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Regulation
Australia’s Modern Slavery Act: what next for risk managers
Australia’s Modern Slavery Act is about to get new teeth, and risk managers must respond swiftly, says Iona Cheng, director at Control Risks
Cultivating risk culture
Tough to measure and tricky to implement, how can organisations bolster risk culture?
Panic spreads despite emergency takeover of Credit Suisse
UBS seeks to “preserve the value left in the business while limiting downside exposure”
Asian corporates adapt risk management to include sustainability metrics
By 2023, ESG performance will become a standard component for third-party risk assessment, predicts IDC
Credit Suisse displayed risk management “deficiencies” over Greensill
FINMA has opened proceedings against four managers as it orders the bank to improve its controls
SVB crisis shows need for diversified funding options
Corporates must not put all their eggs in one basket where funding options are concerned
Top three regulatory developments to watch in APAC
From supply chain and natural hazards to ransomware and risk management processes, APAC risk managers face multi-faceted compliance requirements
Where energy security meets human rights
Mitigating risk in rare earth metals supply chains is essential for a just energy transition, say Kevin Braine and Oliver Stern
Firms take stock after one year of Russian sanctions
There are many lessons to be learned from the rollout of the sanctions and ensuing compliance efforts
Re-inventing sanctions screening
Why firms must improve compliance, drive efficiency and tackle friction as the war in Ukraine rumbles on
AI: Friend or foe for risk managers?
AI brings the promise of progress and threat of disorder, as the launch of ChatGPT demonstrates
Adani hits back at Hindenburg fraud allegations
The Indian conglomerate accuses short seller of misinformation and alleges ulterior motives
Governments are boosting domestic supply chains - BSI
New regulations emphasise financial sustainability as firms grapple with trade disruption and inflation
Duty of care a key concern as business travel returns
Corporates – forced to cope without travel for so long – will be more discerning when weighing up the value of a business journey
Financial services firms lack responsible AI strategies - study
71% of organisations state that AI ethics and responsible AI are not a core part of their operational strategies
Allianz Risk Barometer: BI and cyber top threats in Asia Pacific
Climate-related concerns increase in Asia Pacific, with natural catastrophes and climate change amongst the top five risks
Banking CROs face ‘torrent of interwoven complexities’
78% of banking CROs in Asia-Pacific are focused on China’s changing global role
Only 20% of firms feel prepared for supply chain disruptions - study
Socio-economic changes and shifting consumer demands are among some of the challenges facing organisations
Why you must understand the board’s risk tolerance
Without this, efforts to manage and optimise risk will be futile
ESG presents ‘significant exposure’ for D&Os
Fallout from a global recession, lax cyber security and an uptick in litigation are other key risk drivers for 2023
China insurance outlook revised on easing of lockdown rules
AM Best has revised its market segment outlook on the China non-life insurance industry to stable from negative
Hong Kong unveils risk and insurance roadmap
Markets in the Mainland and Hong Kong will be brought closer to transform the SAR into a ’global risk management and insurance hub’
Korean Re adopts coal-exit strategy
The move is welcomed, but there are calls to go a step further and restrict coal from its treaty business
Inside Australia’s data breach endemic
The causes and solutions to Australia’s recent spate of high-profile data breaches
US-China trade war is top geopolitical risk for 2023
Risk managers in strategic and high-tech sectors must monitor efforts to decouple critical supply chains - Control Risks
Australian data breaches up 14% - OAIC
The number of major breaches caused by cyber security incidents - including ransomware - calls for up-to-date response plans
Sanctions screening your third-parties
It is simply not worth running the risk of going into any relationship blind, and accidentally breaching sanctions
RAW2022: Risk governance and the board
Norman Marks offers some key questions for the board as Risk Awareness Week 2022 gets underway
Extreme climate losses 30x more likely at exposed premises
Research from FM Global shines a light on the vulnerability of commercial properties which lack resilience
Prioritising ESG improves legal, regulatory risk
As tighter regulation comes into play, firms must extend their focus around ESG internally and within their wider value chain
Keeping pace with ESG regulation
Firms are being pushed to pursue a cleaner, greener, more equitable and ethical world. But it’s not easy being sustainable
Australia will tighten data protection rules after Optus cyber attack
Sensitive data of around 10 million customers, or about 40% of the population, were compromised
Research shines light on digital trust gap
While nearly all respondents in Australia and New Zealand say that digital trust is important, just 12 percent have a dedicated staff role
Insuring the transition
The insurance industry has a ‘once in a lifetime’ chance to support the transition to Net Zero, so what’s holding it back
Two thirds of boards discussing climate impact in Singapore, Philippines
Lack of climate risk expertise and data are seen as the main obstacles for climate financial disclosure - WTW
Taking an authentic approach to ESG
Why relying on ESG ratings may be the quickest way to undermine your own reputation for ESG compliance
Cyber extortion grows in sophistication, warns Beazley
Data exfiltration is now prevalent in a significant majority of incidents as extortion techniques become increasingly complex
Cyber security remains “chief risk” for IT audit teams
War-related cyberattacks are on the rise and the surge of sophisticated ransomware attacks is ongoing, warns research
1-in-4 falling victim to fraud in APAC - Experian
Nearly half of businesses say fraud is a high concern but just 25% of Singaporeans say their expectations are being met
Who pays for ESG?
There are massive upfront costs in getting your organisation ESG-ready. So who pays?
India’s new cyber rules criticised by tech firms
The data protection rules will require firms to report a breach within six hours of discovery
ESG: Where are you on your journey?
Knowing where to start with ESG can be daunting for even the most seasoned of risk managers
Singapore sets up cybersecurity centre
NTU Singapore and CSA Singapore launch joint centre for cybersecurity evaluation, research, and education
RIMS-WTW: Risk managers challenged by ESG compliance
How supply chain risks, D&O responsibilities and the rise of climate-related litigation are shaping the risk landscape
Are you ready for the SEC climate rules?
Publicly-listed firms will be compelled to report on third party climate risks as well as their own
Cyber remains a leading risk for Asia
Cyber is an ever-present threat, while sustainability is a top emerging risk for Asian corporates
Singapore to increase data breach fines for FIs
Under the Financial Services and Markets Bill the maximum fine would be raised to $1m per breach
Clyde & Co launches APAC cyber risk practice
Chris McLaughlin joins from Aon to head up the venture - a response to ’heightened cybersecurity pressure’ on APAC firms
Boardrooms yet to fully grasp ESG risk - Marsh
Less than one-third of the FTSE100 sample showed evidence of standalone reporting on climate change risk in line with TCFD
Improve ransomware preparedness, Asian corporates urged
2021 was region’s “most challenging year yet for cyber insurance”, according to Aon Asia Market Review
Allianz Risk Barometer: Cyber and BI top concerns
Cyber ranks top Asia Pacific risk for the third consecutive year
Hong Kong in bid to strengthen international risk management role
The region’s chief executive Carrie Lam outlined plans to strengthen the SAR’s position as a centre for risk and insurance
US Xinjiang bill demands full supply chain visibility
Companies must map highly complex supply chains to identify signs of modern slavery - Verisk Maplecroft
Geopolitics, climate crisis and state meddling
Why 2022 will be a high-wire act for Asian businesses
Firms failing to address unethical behaviour - EY
Standards of corporate integrity have stayed the same or worsened since COVID began
D&O risks in 2022 defined by COVID and diversity
Brokers have flagged emerging D&O risks, including COVID liabilities and ESG considerations
Asia Pacific Risk Benchmarking Survey 2021: Show us the money
Boards remain more engaged in risk, but it’s time to start putting their money where their mouths are
How climate is changing the world’s boardrooms
75% of board members say climate change is very or entirely important to the strategic success of their companies - report
Special report: GRC
Why risk leaders must offer their boards next-level risk intelligence on governance, risk and compliance
Should insurers lead the climate march?
If the politicians won’t go to battle against climate change, maybe insurers have the power to drive behavioural change
StrategicRISK Q4 2021: The great reset
Risk management is not just about avoiding losses. It is about saying ‘yes’ when it counts
A fresh take on risk
Is risk management strategically fit for purpose when it is too reactive and compliance-focused? asks Adrian Clements
The great geopolitical repositioning
In 2022, the world will start to spin differently thanks to a new global geopolitical order
Firms failing to address environmental risk
Environmental issues are bottom of business leaders’ concerns and set to fall further in 2022, finds Beazley
Insurers’ sustainability focus a “clarion call”, says BlackRock
Nearly half of respondents have turned down an investment opportunity over the past 12 months due to ESG concerns - BlackRock
The cost of a sustainable supply chain
How sustainability initiatives within the full lifecycle of goods and services benefits the bottom line and enhances reputations
Beware ESG threats in your supply chain
New laws will require corporates to monitor their supply chains for human rights and environmental abuses
Don’t fall foul of sanctions
Get on top of your sanctions risk compliance or suffer reputational consequences
COP26: International Sustainability Standards Board launches
Move represents a “major step forward in establishing consistent, comparable global reporting standards” - TCFD
Why boards must exercise their ‘judgement muscle’
Boards risk being hamstrung by regulation, opting to comply rather than explain, even where there are unintended consequences
FERMA Talks: Channelling strategic foresight
Horizon scanning is an essential tool for policymakers, explained European Commission vice president Maroš Šefčovič
Insurer M&A dips in 1H 2021 - Clyde & Co
The sharp drop in M&A activity in Asia Pacific can be attributed in part to the high regulatory bar in some jurisdictions
Navigating the ongoing trade war
China: politics are important but it’s the regulations that matter for multinationals
Aon and WTW call of mega merger
Brokers terminate $30 billion merger agreement following “an impasse” with the US Department of Justice
Cyber tops financial services risk register
Cyber attacks, pandemics and over regulation are among the biggest fears for CEOs at banks and insurers - PwC
COVID-19 forced firms to ‘cut corners’
Under mounting pressure to increase revenue and profits, 65% of organisations admitted taking due diligence shortcuts
Half of businesses ‘feel more resilient’ than a year ago
Sector attitudes to risk vary, finds Beazley, with those hardest hit by lockdown restrictions feeling less resilient
Indonesia Asia’s most complex country for business
Hong Kong is the second most simple jurisdiction in which to conduct business, finds TMF Group
BoE launches climate stress test for banks, insurers
It will provide central banks and supervisors globally with a common starting point for analysing climate risks under different scenarios
Managing money laundering risk in a COVID world
How money launderers are exploiting know your customer (KYC) checks and using the pandemic as a ruse to move money
Firms failing to anticipate emerging risks
Effective risk resilience is increasingly correlated to a firm’s viability and growth potential, finds Marsh
The spy who managed success
Is it time to abandon risk management and seek to manage performance instead? Let’s consider Bond’s latest mission
Cyber tops risk concerns for financial firms
Analysis of $1 billion of insurance industry claims show cyber incidents, including crime, is the top cause of loss - AGCS
Physical climate risk to test limits of diversification - Fitch
Companies with strong internal coordination and contingency planning will be better placed to respond to climate shocks
WTW launches climate transition risk framework
New tool will assess companies’ transition plans to a low-carbon economy and ensure firms can continue to access insurance
COVID-19 continues to test supply chains
Pandemic is exacerbating trends such as cargo crime, man-made disruptions, and political protests, which all threaten supply chain resilience in 2021
Financial sector grossly underreporting climate exposure
Just a quarter are reporting portfolio emissions, which are on average 700 times higher than direct emissions
The road to future-proofing your supply chain
As companies look to pivot from the pandemic, their focus of attention is turning towards building sustainability in supply chains
Asian corporates gain climate risk tool
Swiss Re CorSo risk framework helps firms assess physical climate exposure; Many climate ‘hotspots’ are located in Asia Pacific
COVID-19 a “foretaste” of climate shocks
Effective governance is at the heart of addressing climate risk and transitioning to a low carbon economy
Financial firms face a risk reckoning
As the sector faces further regulatory intervention, what will it take to bring about real change?
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
New Zealand introduces climate risk disclosure regime
New rules will require firms to disclose how climate change will affect their business on a ‘comply or explain’ basis
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
Health & safety post COVID
Health and safety regulations are under the microscope more than ever before, but significant global differences in approach remain
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
Special report: Supply chains
Supply chains may be complex and suppliers remote, but you must know their ESG strategies well.
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.