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CRO RISK FORUM: Emerging risks - new processes for new risks?
28 July 2009
Identifying future risks is crucially important, says Jean-Christophe Menioux, chief risk officer of Axa Group
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Tackling emerging risks is one of the most difficult but stimulating challenges faced by today’s chief risk officer. It is never easy to balance non-urgent and important issues, but addressing emerging risks provides us with an opportunity to move away from the usual day-to-day preoccupations and take a longer-term perspective on the risks that could emerge over the next 15 years.
Identifying emerging risks is important: insurance is a long-term business, and the industry has a vital role to play in risk prevention for society’s sake.
In any case, long term does not equal low risk. It is estimated that asbestos related claims, for example, will eventually cost US and non-US insurers around $200bn to settle.
This is why insurers are increasingly conscious of emerging risks’ huge potential to create hard to resolve problems and have set up processes aligned with best risk management practices and employing cutting...
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