The first Asia edition of StrategicRISK examines business continuity, the complexities of global compliance and why ERM is crucial
Welcome to the first Asia edition of StrategicRISK the Asia-Pacific region’s own version of Europe’s award-winning risk management information publication.
StrategicRISK was launched in 2000 to serve Europe’s growing risk management community. Now we want to meet the information needs of risk professionals at national, regional and multinational corporations operating across Asia. Our core objective is to support the development of the risk management profession in the region by promoting the important role risk managers play in the continuing success of the businesses that employ them. And business continuity is the central theme of our launch issue.
Our cover story (pages 21-25) looks at how companies can best deal with the complexities of global interconnectivity and why enterprise risk management is crucial. Also in this edition of StrategicRISK is an interview with Geetha Kanagasingam (pages 14-16), vice-president of group insurance and group risk at Barclays Bank in Singapore and a founding board member of the Pan-Asia Risk and Insurance Management Association (Parima). Kanagasingam believes that challenging economic conditions combined with the impact of natural catastrophes means that risk management usually fi nds its way to the board agenda these days, “like it or not”. Nevertheless, she questions how much time some boards spend discussing risk management. As Kanagasingam points out, education about risk should begin in the boardroom.
Economic uncertainty among the so-called BRIC countries is the subject of our Risk Indicator (pages 6-7), which examines whether the recent flattening of growth is a sign that the boom is over or merely the natural slowing of an unsustainable rate of expansion. BRIC member China has seen its GDP develop at a phenomenal rate in recent years and its infl uence is strongest in the Asia region.
Our special report on cyber risk (pages 33-36) examines the critical threat of the impact of technology failures on supply chains. Marsh’s FINPRO practice leader in Asia Stella Tse says such outages and failures have the potential to cause significant loss of income and increase operating expenses. “While data privacy breach is a priority risk, companies should not underestimate the business interruption costs if they have to suspend services due to a hack attack or technology failure,” Tse warns. That’s before you even start to assess the reputational impacts.
I hope you enjoy the first Asia edition of StrategicRISK. If you have any feedback or suggestions, please email me at firstname.lastname@example.org