Counting down to a vaccine

There are positive signs that a Covid-19 vaccine is close. How should risk managers ensure the health and safety of returning staff?

China risks rise for Australian companies

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

Nat cat loss tally rises in October

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

Hard market: “Start renewals early”

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

Vietnam flood model launches

Fully probabilistic model provides countrywide coverage and enables insurers to assess their exposure to floods, which affect 70% of the country’s population

Global insurance pricing up 20% in Q3

All regions, except Latin America (9%), reported double-digit pricing increases, led by the UK (34%), Pacific (33%), and the US (18%) - Marsh

Parima: Risk managers will have a stronger voice post COVID

In an interview with Parima, David Jacob, CEO of Marsh Asia, said the spotlight would remain on risk managers moving into 2021

Singapore work injury laws: what you need to know

Major changes to Singapore’s work injury compensation laws are set to come into effect, increasing liability for employers. Here’s what you need to know

Queensland’s Halloween hailstorms declared a catastrophe

The hailstorms struck south-east Queensland late on the 31st October causing significant damage to vehicles and property

Northern Philippines braces for Typhoon Goni

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

Accenture and MIT create supply chain resilience stress test

The new standard will assess a global supply chain’s ability to mitigate the impact of disruptive events

Reducing temperature-controlled cargo losses

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

Restoring mangroves to build coastal resilience

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

BoE: Climate disclosures will become mandatory

Setting out pathways to mandatory TCFD disclosures should be a “priority” for public authorities, according to the Bank of England

APRA calls for urgent disaster risk funding

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

China flood losses up to $32 billion

Total combined economic losses of seasonal monsoon flooding in China are likely to exceed CNY220 billion ($32 billion)

Reputational crises put directors at risk

ESG pledges, unmet, will leave stakeholders disappointed and pose the greatest enterprise risks of all, warns Nir Kossovsky and Denise Williamee

Firms must build more resilient workforces

COVID-19 has created a new urgency to protect working people, with compulsory unemployment insurance a much-needed safety net - research

How COVID-19 is reshaping the risk landscape

The pandemic will shape future loss trends with changes to working environments, travelling habits and supply chain networks, predicts AGCS

Climate change analytics tool launched

Data suite from JBA will help global financial services firms plan for their future and understand possible flood risk under different climate scenarios

Pandemic eclipses climate change - Future Risks

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

Singapore underwriters tackle intangible risks

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

Indonesian flood model launches

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

ARPC study reveals cyber terrorism protection gap

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

D&I plays “crucial role” in business resilience - survey

Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In

StrategicRISK Q3 2020: A more mindful business

As lockdown restrictions lift, organisations must carefully manage the safety, mental health and wellbeing of their staff. It’s the right thing to do, and it’s good for business.

Fighting cancel culture

By Helen Yates

Before you can manage and mitigate risks to you brand and reputation, you first need to be able to measure it

Climate change and ESG transforming mining risk

Mining companies must incorporate ESG, above all climate change into their risk mitigation strategies in order to survive in the future - WTW

Southeast Asia to benefit from supply chain diversification

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

Purposeful resilience

How can we ensure that a desire to ‘be resilient and purposeful’ results in practical actions that add sustainable value for people, society and the planet? asks Gareth Byatt

DAY FOUR: 3. Global Sustainability

The Covid-19 pandemic has demonstrated how profoundly a risk can have impacts that stretch across society and the economy. But as we recover it’s vital we keep our eyes on the horizon and “redouble” our efforts to mitigate the far greater risk posed by climate change.

DAY FOUR: 1. The global insurance market & COVID19

Insurance premiums will keep rising: Chubb

DAY THREE: 2. Focus on mental health: Willis Towers Watson

Organisations should focus on prevention and early detection of mental health and wellbeing risks in the workforce, according to Adam Hall, talent and reward leader for Willis Towers Watson Australasia.

DAY TWO: 2. Influencing the unseen

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

DAY ONE: 3. Shining a light on the unseen – managing supply

The “full steam ahead”charge to the cloud during the Covid-19 pandemic has highlighted the challenges risk managers now face when trying to manage complex supply chains and rapidly-developing cyber risk.

DAY ONE: 1. Disrupting the disruptors

Disruption from Covid-19 will create opportunities for organisations navigating the new normal, according to Laura Langone, RIMS President, and head of insurance operations at Airbnb.

Navigating the harsh market

By Matt Ford

A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before

Pandemic BI test case heads to NSW Court of Appeal

Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies

South Korea braces for second major typhoon

Supertyphoon Haishen is currently on track to make landfall as a category 4 storm, with windspeeds of up to 156 mph

Putting people first

As lockdown restrictions lift, organisations must carefully manage the risks associated with encouraging staff back to work, including their safety, mental health and wellbeing

Modern slavery risks surge in Asia manufacturing hubs

The risk is set to intensify further as the economic fallout from COVID-19 takes full hold, warns Verisk Maplecroft

Hurricane Laura claims up to $8 billion

Cat modelling firms peg insurance losses from the Category 4 storm at between $4 billion and $8.7 billion

Data leaks surge almost 500% during pandemic

12 billion records were exposed in the first half of 2020. More than the total number of records leaked during the whole of 2019

The new risk horizon

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

COVID-19: Political and economic outlook deteriorates

In Asia-Pacific, almost two-thirds (64%) of countries experienced an increase in their country economic risk rating

ICA launches BI test case in NSW Supreme Court

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

Asian economies contract post COVID-19

Trade credit insurer Atradius has analysed the impact of the coronavirus pandemic on five Asian markets - India, Japan, Indonesia, Thailand and Vietnam - revealing economic contraction, sharp swings in export rates and a rise in business insolvencies.

APAC commercial insurance pricing up 31% in Q2

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

Research predicts dramatic increase in wildfire risk

By 2030-2040 climate change will prolong wildfire seasons, adding up to three months of days with high wildfire potential in Western Australia

Beirut port disaster loss to impact global insurers

Observers are drawing comparisons with the 2015 explosion in the Chinese port of Tianjin, which highlighted accumulation exposures in ports - AM Best

Hard market to prompt captive growth

By Helen Yates

Firming commercial insurance prices and impacts from COVID-19 could present opportunities for the captive insurance segment - AM Best

Australian insurers adapt to intangibles

Items like data, content, software code, brands, confidential information, inventions, industrial know-how, and design rights are integral to corporates

COVID-19 litigation tracker identifies vulnerable industries

217 complaints have been filed in the US with 55% involving cruise ship passengers and nursing home residents and staff

Due diligence the key for third-party risks

Research from Refinitiv reveals 43% of third-party relationships are not subject to any form of due diligence checks

Nat cats cost global economy $75 billion in 1H 2020

Cyclone Amphan, which killed 133 people in India in May, was the costliest economic event of 1H 2020

COVID-19: APAC firms prioritise healthcare and wellbeing

Half of organisations have taken actions such as hiring freezes, furloughs, and workforce reduction to reduce costs

Using risk appetite to support decision-making: Gordon

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

Australian hailstorms claims reach A$1.8 billion

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

COVID-19: Three quarters have experienced supply chain disruption

By Helen Yates

Two-thirds of organisations plan to source goods more locally post-pandemic, reducing reliance on the Far East - BCI report

Measuring risk culture: Greenstein

Companies are investing heavily in GRC tools, but often lack the ability to measure risk behaviour and culture, says Justin Greenstein

Asia counts cost of June floods - Aon

Total combined economic losses from flooding across the greater Yangtze River Basin in China in June is expected to reach $5.1 billion

Cost of third-party incident up to $1 billion - Deloitte

Losses associated with supply chain failure, data privacy breach or disruption to IT services have at least doubled in the last five years

Special report: Climate change

By Helen Yates

Climate change is a truly global risk. Why risk managers need to consider the physical, reputational and transition risks arising from climate change.

Why firms must focus on staff well-being

By Matt Ford

Risk managers and HR need to collaborate to ensure employees are supported in a post-pandemic world - Mercer

Staff safety takes priority in post-lockdown Australasia

As Australians and New Zealanders return to offices, mass gatherings, daily commutes and open shops, what are the biggest risks facing organisations in the region?

Cyber threats grow in Singapore

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

Refinitiv survey exposes lack of supply chain transparency

COVID-19 is set to have a substantial impact on the risk landscape, particularly in terms of supply chain and third-party risk

Study predicts near-normal tropical cyclone activity

Above-average numbers are however anticipated for the Philippines in the first part of 2020, as ENSO neutral conditions continue

The importance of measuring the ‘resilience dividend’

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

Tunstall turns to technology

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

APAC companies unprepared for climate risks - survey

More than half of APAC’s top CEOs and CFOs say their companies are underprepared for climate-related financial risks, finds FM Global

Corruption to increase post-COVID

Disruption to traditional working patterns and an increase in remote working is the top risk to the ethical conduct - EY

Phishing attacks ‘soared’ during lockdown

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

Growth of electric cars brings host of new risks

More complex and costly repairs; new fire and cyber threats and potential recalls are among the new exposures - AGCS

Climate change survey: Have your say

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

Gradual lockdown easing better for supply chains - study

A gradual easing of restrictions would be “less disruptive” for the global supply chain, finds peer-reviewed study by UCL and Tsinghua University

Striking the right balance

By Helen Yates

As economies restart after the COVID-crisis, there is an opportunity to embed sustainability into the recovery, argues Zurich’s John Scott

Australian nat cat claims surpass $5.19 billion

Nearly of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers - ICA

Australian government clamps down on class actions

By Helen Yates

COVID-crisis prompts decision to suspend the continuous disclosure provisions of the Corporations Act for six months

COVID-19: The global risk response - IRM

”Why don’t our risk management frameworks [enable] immediate actions rather than leaving the actions for the decision makers?” - Sonjai Kumar

WEF launches COVID-19 Risks Outlook

Economic distress and social discontent will rise unless world leaders, businesses and policymakers work together to manage pandemic fallout

Covid-19 raises pandemic protection gap questions

The answers are likely to lie at government level, with insurance risk pools one option for future pandemics

Philippines flood model launched

The combined impacts of climate change and rapid urbanisation are aggravating flood risk in the Philippines - Guy Carpenter

ICA explores insurance solutions for future pandemics

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

JBA rolls out global flood model

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

COVID-19 biggest shock to the global energy system since WWII

”Energy industry that emerges from this crisis will be significantly different from the one that came before” - IEA

COVID-19: Firms to invest more in BCP

96% of Singapore businesses to invest more in technology to support remote working and business continuity planning

Time to get creative about third-party cyber risk

As use of conferencing technologies grows during the lockdown, organisations should step up attention to their vendor cyber risks - RSA Archer and RiskRecon

Use digital transformation to your advantage: Corless

Digital transformation should be used to “reliably and repeatedly detect changes to risk”, argues risk thought leader Chris Corless

WTW launches cyber marine cover

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

COVID-19 will “enhance protectionism” - Control Risks

By Helen Yates

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

Data can engage C-Suite: Wong

Risk managers can harness data to their advantage to engage C-Suite members on important issues, according to Danny Wong.

Use alternatives to heat maps: Sidorenko

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

Spotlight on business interruption insurance

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

China’s RTW covers potentially flawed - Fitch

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

Late notices are “missed opportunities” - Allied World

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

COVID-19 and climate change to transform energy sector

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

Risk manager is suddenly a hot job - Bloomberg Businessweek

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

EY: Surge in cyber attacks poses data loss risk

By Helen Yates

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

How climate change is shaping risk management

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

Climate change “major threat” to global resilience - sigma

By Helen Yates

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

COVID-19: Asean manufacturing index plummets

By Helen Yates

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

“Rethink and transform” supply chain model: PARIMA chairman

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

Fitch puts Lloyd’s of London on negative watch

By Helen Yates

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

COVID-19: Reducing the manufacturing supply chain impact

By Helen Yates

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

Risk managers should challenge subconscious bias: Gahan

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

StrategicRISK Q1 2020: World on Lockdown

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

ACSC warns of COVID-19 cyber scams

By Helen Yates

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

Using AI to map ‘silent cyber’ exposures

By Helen Yates

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

WTW launches COVID-19 tracking tool

By Helen Yates

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

Fitch: Negative outlook for APAC insurers

By Helen Yates

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

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

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

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

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

Why diversity is needed in risk and insurance

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

Risk market reacts to Aon WTW merger

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

Changing perceptions of risk: Jonas

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

Latest estimates for COVID-19: AIR Worldwide

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

Stock market shocks increase as COVID-19 continues to spread

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

Employer medical costs rise in the wake of coronavirus

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

APAC suffers ongoing COVID-19 market shocks

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

Shut down equipment failure before it shuts you down

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

MS Amlin appoints new APAC chief

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

Allianz pledge half a billion euros towards frontline coronavirus aid

The fund’s main goal is to support those working in the areas most hit by the epidemic in China’s Hubei Province and aid will consist of medical supplies, donations and insurance protection.

The murky risk brewing in your morning coffee

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

Coronavirus - what your business needs to do now

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

Environmental risks top World Economic Forum Report

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

Risk culture: top focus for APAC risk managers in 2020

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

White Island tragedy raises risk questions

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

What the UK general election result means for you

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

2019: The year of the APAC catastrophe

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

AXA XL appoints ex-Aon director to Asia role

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

WTW partners with Hong Kong-based Tricor

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

Complex risk environment lies ahead: RMIA

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

Can risk management save The Great Barrier Reef?

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

It pays to be bold

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

Could ART solve your risky developments?

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

​Risk of downturn to hit credit: Moody’s

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

One great reason to risk a startup

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

Top takeaways from PARIMA KL

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

Aon strengthens Australian data risk team

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

Live Blog: PARIMA Conference - Redefining Risks

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

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

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

You cannot risk manage a decision

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

Risk manager challenge - dealing with rising insurance rates

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

Asia-Pacific insurers raise concerns about global outlook

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

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

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

Uncertainties can be modelled

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

The right attitude is key to a successful risk culture

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

Climate, technology and political extremism threaten business supply chains

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

Compliance takes centre stage as regulators come down hard on business

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

StrategicRISK Asia-Pacific (Issue 25)

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

Getting to grips with risk criteria

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

Future gazing with RIMS senior management

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

How to blow up your office & everyone in it

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

RIMS 2019: It’s no Garden of Eden

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

Data is the future of effective risk management

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

Building resilience against nat cats

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

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

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

QBE names Singapore CEO

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

From analogue to digital: What next?

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

6 ERM resources to support strategic planning

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

Special report: People risk

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

30 practical steps to implementing ‘Risk Management 2’

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

The risky business of climate change

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

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

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

Don't be the next Subway

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

APAC firms severely underestimating intangibles threat

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

Let’s make every decision risk-based

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

Typhoon Lekima insured losses hit $1.3bn

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

Risk culture or culture risk?

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

Why gender balance is important in risk management

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

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

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

Cyber insurance provides “false sense of security”

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

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

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

The risky logistics of space

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

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

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

Everything you need to know about the G20 summit

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

Culture and trust in a complex and disruptive world

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

Will insurers ever be able to address reputation risks?

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

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

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

StrategicRISK Asia-Pacific (Issue 24)

Risk is inherently stressful and, most likely, you are absorbing that stress every day. Our editor, Lauren Gow, offer up a genuinely difficult challenge: take better care of one of your company’s greatest intangible assets – you.

Environmental bonds: When polluter pays

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

If a site suffers an environmental accident, the operator is liable for clean-up – even if insolvent. Environmental bonds let you breathe, knowing your costs, and your reputation, are covered

Will insurers join us in the future?

The ever-shifting business landscape means all too often new risks are labelled ‘uninsurable’. But insurers do want to change this. Our latest campaign, #ChangingInsurance, aims to push things forward

What should your risk function deliver in the 2020s?

The 1990s was the decade of training. Then came the decade of assuring, when audit committees started driving a stronger risk management agenda. This decade many organisations have developed a “look forward” culture, but what does the next decade in risk need to bring? Bryan Whitefield, risk consultant and director ...

Multinationals 'acutely challenged' by cyber

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

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

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

Making risk management a state of mind

Get away from your desks, network, build relationship and understand what is close to the hearts of the top table. These are just some of tips offered by Alexander Larsen, president of Baldwin Global Risk Services, for how risk managers can make a difference in #ChangingRisk

Revolutionising risk

When it comes to risks, the only constant is change. We have launched the #ChangingRisk survey to find out how you, the industry, believe we can adapt, so that we remain most valuable and relevant in this rapidly moving business world. Here’s a preview of the results so far

How to upgrade your risk management

As part of our #ChangingRisk series at Airmic 2019, Julia Graham, deputy chief executive and technical director at Airmic says risk managers must upskill on communication and storytelling and broaden their knowledge to gain the eyes and ears of the c-suite and the board

Businesses have not done enough to protect intangible assets

Firms have not done enough to protect their core assets, which go far beyond the bricks and mortar of factories and offices,  UK risk managers have been warned

Is risk ready for industry 4.0?

Humankind has become socially dependant on a personalised, pocket-sized computer which offers us unlimited access to people, products, tools and information, and on an absolute-global scale. But is risk management ready for this brave new world asks Complexus principal, Warren Black.

Risk managers want to become better storytellers

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

Becoming data smart

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

Tackle the risks of the digital revolution with an integrated risk management approach

Integrated risk management is transforming the way in which risk managers approach and manage technology-related risks and the interconnected nature of 21st century threats, writes Quin Rodriguez, vice-president, strategy & innovation at Riskonnect

Risk Forum APAC 2019 - Live blog

Live coverage of StrategicRISK’s Risk Forum APAC in Singapore

Corridor conversations hold key to underlying risk management

Ahead of his closing keynote address at the RIsk Forum Asia Pacific, former chief risk officer, SwissGrid and co-CEO, RiskTalk, Kurt Meyer examines why you should always listen to corridor conversations.

Ignorance is not bliss

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

Crisis management 101

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

Act now before it is too late

Exactly a month after the devastating terrorist attack in Sri Lanka, Suchitra Narayanan, reflects on why it is so important for risk managers to have care, conviction and courage.

First annual DB report highlights cyber risks’ magnitude

A little over a year since Australia’s Notifiable Data Breach (NDB) legislation came into force and human error is found to be the key reason why data breaches occur according to a new report from the Office of the Australian Information Commissioner’s (OAIC).

Parametric products part of the future: Mumenthaler

Speaking ahead of the PARIMA conference in Manila, Jan Mumenthaler, principal insurance officer, International Finance Corporation, says parametrics will play a crucial role in nat cat risk transfer.

The future of intangible asset risk transfer is here

In this preview to PARIMA’s Manila conference next week, Allianz Global Corporate & Specialty, regional head of ART, Asia Pacific, Richard Green answers some of your questions on managing intangible risks.

High stakes on cyber regulation: PARIMA

Cyber regulation has become a “critical issue for governments, regulators and corporates across the region”, with a greater emphasis on data protection and governance, says PARIMA General Secretary Steve Tunstall.

Risk management systems versus risk management process

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

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

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

Getting risk considered before decisions are made

The most effective tactic to ’getting a seat at the table’ is simply to invite yourself, according to Telstra’s chief risk officer, Joanna Knox.

Regulators 'widening their gaze' on ethics

Hayne’s question around whether the conduct of organisation is fitting with community standards is something all businesses, not just financial services, need to pay attention to.

Making risk a perfect fit

Online retailer THE ICONIC prides itself on fashion-forward designs. Its head of risk & controls, Sarah McNamee, says there is no one-size-fits-all approach to risk.

Economic slowdown ranks as top risk for business

A slowdown in the world economy topped a list of risks facing global businesses, with reputational damage also front of mind for corporate bigwigs, according to a survey from Aon.

Be part of the #ChangingRisk movement – take part in our qualitative study

Seven questions, 5 minutes – all that’s required to be part of the #ChangingRisk movement and have your say in our #ChangingRisk manifesto.

Managing offshore wind project risk in nat cat-prone APAC

As the renewable energy sector in APAC grows, so do concerns on the impact of natural catastrophes on offshore wind turbines and business continuity. Swiss Re Corporate Solution’s head of innovative risk solutions APAC, Andre Martin, discusses.

Optimise your risk management and make your actions decision-focused

As risk managers, we’re haphazard at application of decision-focused risk management because we don’t ask hard questions, says Matt Livingstone, independent risk specialist

AI and robots create new risks and opportunities, Lloyd's

Insurers are leveraging the potential of AI themselves to remain competitive, improve processes and increase efficiency, says a new report from Lloyd’s

Brexit deadline extension could cost firms big

For Carl Leeman, the chief risk officer of logistics firm, Katoen Natie, Brexit plans for his business are underway. But he warns that the extension, while better than no deal, will significantly bump up operational costs for most companies

Does the Notre Dame blaze mark a failure in risk management?

The fire all but destroyed the roof of the 850-year-old building and felled its spire, to the dismay of thousands of horrified onlookers who lined the streets of Paris. Risk managers in France and across Europe ask, could the disaster have been prevented by more effective risk management?

Four ways to tell your ERM programme is successful

Support from leadership, the role of the strategic partner, impact on organisational culture and ideas turned into value – are some of metrics of a successful ERM framework. But what do they mean? Carol Williams, enterprise risk management consultant and founder of ERM Insights by Carol, tells us more.

Traditional risk management versus ERM

Traditional risk management is a one-dimensional view connected to assessing insurable risks; and ERM can help peel back the onion layers to additional dimensions of risks. So how do we go beyond one-dimensional risk assessment? Carol Williams, enterprise risk management consultant and founder of ERM Insights, has this advice.

Stop underestimating water risk

Asia faces a triple threat from water risk and no one is taking any notice, Debra Tan, director & head, China Water Risk warns.

Managing reputation risk in the cyber age

Dr Deborah Pretty, founding director, Pentland Analytics presents risk managers with new evidence on the dynamic between reputation risk and shareholder value.

The risky business of getting from A to B

Did you know Alexander the Great would actually kill his logisticians if things went wrong? That’s not the only risk in logisitcs says Allied World’s head of risk management, global markets, Paul Houston.

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

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

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

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

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

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

Let’s quit the blame game

Zero tolerance to mistakes only leads to cover-ups and misconduct. If we hope to run our businesses ethically, we need to foster no-blame risk cultures. And listen out for alarm bells before the whistles even need to blow, writes our editor Lauren Gow

Achieve decision-focused risk management in minutes

Prudent risk management can take minutes and can be easily be scaled up, with the right approach, says Hans Læssøe, former risk manager of The LEGO Group

Taking the temperature of risk

When Kurt Meyer took the job as head of risk and insurance for the swiss national grid, he had no idea that it would lead him to reshape the conversation around risk management.

3LOD is dead

Mission Australia’s general manager, enterprise risk and assurance, Andrew Methven, has joined our #ChangingRisk campaign by sharing his thoughts on why 3LOD is fine as a conceptual model but is very difficult to actually make work.

Brexit, global trade wars, climate change, ageing populations and new technology: the five drivers to an unpredictable world

Business leaders believe that the world is becoming less predictable, posing a threat to revenue.

Is our current thinking of risk management ineffective and flawed?

“ERM needs to be aligned with our company’s strategy”; “We must engage and clearly articulate risk to stakeholders.” These perennially used phrases aren’t untrue of risk management, but why don’t we say more, create more and aim to be multidisciplinary? asks Gabriel Souza, risk management specialist

Marsh owners issue further $1.1bn notes offering to acquire JLT

Marsh’s acquisition of JLT is expected to be finalised on 21 March subject to customary conditions and the new notes offering is in addition to a $5bn notes issuance announced in January

Challenge and change or be replaced by robots

There is no greater ammunition for #ChangingRisk than the opportunities presented by new technology. We must use it to enhance and evolve risk management practices or we risk becoming obsolete, writes Philippe Cotelle, board member of Ferma and Amrae

Airport risk management can boost investment

Private investment is needed to fund Asia’s airport boom, and risk managers can help make infrastructure projects more attractive, Willis Towers Watson believes.

A how-to guide on how to apply decision-focused risk management in practice

StrategicRISK and Hans Læssøe principal consultant at AKTUS and former risk manager of The LEGO Group took to LinkedIn for a ‘live’ Q&A on how best to carry out decision-focused risk management. Here’s how our discussion played out

The abuse of 'risk'

Risk can be a good thing – business survive and thrive on good risk management. But the problem is, because we have all been misusing the word ‘risk’, its true meaning is now lost, writes Tony Thornton, ERM and business continuity expert

Let’s harness the future talent of risk

A new generation of risk professionals will enter the profession with diversity of new skills and thinking. We need to harness and encourage their development so that together, we are #ChangingRisk for the better, writes Patrick Aubrey, risk manager for Turner and Townsend

Let’s rethink the bow tie model so we can effectively articulate risk

Home in on cause and outcomes not incidents and risks, writes Tony Thornton, ERM and business continuity expert

Better decision making through risk visualisation

Alexander Larsen & Ghislain Giroux Dufort of Baldwin Global talk through how risk managers can use risk management as an effective decsion making tool.

Marriott cyber attack: could it have been prevented?

The hotel chain was hit by a significant cyber hack, affecting 500,000 customers, who had sensitive data stolen, including names, addresses, dates of birth and passport numbers. From IT security, due diligence to cyber insurance, risk managers draw out lessons for the future

Here to help, not hinder: shaping the future of risk

Backlit by our #ChangingRisk campaign, we quizzed Katie Moore, Vodafone’s senior group risk manager and ever-popular resident foodie, on how she would shape our industry’s future and how to challenge the misconceptions about who we really are

Call for gender diversity in senior roles

Today marks International Women’s Day so StrategicRISK asked female risk managers for their thoughts on how they would like to see the risk management profession embrace gender diversity.

Enhancing risk to include decision-focus, intelligent risk taking

Risk managers need to change the scope of risk management according to Hans Læssøe who shares his views as part of StrategicRISK’s #ChangingRisk campaign

Innovation needed to fight climate risk

Data and index-linked insurance products can help guard against climate risk and severe weather events, according to global broker Aon.

Cyber governance ‘not rocket science’: Airbus

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

Top 5 reputation risk predictions for 2019

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

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

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

Be the change you want to see

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

Brexit: It boils down to deal or no deal

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

StrategicRISK launches #ChangingRisk campaign

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

Navigating risk in globalised supply chains

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

Mondelez case prompts cyber warning

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

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

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

In defence of risk heat maps

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

StrategicRISK wants to hear from you!

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

Too small to fail? Think again

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

Why ignorance is a risk you can't ignore

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

'Apathetic' risk management is putting your business at risk

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

APAC insured losses in 2018 'not a surprise'

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

Join forces or perish

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

Time to answer the call

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

The life of a risk culture manager

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

Special report: Business transformation - 3

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

BHSI withdraws from Hong Kong terrorism pool

The firm said this decision benefits all BHSI’s new and existing EC customers for policies incepting or renewing on or after December 1, 2018.

Mitigating the unintended consequences of technology

Leesa Soulodre, chief innovation officer,  Inspirit IoT and adjunct faculty member at the Singapore Management University (SMU), argues more focus needs to be placed on establishing ethical principles and guidelines for the creation and deployment of new AI technologies.

Royal Commission heralds “bright future” for risk

Dr Deen Sanders, a Partner at advisory firm Deloitte, believes Australia’s Royal Commission will force corporates to put more emphasis on conduct and culture.

How Patrick Smith is managing Deliveroo’s intangible risks

Much more than a food delivery service, Deliveroo serves up vast amounts of big data – and fresh new risks – daily. It relies on business resilience leader Patrick Smith to stay creative.

The new resilient business

Nearly all businesses with international operations and supply chains are ringside for the battle for the next world order. Control Risks principal Dan Tawfik and senior partner Jacqueline Day explain how to prepare for tomorrow.

US-China trade rift foretells a new world order emerging in 2019

US-China trade disputes, increasing data regulations and the continuing surge of nationalist politics among top risks for businesses in 2019, says Control Risks

8 key considerations for CROs now that strategic planning is over

What can a CRO do after the decisions have been made and plans set? The short answer is ‘plenty’ according to Willis Towers Watson’s Mike Wilkinson and Dave Ingram.

Risks and rewards of a digital revolution

Advancing tech is set to bring us more information and capabilities than ever before. But, says AIG’s Sheri Wilbanks, with great data comes greater liability. We must come together to face this new world of risks.

StrategicRISK Awards 2019

Eight risk management awards are up for grabs

The trying tripartite relationship

In this latest opinion piece, StrategicRISK editor Lauren Gow examines the changing relationship status between corporate risk managers, brokers and insurers.

'Remain curious' but cautious about IoT

The Internet of Things (IoT) is here to stay and its influence will only increase say experts. StrategicRISK went to the market to find out what risk managers see ahead and tips for staying ahead of the game.

2018: Worst natural disaster

In 2018, a number of large storms have battered the globe leaving a trail of physical and economic destruction behind them. StrategicRISK is looking back on the year by examining the costliest natural disaster.

‘One of the most complex losses in recent history’

In this latest extract from The Journal, Scott Reichelt from Crawford & Co delves into the tragic events at the Tianjin port in China in 2015.

Top 5 IoT risks you need to know about now

The Internet of Things (IoT) is altering the risks your business is facing faster than you can keep up. Read these tips to see what is coming and how your business can prepare right now.

WEF survey highlights Asia-Pacific risk

A new report from the World Economic Forum has underlined the key risks facing companies in the Asia-Pacific region over the next decade, with familiar themes such as cyber, energy prices and unemployment the major concerns.

Regulators apply brakes to APAC M&A deals

Multinationals are looking to balance emerging market growth opportunities with stability in investment returns, particularly with Australian insurance groups, according to a new report from Willis Towers Watson and Mergermarket.

Emerging risks to watch in 2019

As we approach the final months of the year, which issues are expected to pose the greatest threat to risk managers in 2019? Leading managers pick the top emerging risks for the year ahead.

​Data analytics to revolutionise risk

Data is likely to play a crucial role in helping corporates identify, quantify, measure, and monitor risk, transforming the way it is presented to boardroom executives. But for many risk managers in the Asia-Pacific region, the data analytics revolution is yet to take off.

Risk can become a “profession”: RMIA CEO

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

Major catastrophe threat to Asia-Pacific

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

Live blog: PARIMA Tokyo

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

Business Interruption: Beyond the physical

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

Technology increases risk threshold ‘exponentially’

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

MSIG appoints new Asia CRO

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

Become a solider of risk

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

Asian attacks lead to rise in cyber policies

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

AGCS targets ART expansion with new set-up and leadership

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

Political risk levels up 60% since 2017

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

Malaysian managers fear regulatory risk

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

AXA XL offers new data-driven supply chain tool

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

The Journal, 2nd edition: Business interruption

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

StrategicRISK Asia-Pacific (Issue 21)

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

Special report: Incident response

Cyber attacks are now an inevitable risk for every business, so the smart response is to be as prepared as possible. This six-page report focuses on the teamwork, integration and skill needed to stay one step ahead of cyber.

Mega-mergers put 'needs of their clients' at risk

As news of the latest insurance mega-merger between Marsh and JLT begins to settle, StrategicRISK spoke to PARIMA chairman Franck Baron to get his thoughts on what this means for risk managers.

Marsh acquires JLT in $5.6b deal

Following completion of the transaction, Dominic Burke, group chief executive of JLT, will join MMC as vice chairman and serve as a member of MMC’s executive committee.

The rising risk of robots

What chance do we have of ‘raging against the machine’ if we are trained to act like robots?

How to manage risk ownership to ensure accountability without operating in silos

Risk thought leader Chris Corless looks at the value of defining risk owners and whether or not it is crucial to the success of your risk program.

'APAC is a strategic growth region' says Chubb head

Following news that Chubb, the world’s largest P&C insurer, has set up a major shop front in APAC, StrategicRISK spoke exclusively to Jason Keen, head of property & casualty, Asia Pacific to find out what this means for the region’s risk managers.

Top three emerging risks corporates need to know about

Speaking exclusively to StrategicRISK, Swiss Re’s head of sustainability, emerging and political risk management, Martin Weymann warns risk managers of the more prominent threats they need to beware of and how to begin preparing for them.

Winning the war on terror

Michael Pennell PSM, chief underwriting officer, Australian Reinsurance Pool Corporation spoke at RIMS about new developments in the war on terrorism

Live from RIMS Australasia

StrategicRISK is reporting live from RIMS Australasia’s annual conference in Sydney

Time to see other people?

Australia’s monogamous relationship with Chinese supply lines could be unwise. But with the new risks other Asia-Pacific countries could bring, it may feel like it’s better the devil you know…

King of the road

Transurban’s troubleshooting guru Karl Davey exudes an air of calm and flexibility that helps him navigate all of risk’s diversions. With him at the helm, we’re all a little safer.

Chubb signals major APAC move with new hires and division

The world’s largest listed P&C insurer, Chubb will establish of a major accounts division in the Asia Pacific region, a dedicated premium service encompassing underwriting, risk engineering and claims for the region’s large, global and multi-national clients and business partners.

Can your supply chain withstand a trade war?

Trade wars continue to threaten global economies causing havoc for anyone working in imports and exports of goods. Australia is at particular risk says, Control Risks director, Martin Baghdadi, who tells StrategicRISK why risk managers need to focus their attention on this issue without delay.

The sickening risk of food product recall

Aldi, Woolworths and IGA have had to recall thousands of frozen foods after harmful bacteria was found in products they sold. Such recalls can result in tumbling share prices or total collapse. Here’s what can be done to minimise the threats

Learn from Cricket Australia's mistakes

Ahead of the RIMS conference in Sydney 4-5 September and Auckland on 7 September, StrategicRISK spoke with keynote speaker, Cricket Australia head of team performance Pat Howard to talk about balancing risk-taking with team performance.

Part three: Building resilience into a modern organisation

In the final part of our series, risk specialist Warren Black explains how organsations can embed a systemic sense of resilience into organsations.

Special report: Business transformation - 2

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

Singapore government says raise cyber security now

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

Are heat maps a blessing or a curse?

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

Kroll boosts APAC security with new Singapore head

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

StrategicRISK launches 'The Knowledge'

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

Geopolitical risk rise as economic volatility hits APAC

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

One giant leap for Australian kind

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

IRM Newsletter: Everything you need to know

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

Digital transformation: Future proof your business now

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

New Australian quake model set to launch

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

SR Awards 2018: Risk Advisor of the Year

Winner: AON

SR Awards 2018: APAC Broker Innovation

Winner: AON

SR Awards 2018: Risk Manager New Starter of the Year

Winner: Nigel Tay, StarHub

SR Awards 2018: ERM Programme of the Year

Winner: Manila Water Company

SR Awards 2018: Risk Manager of the Year

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

Special report: Construction and technology

The rise of interconnected, automated technology is shaking the foundations of traditional construction, and of renewables production. But what impact will the likes of AI, 3D printing and battery storage have on the future of risk management?

A harsh reality

Once considered the domain of IT teams, cyber risk is now broadly acknowledged as the most pressing of enterprise concerns, says Murray Wood, head of financial specialties, Asia and Andrew Mahony, regional director - financial services & professions group.

Australia’s first and biggest wind risk hedge: the Infigen Energy case study

Wind risk hedging can protect vital revenue streams when the wind doesn’t blow. Here’s how one Australian energy company did it.

New weather risk tool targets real estate and hospitality sector

Bermuda-based Sompo Internationa has developed a new suite of innovative weather-driven risk management products tailored for the real estate and hospitality sectors.

Bright young star

Risk managers all love a nice long risk document, right? Not so StarHub’s Nigel Tay. Meet the man bringing on-the-ground collaboration, agile process and even fun to corporate risk management. Trust us, you’ll like him.

Don't be fooled by a name

Credit insurance is much more than an insurance, it is a true operational risk management instrument, former global chief risk officer of groupm, part of WPP, François de Hennin explains.

Take a balanced approach to risk management

Hans Læssøe, principal consultant at AKTUS and former risk manager of Lego tells StrategicRISK how the effect of an ever-increasing speed of change adds and alters the demands for risk management – both in terms of what to do, and how to do it.

Four future risk management trends you need to know about today

StrategicRISK spoke to Risk Academy chief executive officer, Alex Sidorenko, for some crystal ball gazing about what the future of risk managment might look like.

Cyber insurance should be a partnership

Speaking to StrategicRISK at the AIRMIC conference, Airmic’s board members and insurance director at BT Group, Tracey Skinner said cyber risk coverage ought to be considered as a partnership between insurer, broker and insured.

No premiums, no play

Before the 2018 World Cup kick-off, one essential item needs to be in position – and it’s not the ball. Allianz Global Corporate & Specialty (AGCS) head of entertainment international, Michael Furtschegger tells StrategicRISK where the biggest risks lay in the upcoming event

Cyber insurance premiums set to soar by 2021

A new Aon report shows a broad shift of companies putting a greater value on intangible assets, such as cyber and intellectual property

BHSI appoints new Australasia president

Mark Lingafelter was most recently Chief Underwriting Officer, Asia Pacific for QBE Insurance before moving to Berkshire Hathaway Specialty Insurance

Three challenges for Malaysia Airlines’ risk manager

Badrul Hisham Yusoff, chief risk officer, Malaysia Airlines, spoke to StrategicRISK at the Risk Forum APAC 2018 conference

Are you ready for Industrial Revolution 4.0?

Speaking at PARIMA’s Bangkok conference, chairman Franck Baron spoke at length about his views on the rise of artificial intelligence, digitisation and how risk managers can prepare for the fourth industrial revolution.

AI helps businesses prioritise high value tasks

Marsh director, emerging technologies, Leslie Chacko, told delegates at PARIMA’s Bangkok conference it is time to wholeheartedly embrace artificial intelligence but beware of the risks

'Spectacular division' in managing AI risk says PARIMA chairman

PARIMA chairman, Franck Baron told around 250 delegates it is ’happening to all of us and we need to learn to manage it’

PARIMA launches first Bangkok conference

Ahead of PARIMA’s first Bangkok conference, StrategicRISK spoke to a couple of board members to get their thoughts what Thailand’s risk management community can expect

CRO interview with Hilary Weaver

Hilary Weaver, chief risk officer at Lloyd’s, spoke with StrategicRISK about major risk management and compliance challenges facing her business in 2018

Call to action from BCI to collaborate on resilience

The BCI seeks industry collaboration for its resilience manifesto, as part of its Business Continuity Awareness Week

Risk Forum APAC: Appetite for reconstruction – StarHub

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

Virtual IRM APAC Regional Interest Group on the horizon

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

IRM expands global grasp with new ambassador for APAC

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

Three key messages from our Hong Kong Risk Forum

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

Special report: Business transformation - 1

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

Impossible to dodge

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

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

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

Beazley replaces APAC head

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

Global political tensions lead to increased terror risk in Asia

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

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

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

StrategicRISK Asia-Pacific edition (Issue 19)

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

WTW creates senior risk role for APAC expansion

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

Finalists revealed

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

Does risk management need a gender balance?

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

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

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

AXA agrees to buy XL Group

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

Miller continues APAC push with new hire

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

New Singapore risk centre promises to 'transform risk'

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

Fewer than half of businesses are aware of NDB legislation

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

4 lessons risk managers can learn from banks

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

Airmic welcomes ISO31000 update

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

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

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

XL Catlin hires Guy Carp head for China CEO role

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

Geopolitical storms signal new norm for risk managers

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

Wake-up call: Spreadsheets remain top risk management tool

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

How do you regulate an unpredictable unknown?

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

Asian firms ‘lack focus’ on cyber risk

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

Common claims pitfalls - how to minimise and overcome them

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

Nitrogen boost decreases fire risk says new research

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

Nat cats are 'new norm' says PARIMA chairman

News

Environment, cyber biggest flash points - WEF risk report

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

Cunningham Lindsey appoints Singapore CEO

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

Brace yourselves: 2018 will be challenging

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

Sector view: Energy

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

Zurich snaps up all of ANZ's life business

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

Recalls rise sharply in Asia

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

Antibacterial time bomb threatens to explode

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

A buoyant attitude

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

AGCS expands in China, Indonesia

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

Don't ignore human factor in cyber risk

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

Low-cost, low-violence tech theft risk grows

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

Crisis management and the digital age

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

Special report: Captives

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

Sector view: High-tech production

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

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

Everything you need to know to enter the 2018 Awards

Global cybercrime losses could hit $6 trillion

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

Sompo launches worldwide platform as global operations combine

Global clearance system to give common tone to worldwide business

The rising risk of cyber-related class actions

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

Economic inequality, security concerns among APAC risk trends

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

StrategicRISK Awards 2018

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

HDI Global SE names Singapore MD

German-based insurer replaces retiring boss with internal appointment

Australia's top risks 2017

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

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

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

RIMS Risk Forum: Setting the agenda

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

Economic losses from disasters plunge in 2017

By Trevor Treharne

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

AIG witnesses 87% spike in enquiries due to WannaCry

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

Getting fit for crisis management

By Trevor Treharne

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

Workplace injury risk rife in healthcare industry

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

What happens when risk managers lose creditability

By Trevor Treharne

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

Hong Kong gets exclusive typhoon warning insurance

By Trevor Treharne

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

Arthur J Gallagher appoints CEO for Australia

By Trevor Treharne

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

Special report: Cyber claims

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

What PARIMA’s Australian launch means for risk managers

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

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

Recall and crisis consultant Steve Hather outlines his top tips

Sector view: China construction

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

Getting ethics right as a risk manager

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

Taking control of a nat cat crisis

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

Is ISO 31000 now obsolete?

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