Risk managers at companies with global operations may appear to be superhuman, but their actual key to getting this difficult job done is relying on an international support system that keeps up with local regulations, customs, languages and other intelligence that informs every decision they make.
NU spoke with several risk managers with a global purview, and one broker, to discover just how complex the global risk-management equation has become, in both navigating foreign territories and identifying the potential threats to business therein.
That model was altered, however, when those laundries were made more loss-responsible and were told the better their claims were managed, the more they would save.
“That was a huge fight for the first couple of years, until they began to see the savings,” Brough adds. Now that they have been under the program for several years, “the savings are quite significant.”