Anything but ‘business as usual’
No matter where you look, the business landscape across many industries is becoming increasingly turbulent and complex. Depending on the industry, operating landscapes are changing, or have already changed, however clients must be able to grow and build for the future.
Today it is clear that ‘business as usual’ is anything but usual. Technology is enabling new services, as well as fuelling disruption across multiple industries. At the same time, these changes are coming faster, and ‘speed’ is becoming a new standard for what ‘normal’ should look like in today’s competitive environment.
In this issue of Risk Consulting magazine, we take a look at the findings from a recent study from Norway on how the changing climate is impacting cities and businesses, and what municipalities can do to be better prepared for extreme weather events. We also provide insights into managing risks relating to solar panel and hydraulic oil fires. Be sure to also read what the If Login risk map can offer clients by way of data and insights into their operations around the world.
Companies need to prepare for the future, take advantage of the latest technologies, manage their external dependencies as well as consider opportunities outside of the traditional ways of working. To survive, companies need to be both resilient and flexible in order to be competitive and maintain or grow market share in a way that will future-proof their business for whatever is hiding behind the corner.
As a leading insurer, we work together with our clients, to help manage risks and support their daily operations.
Poul Steffensen, Head of Business Area Industrial
Hurricane paths difficult to predict
Recent studies show that hurricanes are becoming increasingly dangerous, as it is becoming increasingly common for hurricanes to slow down upon landfall. Recently, Hurricane Dorian stopped for a 24-hour period in the north-western Bahamas, causing havoc as strong winds and heavy rain fell relentlessly over the Abaco and Grand Bahama islands.
Spinning at speeds around one mile an hour at its slowest, Hurricane Dorian’s next move became difficult to predict. In fact, according to the NOAA, North Atlantic tropical cyclones are slowing down on average by some 17% compared to their average speed of 11.5 mph in 1944.
In related news, in the United States, hurricane season is expected to extend into October, while previously the peak of hurricane season came in late August, early September.
Board oversight increasingly important
Board members play an increasingly important role in risk management and actively participate in the processes relating to the monitoring of strategic risks. Having visibility into strategic processes from a risk awareness perspective will help board members to prepare and act swiftly when risks materialise.
83% technology is transforming third-party risk management
Gartner researchers found 83% of organisations that work with third parties have uncovered third-party related risks after due diligence reviews. Technology is changing the way third-party risks are assessed. For example, understanding IT security vulnerabilities is increasingly critical. Such external dependencies can in fact lead to crippling business interruption risks.
New Editor for Risk Consulting
Risk Consulting magazine has a new editor, as Kristian Orispää joins the publishing team. With some 20 years’ experience in external communications, Kristian has previously worked in oil & gas, as well as technology and IT industries in various communications and editorial roles.