Six out of ten risk managers believe that geopolitical tensions will become harder to manage for businesses in the next three years.
The survey, published by the Association of Insurance and Risk Managers, found less than a half of respondents are confident in their organisation’s ability to respond effectively to a geopolitically driven event, with less than 10% of those surveyed saying they are ’not confident’.
According to Alastair Swift, head of corporate risk and broking, GB, Willis Towers Watson, risk managers need to take a ”multidisciplinary, integrated approach” if they are to manage these risks effectively.
Swift said: “With geopolitical uncertainty dominating news headlines, now is the time for risk managers to take the lead. Our research makes clear that they will need to work across, as well as up and down, their organisation.”
This five-part analysis is based on the responses of Airmic’s 2019 member survey, which surveyed 157 members and forms part of its 2019 research project: Risk Management: Vision 2020.
The reports, produced by Airmic in collaboration with Control Risks, Willis Towers Watson, AIG, QBE and KPMG, call for risk managers, senior management and the insurance market to take action to ensure their organisations have the necessary skills, structures and agility to keep pace.
- Zurich UK CEO: Ban hands free phone use in vehicles
- Insurers must work with the repairer sector to keep it from 'dying on its feet'
- Insurers need to raise awareness on keyless car thefts
- Ardonagh boss joins Nexus group
- Zurich and Travelers discuss digital hype and legacy benefits in new Post webinar
- Insurers could face fines under plans to tackle dual pricing 'rip-off'
- Insurtech Trov to close its UK app