During Resilience Week, we saw the following recurring themes:
Agility is critical to make well-informed & balanced decisions at the right time.
Risk managers must stay ahead of risks, recover and rebuild. We must take the lead in building a healthy insurance industry ecosystem, get to the root of climate change and take advantage of opportunities brought by the current environment.
Risks are becoming more interconnected and interdependent. Captives have the flexibility to respond to new and unique risks, with the ability to grow and have access to capacity.
Digitalisation and its Challenges
The pandemic has accelerated digital transformation by two-fold, if not more. Cyber Risk is the next global grey rhino. Crisis preparedness is critical to mitigate the impact of an incident on your balance sheet, reputation and the trust of stakeholders.
It has been observed that an economy’s level of digitalisation is directly relevant to their capacity to absorb the economic shock, and therefore more resilience.
COVID-19 has shifted the conversations in board rooms around the world, making them more risk aware. Risk managers must grab this opportunity to impress the value of embedding risk management in the business agenda.
Know the business’ hotspots, choose your industry partners wisely, talk to senior management, and broaden your expertise.
Strategic Risk Management
Leaders need to be the role model and set the norms, behaviour and culture for their organisation.
Big data and analytical abilities result in greater visibility of risks. It is up to Risk Managers how they can utilize these for decision-making as scenarios become more complex.
The maturity of an organisation’s risk culture and the ability to break silos internally remain as key components for the success of their Employee Care programme.