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Dec 2019

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PARIMA Kuala Lumpur 2019 Conference - 'Redefining Risks' highlights

Source: Asia Insurance Review | Dec 2019

The 2019 conferences of the Pan-Asia Risk and Insurance Management Association (PARIMA) concluded with the final conference in Kuala Lumpur on 5 November 2019. The theme for 2019 was ‘Redefining Risks’.
 
The PARIMA conference 2019 deliberated on how the risk managers overcome the challenges they face in their roles. PETRONAS custodian financial risk management Haslina Hasan set the ball rolling with her views on risk management in her presentation, ‘From the Eyes of a Risk Manager’.
 
Three lenses for risk managers
Ms Hasan spoke about the three lenses that risk managers should have in their toolbox: A global lens, an organisational lens and a personal lens – and how looking through these lenses would help them see how prepared they and their organisations are for the risks of the future.
 
A fireside chat with Lazada group executive vice president (data protection and ER) Gordon Song revealed the challenges that he faces in the course of his job. He spoke about how keeping up with regulatory license and social license is critical for the business. He said trust is a core component when dealing with stakeholders, being a business partner and letting the business grow.
 
Conversation with a risk manager
The plenary session, ‘A Conversation with a Risk Manager’ was hosted by Aon regional head of sales and marketing (global client network Asia) Jane Drummond.
 
Everything 4.0 Futurist founder Charlie Angtook provided a quick glance into the new decade of the 2020s and a forecast for ‘Perfect Storm in 2020s: Previewing and Preparing for the Four Mega-Disruptions’. Mr Angtook spoke about what can be learnt from the previous economic decade, introduced the concept of ‘DE-VUCA’ and determined the four mega-disruptions coming our way: The 4th industrial revolution, new geopolitical order, worsening climate crisis and rapidly greying population.
 
Takeaways from the conference
Speaking about the major takeaways from the conference, a risk manager from Malaysia said that he learned about a “new approach and thinking about emerging risk, sustainability and risk integration”. 
 
An internal audit and risk manager from Indonesia said, “Risk Management is not us versus them, it is more a question of we are working together with them.”
 
Several senior risk managers and thought leaders also shared their experiences about helping their organisations achieve sustainable development goals.
 
Ayala Corporation head of group risk management Maria Victoria Tan spoke about how her company has started to create and adhere to the Ayala Sustainability Blueprint in order to contribute to the UN SDG 13: Climate Action. Ms Tan is listed as one of Asia’s top sustainability superwomen.
 
Plenary sessions
A plenary discussion was focused on about organisations’ sustainability journey and how top management support made SDGs happen. Participants in this plenary session included Tenaga Nasional chief risk officer Datuk Lim Tong Kang; Zurich Insurance chief risk officer Theresa Wong. The session was moderated by PARIMA general secretary Steve Tunstall.
 
Breakout sessions catered to diverse roles and needs of risk professionals
Six breakout educational sessions focused on political risks, employee benefits, data analytics, captives, emerging risks and cyber risks to cater to the diverse roles and needs of risk professionals in attendance.
 
The conference concluded with PARIMA’s honoured guest and international dance connoisseur Datuk Ramli Ibrahim speaking on ‘Diversity and Inclusion in Malaysia’. Mr Ibrahim said, “Just as risk is redefining, we need to rethink what success means to us.”
 
Pre-conference masterclasses on the sidelines
A day before the conference, PARIMA’s partners Aon, AXA XL and Zurich conducted in-depth workshops on claims management, organisational resilience and country risk.
 
PARIMA also organised its own masterclasses on ‘Risk Management Competency Development’ which has been developed to help risk managers assess and deepen their personal skillsets, and on ‘intermediary relationships’ which had been previously ran in Singapore, Bangkok, Tokyo and Manila.
 
Risk Competency Assessment Tool launched
PARIMA also launched its Risk Competency Assessment Tool, which serves to complement the PARIMA Risk Competency Framework. The initiative was developed to help risk professionals articulate the behaviours and skills essential for them to succeed and contribute to their organisation in a meaningful way and assess themselves to recognise how they could apply it and deepen their personal skillsets. A 
 
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