Tokyo Conference 2023 Highlights -

CONCLUDED

TOKYO CONFERENCE 2023 HIGHLIGHTS

As risks become more interconnected as they get even more complex, it is imperative for risk managers to break down silos externally and internally, intimately understand business priorities and strategies, and sharpen their intuition on risks that could highly impact the organisation.
Geo-economic conflicts and geo-political strife over the rising price of strategic resources are several of the biggest concerns for business leaders in Japan, from both public and private sectors. Risk managers should adapt a holistic approach to mitigating and transferring geopolitical risk, and gain insights on the methodology applicable for geopolitical risk analysis, and trends in the insurance market.
The complexity of today's risks presents an opportunity for corporations and the insurance industry to collaborate and contribute to the society as a ripple effect from their risk management strategies, and to jointly develop programmes relevant to the business’ needs.
Understanding and plotting the key factors of a disaster recovery plan intimately will be beneficial for risk managers to hasten the decision-making process in the event of an incident and more efficiently deploy disaster recovery response to quickly bounce back to operations.
The role of the Risk Manager is maturing and being redefined well beyond the requirements of being an educated insurance buyer into becoming a professional insurance owner. In order to succeed in this changing environment, increased efforts in risk mapping, prevention and definition of risk appetite are critical. Furthermore, sensitivity to the importance of data collection and subsequent modelling and analysis of financial impact will become standard practice so that a broader spectrum of stakeholders in decision making can be led to agreement on the best risk management solution(s).
Deepen your understanding of cyber risk as a core business concern, and use insights from real-world cyber threats and incident case studies to design and lead the implementation of cyber resilience strategies for your organization.
The rise of natural catastrophic insurance markets underscores the importance of considering parametric insurance as a key tool in risk management strategy on global perspectives and in vulnerable regions. Integrating parametric insurance with existing measures and assessing its cost-performance are also crucial steps. This trend emphasizes the need for a diversified approach to risk management.
There are three current trends in BCP: all-hazards response, strategy-based implementation of measures and contingency drills. In corporate risk management responses, risk control and risk financing are often operated separately, mainly because the departments in charge are different. Risk financing should be considered in the context of the strategies and measures in the company's BCP and the status of implementation.
Risk managers can position themselves to make a meaningful ESG transition. To achieve this, they need to have the voice to be heard by insurers, regulators and lobbyist about how their companies are managing the transition. They must also utilise the power of analytics, big data, captives and alternative risk transfer to help their companies through a challenging transition phase
With intangible assets becoming increasingly more relevant and valuable for companies globally, companies and their risk leaders need to recognise and understand their potential Intellectual Property risks, the impacts these could have on their businesses and explore effective ways of mitigating these risks, including insurance solutions.