WTW partners RIMS to help manage 'high impact' threats

Global brokerage WTW has announced a partnership with US-based Risk and Insurance Management Society (RIMS) to advance the practice of risk management for organisations in the Asia Pacific, with the aim of helping them manage a growing array of “high impact” threats such as climate, geopolitics and cyber.

The three-year collaboration will kick off next month with the launch of the first RIMS-WTW Asia Pacific Risk Conference over three days from April 26-28, featuring risk management professionals, business strategists and government officials.

“As the coronavirus becomes endemic, a broad set of societal risks have become ever-present in business decision-making for all organisations today,” WTW Head of Corporate Risk & Broking, Asia and Australasia Simon Weaver said.

“High impact risks such as climate, geopolitics, health, financial, supply chain, technology/cyber and human capital are likely to continue to increase in frequency and with simultaneous occurrence.

“Business leaders and risk managers need to stay vigilant, rethink their approach and raise their game in being able to respond to both threats and opportunities in an agile and timely way while continuing to maintain core business operations.”

Mr Weaver, who is also Head of Australasia, says it is important for organisations in the region to adopt a culture of “adaptability” and be ready to act decisively when needed.

“We are therefore delighted to be partnering with RIMS on a series of events, research and skillset development for the risk management community in this region to equip them with a broad array of capabilities to strengthen oganisational resilience and transform tomorrows.”

The virtual RIMS-WTW Asia Pacific Risk Conference is centred around the theme “Risk Resilience Reimagined”. Participants can expect insights and discussions on pressing topics such as large complex risks faced by Asia Pacific companies, organisational resilience in a hybrid work environment and mitigating business interruptions from supply chain risks.

“Organisations around the world have witnessed the undeniable value of strong risk management capabilities and will continue to lean on their risk teams to set strategies, support initiatives and drive innovation,” RIMS President Patrick Sterling said.

“As expectations rise, it’s critical for risk professionals to build upon their skills and knowledge to effectively establish resilient corporate cultures.”

RIMS is a global not-for-profit committed to advancing risk management practice. It has a membership of 10,000 risk management professionals in over 60 countries and represents more than 3500 industrial, service, nonprofit, charitable and government entities globally.