Airmic 2011: Risk blindness threat to company stability
Company boards' tendency to develop "risk blindness" in the pursuit of reward and opportunity can bring down otherwise successful entities overnight, according to new research by Cass Business School. The first findings of a two-stage study have uncovered seven generic types of underlying risk that transcend sectors and lead to corporate failure, because boards fail to see or choose to ignore their presence.
Based on these findings, companies are being called on to re-evaluate their procedures so risk managers, and others that identify weaknesses, are encouraged to draw them to the attention of directors
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Claims
Sedgwick’s Dryden on how AI can help vulnerable customers
Nicola Dryden, chief client officer of Sedgwick, shares how the most value from artificial intelligence comes when the technology is combined with the human touch, especially when it comes to complex claims.
How AI is making insurance fraud harder to detect
Artificial intelligence is transforming organised insurance fraud, making it faster, cheaper and more sophisticated to commit, which DWF Law's Lauren France & Craig Budworth notes leaves insurers under growing pressure to strengthen detection and prevention.
Why claims has outgrown its job description
View from the Top: Billy Hinken, claims director at Pen Underwriting, argues that today's claims professional must be part technician, communicator, project manager and analyst.
How AI can make FNOL faster and more customer-centric
Irene Davies-Foo, associate director and business expert lead at Woodgate & Clark, outlines how artificial intelligence can transform first notice of loss by accelerating triage, improving data capture and ensuring customers reach human support faster when they need it most.
FOS believes it is still 'too soon' to judge Consumer Duty impact
It is too early to determine whether the Consumer Duty has reduced complaints about home and travel insurance, the Financial Ombudsman Service has told peers.
Insurers must govern AI as aggressively as they adopt it
Hakob Astabatsyan, co-founder and CEO of Synthflow AI, explains how addressing artificial intelligence-driven fraud requires a tailored response that combines technology, process and culture.
FCA looking to address issues on claims definitions
Andrew Ruddle, the Financial Conduct Authority’s interim head of the department for insurance market analysis and policy, has said the regulator is looking at addressing issues about different claims definitions within insurance.
KPMG urges caution as AI reshapes insurance claims
Artificial intelligence can transform claims handling, but Matthew Smith, insurance strategy and transformation lead at KPMG UK, says insurers must balance technical innovation with human judgement, governance and ethical oversight.