Views from the Parima board

Franck Baron, President

What is your priority for Parima in the next 12 months? Equip our members with the knowledge and recognition they need to progress in their careers: hence the development of our professional certification remains the most critical project in 2018.

What is the top emerging risk on your radar in the next 12 months, and why? Global warming: this impacts both risk management and insurance. The stakes in this game of chance will no longer permit us to take refuge in uncertainties as an excuse for indifference or inaction. The climate change conundrum will demand that all players do much better at risk management than they have in the past. The recent natural catastrophes in US and Caribbean islands should be seen as another wake-up call.

What is the biggest challenge facing the risk management profession? To convince people, mostly internal stakeholders, about the importance and value of risk management and risk financing. It is all about protecting the strategic direction of the business and its assets. Risk managers and the entire insurance industry should be seen as  value creators.

What will the risk industry look like in 10 years? I would like to see this become an industry that is truly recognised as a value-creating industry and acknowledged as a strategic risk financing partner by our boards and executive committees. 

 

Kelvin Wu, Treasurer

What is your priority for Parima in the next 12 months? More local engagement in country with our members. Over the course of 2016 and 2017 and via the rotation of the Parima conferences across Kuala Lumpur, Hong Kong, Manila and Shanghai, what has been clear is the appetite and desire of our members for more activities locally in country to support them in expanding their professional network and equip them with the right knowledge and tools to further the risk management profession. 

What is the top emerging risk on  your radar in the next 12 months,  and why? More political uncertainty. The full effects of an irrational and unpredictable administration in the US is yet to be felt, while the performance of the far right in the German elections shows how discourse along the dividing lines of race and ethnicity continues to gain traction.

What is the biggest challenge facing the risk management profession?  Clear definition and articulation about the roles and responsibilities of risk management, as well as evidencing a tangible and measurable value of risk management.

What will the risk industry look like in 10 years? The speed of technological improvements makes it inevitable that there will be a greater reliance on technology platforms and interfaces to manage risk. Risk professionals will need to be better at adopting and harnessing new technologies  to analyse and understand the data that is being generated.

 

Bernado Mochar, Board member Indonesia

What is your priority for Parima in the next 12 months? Enhance Parima’s relationship with the Indonesia Risk Management Association to increase the participation of the Indonesian membership. 

What are the top emerging risks on your radar in the next 12 months,  and why? Changing regulation: The growth of the market in Indonesia is encouraging the goverment to take more control over inbound and outbound capital, and to introduce regulation which can support this growth while still protecting the government  and country’s interests.

Cyber risk: The rapid development of technology is driving digitisation of all processes. But not all new technology has proven it can protect the company’s longer-term sustainability, particularly if digital security risk management is not adhered to.

Climate change: As I am head of ERM within an energy company, I am critically aware of the need for new energy sources, with demand for renewable sources driven in part by concerns over climate change and more unpredictable weather patterns.

What is the biggest challenge facing the risk management profession?Board risk accountability is not clearly understood but is necessary for effective risk management to be embedded and to build a comprehensive risk culture.

 

Suchitra Narayanan, Board member Malaysia

What is your priority for Parima in the next 12 months? Understanding the roadblocks that risk managers in Malaysia are facing and trying to organise tailored events to address these concerns.

What is the biggest challenge facing the risk management profession?  I think this varies from region to region. Personally, the biggest challenge is trying to convince stakeholders and the board of directors of the relevance and importance of risk management. And changing the perception of risk management from being an academic exercise to a commercial and strategic function.

What will the risk industry look like in 10 years? My view is that the risk industry will be far more valued and integral to all organisations. With the speed at which the world is changing, I believe that risk managers have an amazing opportunity to be a part of this change by providing our organisations with valuable information that will make them more resilient.

 

Victoria Tan, Board member, Philippines

What is the biggest challenge facing the risk management profession?  The profession lacks human talent. With the evolving business and regulatory landscape, demand for risk management professionals is on the rise. The problem is our academies and universities have not yet developed a course that will prepare the next workforce for this profession or the current workforce to take on the role.

What will the risk industry look like in 10 years? Ten years is a long time but I envisage it to be an active period and one that adds value to the business environment and the country as well.

 

Susan Valdez, Board member, Philippines

What is your priority for Parima in the next 12 months? To encourage our risk managers to strive to achieve Parima certification and participate in Parima masterclasses and risk lab series in order to gain competitive advantage, continue to build their competencies and enhance their credibility.

What is the top emerging risk on  your radar in the next 12 months,  and why? Cyber risk, because of new threats that are constantly challenging our existing mitigations in addressing vulnerabilities, and as we are also undergoing digital transformation in some of our business units.

What is the biggest challenge facing the risk management profession? Instilling the importance of risk management and making it a vital part of everyone’s day-to-day work/operations.

 

Saurabh Verma, Board member India

What is your priority for PARIMA in the next 12 months? Over the next 12 months my aim is to reach more risk managers and grow the visibility of PARIMA in India. 

What is the top emerging risk on  your radar in the next 12 months,  and why? Geopolitical uncertainty is one  of the key emerging risks. Cyber still remains a critical risk.

What is the biggest challenge facing the risk management profession? To get the spotlight and priority within the business hierarchy.  Attracting and  retaining talent.  

What will the risk industry look like in 10 years? With the help of technology and analytics risk management should become more predictable and precise.

 

Takahi Kubo, Board member Japan

What is your priority for PARIMA in the next 12 months? Increase PARIMA membership in Japan and support the successful delivery of the PARIMA Conference planned in late 2018.

What is the biggest challenge facing the risk management profession? Make c-suite executives in corporates fully recognize the value and importance of risk management.

What will the risk industry look like in 10 years? Multinational companies in Japan will have robust risk management operations.

 

Danny Lin, Board member, Taiwan

for PARIMA in the next 12 months? Engage regional risk experts in Taiwan to exchange best practice and to enhance risk management visibility.

What is the top emerging risk on your radar in the next 12 months, and why? Global economic, geo-political and cyber risk are key concerns.

What will the risk industry look like in 10 years? Artificial intelligence will provide a powerful risk management structure together with risk information to assist risk managers add more value to the organisation.