ZURICH: Point of Action
Curiosity Lies at the Heart of Risk Management
At the core of risk management is a natural curiosity that enables risk managers to identify and respond to both known and unknown risk. Of course, risk managers have a combination of skills: strong technical and financial analysis, a keen eye for detail, an ability to effectively communicate throughout the organization, a deep understanding of the corporate environment and the ability to handle and respond to the unforeseen and unexpected.
But it's that curiosity linked with increasingly sophisticated tools and techniques that enables risk managers to produce better results.
Craig Fundum, President of Commercial Markets for Zurich in North America, noted that "the tools available to risk managers and other risk professionals, such as underwriters and brokers, are unprecedented."
He explained that today our analytical capabilities offer a far better and deeper understanding of the risks we face. With predictive analysis, complex catastrophe modeling and increasingly sophisticated technical and financial tools, risk managers have an unusual opportunity to understand risk and identify emerging challenges.
Risk managers maintain a steady vision with an eye on the risks of today and the risks their organizations will face in the future. Risk isn't static -- it's changing all the time. Just look at the issue of data security and the emerging data protection risks that confront almost all businesses. Risk today is global. How we do business changes frequently. We face unprecedented supply chain risk, especially as natural catastrophes disrupt and threaten business with increasing regularity.
Using scenario planning to confront and understand risk management challenges is becoming increasingly useful. This exercise can drive innovation and identify solutions that may have been overlooked in the past. We look at the important "what if" questions and embed scenario planning into how we do business.
Our objective -- to avoid a loss for our customers, and for ourselves, through a mechanism that builds on the curiosity embedded in the risk management process.
April 12, 2013
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