From political upheaval and natural catastrophes to cyber attacks and corporate governance concerns, the global risk landscape is only getting riskier and more difficult to navigate for leaders of corporate companies, according to several Willis experts who were quoted in today’s Financial Times Special Report on Property & Security Risk Management.
Jeremy Smith, Willis’ cyber risk and data security practice leader, said the ever-increasing number of raids on companies’ data has highlighted the importance of including a data breach response plan as part of a business’ overall risk contingency plan, so that when something does goes wrong, “the right people know who’s meant to be doing what.”
Paul Richards of Willis’ FINEX National explained the importance of protecting mission-critical staff, for example, “if you have a high-profile chief executive seen by the investor community and shareholders and customers as really critical to the business if they went, then the share price could be affected, or customers could leave.”
New Willis Products Manage These Risks
James Baird, also of FINEX National, discussed Fund Protect, a new, bespoke solution to cover fund directors in the event of a collapse that exposes them to financial liabilities.
Darcstar, the specialty D&O product developed by FINEX, was also referenced in an article about directors cover, with executive director Francis Kean quoted as saying insurers must “broaden out” existing policies as risks become more acute and new rules and regulations around the world come into force.
The eight-page report is worth a read for more insights into financial and executive risk.
Tricia Holly Davis is Director of Communications for Willis Global and Director of Commercial Sustainability for Willis Group. Prior to joining Willis in London in 2010, she worked as business and finance journalist for the Sunday Times, with a focus on environmental and energy issues. Tricia is a member of the UN’s International Strategy for Disaster Risk Reduction Private Sector Advisory Group and sits on the U.S. Board of Directors of The Gold Standard, an international NGO responsible for certifying the effectiveness of environmental and social impact projects in developing countries.