Page 38 - Insurance Times February 2022
P. 38

IDENTIFY THE TOP



         EMERGING RISKS



         AND POSSIBLE




         WAYS TO MITIGATE



         THOSE RISKS











                            Overview                          Introduction
                                                              Just in beginning of 2020, when top business leaders were
           Background
                                                              asked to identify the biggest risks of the coming decade,
           In a rapidly changing business environment characterized  climate change was high on the list. But as we are standing
           by advancing technology, shifting geopolitical tensions and  today in coronavirus pandemic, concerns about sustainability
           increasing regulatory scrutiny, it is more important than  and the green transition have fallen down to bottom of the
           ever for organizations to look beyond near-term threats  agenda. Now business leaders were more concerned about
           to prepare for the risks they could face in the future.  specific threats like a prolonged global recession, which they
           Broadly defined, these emerging risks are new or   were not speaking about back in January.
           developing threats that have an unknown significance and
           impact and are therefore not well understood. Emerging  Various Risks
           risks can also be known risks that have transformed due
           to changes in the business environment. The key is that,  In order to address these risks, the insurance industry itself
           even if the risk is known to some degree, the likelihood  will need to innovate and implement those technologies
                                                              which have help them at least mitigate if not eliminate
           and impact of the risk is not. These "unknowns" defy
           traditional risk management techniques and, as a result,  future uncertainties.
           organizations often opt to allocate fewer resources to
           them. But by taking steps to identify and evaluate  1. Insurance Fraud
           emerging risks, organizations can be better equipped to  The Risk:
           make important, risk-aware decisions to ensure the best  The insurance services industry is at risk from heightened
           long-term strategic outcomes.                      levels of fraud, including cyber fraud, as criminals attempt

                                                              to exploit the COVID-19 pandemic.
                              Author
                                                              Following recent announcements of emergency measures,
           Deepti Raghav                                      there are likely to be significant numbers of applications
           Manager, Claims                                    from both individuals and businesses to access support

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