The Risk Management Society (RIMS) is exploring options to expand its presence in Asia Pacific, said Ms Julie Pemberton, its current President during a recent visit to the region.
Speaking at the roundtable meeting with local insurance and risk management experts in Singapore, she said RIMS was eager to share its experiences and expertise with risk managers around the world. Mr Steven Chou, Senior Director of Global Development for RIMS, said that they were getting positive messages from the industry leaders they met.
Mr Matt Harris, CEO of AIG Asia Pacific, one of the roundtable participants, said that RIMS has a powerful brand in Asia and should use this brand to boost risk management awareness around the region. The other roundtable participants included Mr Samuel C K Tan, Regional Manager of Allianz Risk Consulting, AGCS; Ms Jane Drummond, Regional Head of Sales and Marketing at Aon Risk Solutions; Ms Anne Constant, COO of General Insurance, Zurich and Mr Roland Teo, a local risk management expert.
The local participants shared their knowledge of the culture of risk management and what was needed to boost risk management, including the need to engage the board and draw CFOs into the risk conversations.
Concept of regional chapters
Ms Pemberton and Mr Chou explained RIMS’ operations in the US and how well that could translate for an Asian audience. Specifically, in the US, RIMS operates in regional chapters, all of which run independently, with oversight provided by the main office. These chapters conduct events, talks and webinars to share knowledge regarding risk management. Mr Harris pointed out that webinars are a very popular concept within the Asia Pacific region, with most insurers and clients being digitally-savvy.
The concept of the regional chapters was also given much support from the local participants. To transplant the idea here, these chapters could be divided by nation, or by region, suggested Ms Drummond.
Mr Samuel Tan noted that the role of a risk manager has changed from just loss prevention or risk consultant to risk expert. Now they look at not just the financial risk consulting but also the engineering aspects of the risk.
However, because of the evolution of the role, most insurers and their clients are still uncertain about the importance of risk management, especially here in the APAC region. “It’s all about knowledge sharing and education,” said Ms Pemberton, regarding RIMS’ operational focus.
The meeting provided RIMS with a solid grounding of knowledge about the culture here in the Asia Pacific. The discussion ended on a strong note, with Ms Pemberton and Mr Chou giving positive feedback on RIMS’ future in the region. The roundtable discussion was chaired by Mr Sivam Subramaniam, Editor-in-Chief, Asia Insurance Review.