Mairin Madrid | June 3, 2019
Today’s risk practitioners are facing a new scope of risks with varied meanings in the way they impact operations. The 2019 Pan-Asia Risk and Insurance Management Association (PARIMA) Manila conference took note of these new challenges and posed this question: are risk professionals prepared?”
PARIMA Manila 2019 carried the theme of ‘Redefining Risks’
The event kicked off with opening remarks from Annacel Natividad, PARIMA Board Member and Aboitiz Equity Ventures Chief Risk Officer, who emphasized that risk managers should not view themselves as a “second line of defense” of organizations and, instead, should stay ahead of global risks and industry advancements to remain relevant.
Good risk managers know that there are times that we need to step back and think outside the box or even think like there is no box – the supernova thinking. We need to view our businesses from a broader, more integrated perspective. Risk is no longer just another line of defense, we are also a strategic partner that helps the business achieve its stated objectives.
– Annacel Natividad, Chief Risk Officer, AEV
Pilmico COO Tristan Aboitiz joined the panel discussion on the importance of risk managers in being better business managers. Fundamentally, this requires translating technical language or risk into business language. The group also shared their views on keeping up with the changing risk landscape brought on by digital transformation.
We need to be conversation starters across the business. Be an agent of collaboration in your organisation. The rate of change means we need to share the load.
– Tristan Aboitiz, COO, Pilmico
Key takeaways from Tristan’s C-Suite panel discussion:
• Aboitiz has been exploring digital solutions to businesses, which comes with big benefits and risks. We have to be more responsible, open-minded in resolving them with the right attitude.
• Make an effort, embed time through the different layers in your organization to understand the risks and potential impacts. Get the right story down the line, from your stakeholders. Be connected to your people to know the right context of your risks. Be an agent for collaboration in your organization. At the rate of change we are experiencing today, teamwork and conversations are what will allow your organization to thrive in the long term.
• College education or an MBA may not be enough in this rapidly changing world and continuous learning has become even more important. To remain relevant, we need to be open to new ways of doing things, stay on top of global events, and be aware of trends and data that will support your evaluation of risks. Finally, upgrade your competencies in areas such as data analytics and cybersecurity management as these two have become very relevant over the last year or so.
Also part of the activities were breakout sessions on Alternative Risk Transfer (ART) & NatCat, Future of Work, Cyber Risk, Regulatory Risk, Climate Change, Personal Branding, and Skilling Up, in which AEV AVP Risk Management Christine Kempeneers was a resource panelist.
The thing about risk management is that it is never the same because the business changes constantly, which means your skill set must change, too. Aligning your skill competency alongside that of your firm will help you become better risk managers.
– Christine Kempeneers, AVP Risk Management, AEV
UnionBank Chief Risk Officer Butch Peralta moderated the Regulatory Risk Landscape breakout session and Ms. Natividad joined Jan P. Mumenthaler, Principal Insurance Officer of International Finance Corporation, to lead a discussion on Alternative Risk Transfer.
PARIMA Manila was held on May 21 and 22 at Shangri-La at the Fort and drew 390 delegates that included risk managers, C-levels, officers, and industry players both local and global. During the program, PARIMA also recognized those who passed the PARIMA-ANZIIF Certified Risk Professional examination. They included 9 Risk Managers from Aboitiz Group who met the requirements for the globally accepted certification.