Risk Management in 2012: ERM Programs, Cyber Risk, Accessing the C-Suite Top the List of Concerns, Opportunities

With the New Year upon us, NU spoke with some of the top players in risk management to discover where the greatest challenges and opportunities are in 2012. Some common themes that emerged: the increasing attention being paid to cyber liability; the ever-growing importance of developing, or further refining, an enterprise risk management (ERM) program; and the need for risk managers to position themselves not as insurance buyers—but as strategic, value-creating assets who can respond to the broader business concerns of their organization’s C-suite leaders. Digital subscribers can click on each response to read more from these risk experts.

Michael Liebowitz
Director of Risk Management and Insurance
New York University
Member of NU’s Risk Managers Advisory Board

Tim East
Director, Corporate Risk Management
Walt Disney Co.
Member of NU’s Risk Managers Advisory Board

The tempo of business has increased dramatically over the past 10 years; everything moves more quickly now, and we have to be more responsive to internal and external customers in terms of [identifying and responding to] trends and emerging risks. With the growing emphasis on enterprise and holistic risk management, we have to consider and evaluate an increasingly broader palate of risks.

Lori Seidenberg
Vice President, Enterprise Risk Management/Insurance Risk Manager
Centerline Capital Group

In terms of challenges, the National Flood Insurance Program continues to be reauthorized for the short term and always at the 11th hour. It’s difficult closing loans in 100-year flood zones with the threat of the national flood program being placed into hiatus. Hopefully, a long-term solution will be reached.

Sue Chmieleski
Senior Vice President,
Global Risk Management and Loss Control Lead
AWAC Services Co.,
Member Company of Allied World

A big challenge for risk managers is being able to validate their return on the investment for the organization and being able to demonstrate why they are such a valuable asset. It’s a challenge as well as an opportunity.

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