong fixer. We also do a deep dive into the stories behind our award winners, including a not-to-be-missed profile of our Risk Manager of the Year 2019, Suchitra Narayanan.
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.
Not all risks are easily measurable, but that doesn’t mean they can’t form part of your risk criteria, argues Sarah Gordon, chief executive of Satarla
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
RIMS Australiasia president, Kevin Bates, asks Gloria Brosius, president, RIMS and Mary Roth, chief executive officer, RIMS, the tough questions about risk management
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.
Calamity Monitoring, chief executive officer, Daniel Lewkovitz says checking, testing and retesting your security systems is the only way to ensure your organisation.
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.
Artificial intelligence will be used in workplaces of the future in ways which will be ’humans working with AI, not AI versus humans.’
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
Traditional approaches to risk fail to resonate with senior managers, they are too “subjective” and ”anecdotal”. And if they dismiss risk management, it is because they lack understanding. So, the answer? We need to embark on #ChangingRisk with the use of data, says Danny Wong, CEO of Goat Risk Solutions
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
As the global cost of nat cat incidents rise to about $340bn, businesses would do well to create a robust plan. Allied World outline an essential action plan for typhoon preparedness – one of the most severe nat cat risks
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
When you place risk management into categories, you stop performing ERM and prevent yourself from helping the board make risk-intelligent decisions. Here’s Sarah Gordon’s (chief executive of Satarla) take on #ChangingRisk and influencing decision-making
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.
In his new role, Ronak Shah is responsible for QBE Singapore’s operations. He will be based in Singapore and reports to Jason Hammond, CEO of QBE Asia.
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.
Alexander Mahnke, president of the German risk management association and CEO Insurance (controlling & finance, financing) at Siemens, warns of the challenges of hardening commercial insurance rates, digitalisation and silent cyber.
Argo’s Lloyd’s Syndicate 1200 is to exit Asia and most of its hull underwriting globally.
We’re fast approaching that time of year when organisations start their strategic planning and Carol Williams –risk management consultant and founder of ERM Insights – reveals her recommended resources
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.
When it comes to protecting your employees from harm, it is vital for risk managers to use a full circle response to any event to understand how and why incidents occur and try to prevent their recurrence.
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.
Alex Sidorenko outlines a step by step guide to integrating risk management into decision-making, processes and culture – with links to his recommended resources
Jos Barlow, Lancaster University and Alexander C. Lees, Manchester Metropolitan University place Amazon fires under the microscope
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
The not-to-be-missed RIMS Conference this September is ” a real smorgasbord” for all, says RIMS Australiasia president, Kevin Bates.
Following the overwhelming success of our #ChangingRisk campaign this year, StrategicRISK is pleased to announce we will be hosting #ChangingRisk Day.
PARIMA president Franck Baron has spoken exclusively with StrategicRISK, calling on the insurance industry to cut management overheads in the new tough market conditions.
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.
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’
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.
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.
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.
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?
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.
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
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.
Amid a spate of drone disruptions across international airports over the past year, a new report from Willis Towers Watson presents an action plan for the APAC region on handling this looming threat.
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.
Historic business failures present some cautionary tales for modern risk managers. In this piece, StrategicRISK takes a closer look at why some of the biggest names in history no longer exist and why.
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.
Complexus principal and risk thought leader, Warren Black, takes a deeper look at the new book from founder and chairman of the World Economic Forum, Klaus Schwab.
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.
Could organisational psychologists be the key to cutting the risk of misbehaviour? In the post-Hayne report era, all risk managers need to be looking at ways to set ethical behaviour with ‘tone from the top’.
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 introduction of the industrial internet of things (IoT) across production and supply lines is likely to lead to a broader number of cyber risks and potential attacks.
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.
Corporate toxicity, disruptive innovation and competition – can all be managed with strong risk culture set from the top down, writes Horst Simon of The Risk Culture Builder
The penalties come two days after British Airways was fined £183m by the Information Commissioner’s Officer for a separate data privacy breach
Major infrastructure projects present considerable opportunities to developers and investors, but transparency and corruption continue to threaten
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”.
The appointments support Canopius’ ambition to expand in the Asia Pacific region by targeting a combination of SME business via coverholders and wholesale direct and facultative.
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.
We all need to set priorities but when we need to speak about actions at company level, with the focus on performance transformation and stakeholder value, have we really analysed what this actually means? Adrian Clements, international enterprise risk manager, has these tips
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
In a digitally transformed and hyperconnected business world, all industries are at grave risk of cyber attacks. But a robust risk, insurance and claims management framework could help mitigate the impact
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.
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.
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
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
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
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
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
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 ...
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.
The risks posed by malicious actors are increasing in volume and sophistication and organisations’ vulnerabilities constantly challenged, according to new Chubb report.
A crisis is an acid test for management and not one that any organisation wants to fail, especially in the age of social media
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
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 ...
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
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
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
#ChangingRisk for the future requires a ‘unified’ voice to break down silos, says Colin Barker, company secretary for Bayer UK
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
Data has an intrinsic value but how do insurers value an intangible asset? James Tuplin from AXA XL explains.
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
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
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.
Business leaders may be focussing on the wrong areas by trusting optimists within the business, argues Marcus Beard, associate director, Arthur D Little
Risk managers are seeking to acquire a rather unexpected skill, according to Airmic.
Delays cause risk managers to “rethink their programmes at very late notice”
Andy Jones, head of risk engineering, property and casualty on how risk managers can overcome the biggest big data challenges
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
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
StrategicRISK rewarded excellence in Asia–Pacific’s risk management community at a gala reception in Singapore
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.
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.
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.
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.
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
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
Stay tuned today as the StrategicRISK team comes to you live from PARIMA’s Manila conference.
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.
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.
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).
Reviews of risk registers, historical data and forecasting – the Cambridge Centre for Risk Studies unveil its approach to identifying emerging risks
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.
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.
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.
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.
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.
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.
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
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
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
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.
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.
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.
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.
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?
Online retailer THE ICONIC prides itself on fashion-forward designs. Its head of risk & controls, Sarah McNamee, says there is no one-size-fits-all approach to risk.
Convex will underwrite insurance and reinsurance for complex specialty risks across a diversified range of business lines in London and Bermuda.
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.
For too long there has been a mismatch between the cover that risk managers demand and the policies that insurers are willing to provide.
Seven questions, 5 minutes – all that’s required to be part of the #ChangingRisk movement and have your say in our #ChangingRisk manifesto.
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.
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.
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
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
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.
Insurers are leveraging the potential of AI themselves to remain competitive, improve processes and increase efficiency, says a new report from Lloyd’s
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
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
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
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?
Who is in the running at the third annual StrategicRISK Asia-Pacific Risk and Insurance Management Awards?
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.
Alternatives to risk matrices have been around for decades, the question is why aren’t risk managers using more effective methods? Alex Sidorenko, chief executive of Risk Academy, outlines the steps to enhancing the use of matrices
Traditional risk management 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.
The hardening market is a prime opportunity for insurance buyers to build long-lasting relationships with insurance partners, says Allied World Asia Pacific’s Carolyn Shreeve.
Asia faces a triple threat from water risk and no one is taking any notice, Debra Tan, director & head, China Water Risk warns.
Sheri Wilbanks, global innovation lead for client service development, AIG explains why remote and ‘gig’ economy workers need the same risk protections as traditional workers.
Dr Deborah Pretty, founding director, Pentland Analytics presents risk managers with new evidence on the dynamic between reputation risk and shareholder value.
Traditional risk management tools are limiting the effectiveness of risk management and holding the risk management profession back, says Patrick Smith, managing director, Acumen Advisory.
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.
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.
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
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
‘The best people will surely leave’ claims former JLT commercial director James Twining in a bleak assessment of Marsh’s takeover of JLT.
CFOs are increasingly being held accountable for losses arising from nat cat events. Their best defence? To team-up with their risk manager
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.
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!
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
After more than 330 years, the venerable insurance market Lloyd’s of London has announced plans to overhaul the antiquated way it does business
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
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.
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.
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
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.
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
Business leaders believe that the world is becoming less predictable, posing a threat to revenue.
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
“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
A new paradigm in risk management is beginning to take shape, with more professionals talking about a shift to risk-based decision making and culture. But this has also uncovered some ugly truths about how we apply risk management in our businesses, writes Alex Sidorenko, chief executive of Risk Academy
Marsh’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
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
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
The second round of judging will take place in April with shortlisted finalists facing a grueling interview with a judging panel.
Private investment is needed to fund Asia’s airport boom, and risk managers can help make infrastructure projects more attractive, Willis Towers Watson believes.
‘Intangible’, ‘the effect of uncertainty on objectives’, ‘likelihood’, ‘probability’, ‘consequence’, and ‘impact’ – do these perennially-used terms add clarity to risk management practices or do they just dilute and confuse what we do? asks Tony Thornton, ERM and business continuity expert
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
As the Brexit deadline nears, uncertainty prevails after British MPs rejected the prime minister’s deal – twice. StrategicRISK gathers the reaction of European risk managers, including the chief risk officer of French pharmaceutical company, Ipsen, who has prepared the business for a ‘hard Brexit’. Sara Benwell reports.
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
The grounding of Boeing 737 Max planes following fatal crashes in Ethiopia and Indonesia will prompt airline risk managers to review their operations and put business continuity plans into action, according to senior risk professionals.
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
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
Home in on cause and outcomes not incidents and risks, writes Tony Thornton, ERM and business continuity expert
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
Alexander Larsen & Ghislain Giroux Dufort of Baldwin Global talk through how risk managers can use risk management as an effective decsion making tool.
Decision-focused risk management 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
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
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
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
Gareth Byatt, principal consultant at Risk Insight Consulting and the Institute of Risk Management’s Asia-Pacific ambassador shares his views on #ChangingRisk
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.
Insurance and reinsurance broking giant Aon has scrapped plans to make a bid for its slightly smaller rival Willis Towers Watson.
Risk managers need to change the scope of risk management according to Hans Læssøe who shares his views as part of StrategicRISK’s #ChangingRisk campaign
Risk management is transforming, but data is the game-changer in #ChangingRisk for the future, says Danny Wong, founder of GOAT Risk Solutions and former director of corporate risk at IHG
Data and index-linked insurance products can help guard against climate risk and severe weather events, according to global broker Aon.
Hiroki Miyamoto will return to Singapore to take up his new role as CEO and a board member.