Airmic unveils series of must-read guidance for risk professionals
The 2015 annual conference in Liverpool saw the unveiling of a series of reports and guides for Airmic members. They cover topics ranging from claims to the future of risk, and are designed to help risk professionals develop their technical skills, deepen their understanding of the risk and business environment, and enhance their career.
Below is a very brief introduction to the reports.
The technical agenda is at the heart of the association, and Airmic welcomes feedback from its members on any of the reports. Please email enquiries@airmic.com.
The Changing World of Risk
This report is a must-read for all risk professionals. Following on from Airmic’s Roads to Resilience research, it provides a practical “road map to success” for risk managers wanting to help their boards achieve resilience. It brings together a lot of the work Airmic has been doing in the past 12 months to get risk up the corporate agenda and argues that the role of the risk professional is changing. This is a comprehensive guide, with a useful mix of theory and practice, on the current and future direction of the risk profession.
Business-critical Insurance
Very often the successful payment of an insurance claim underpins the strategic and financial success of the company. Yet the challenge for insurance buyers is raising the awareness of the value of insurance at board level. This guide argues that there are different categories of insurance and when it comes to purchasing ‘business-critical’ insurance, the efficacy of the policy should be prioritised over price. The guide has a strong practical element designed to help risk managers categorise insurance and demonstrate to their boards the importance of mapping business-critical insurances against key corporate finance thresholds.
Looking Through the Risk Lens
The risks facing today’s businesses are more complex than ever – and at the same time the pressure on boards to understand them has never been higher. This paper urges boards to take a new approach to risk by explicitly viewing their business model through the lens of their critical risk exposures. This not only provides boards with an overarching view of risk but also makes it easier to scrutinise the sustainability of how the business makes money. Principally aimed at senior management, this paper has some strong messages for all risk professionals.
Defining and Managing Reputation Risk
Reputational risk is consistently one of the biggest concerns of Airmic members. Yet how do you measure and manage such a vast and intangible risk? And will it ever be possible to purchase insurance cover? This guide offers a working definition of reputation and develops a structured approach for risk professionals to better understand and manage their organisation’s reputational risk.
Achieving Best Practice in Claims
Getting claims right is the acid test of an insurance policy. Written by Airmic’s new claims group – comprising Airmic members, claims specialists and underwriters – this report gives advice on the eight elements of best practice in claims handling. It has a strong practical focus with tips and suggestions on how deliver to excellence in insurance claims handling.
Broker Tender Guide
Choosing an insurance broker is an important decision – getting the right skills, knowledge and market relationships is vital to the success of the insurance purchase strategy. This guide is designed to offer advice, with timelines and suggested activities, on the process of running a tender for services and negotiating a contract. It is relevant to all organisations, but with a particular focus on large accounts where cover is typically more complex.