The Risk Revolution: emerging models, new rules
Aon Risk Conference leads discussion on the changing risk landscape
AUSTRALIA (11 October, 2016) - Technological advances, new business models and rapidly evolving risk present a period of unprecedented change for Australian organisations, escalating new challenges for the risk community to manage and mitigate, according to Aon Risk Solutions, the global risk advisory and insurance broking business of Aon plc (NYSE: Aon).
At Aon's 12th annual Advanced Risk Conference, being held in Melbourne today, business leaders will hear how evolving forces of disruption are changing the rules of risk, and emerging business models - in particular the sharing economy - together with the uptake and appetite for interconnectivity, have ignited the 'Risk Revolution.'
This revolution is being felt across all industry verticals, driven by a diverse range of forces such as local and global economic instability, the sharing economy, cyber security and terrorism, cloud computing, data warehousing, new technology, brand and reputational risk, "new money" and blockchain technology.
"Never in history has there been as much change as we are experiencing today. The sharing economy is a game changer, and a voracious appetite by businesses to use data and information networks is propelling new thinking for risk professionals and Australian businesses as they grapple with these new issues," said Jason Disborough, Chief Executive Officer, Multinational Accounts, Aon Risk Solutions.
"The use of drones, augmented reality applications and self-driving cars, for example, poses an entirely new risk concern particularly from a cyber terrorism perspective. These threats need to be understood and well-managed in order to protect critical infrastructure in today's hyper-connected environment," added Mr. Disborough.
The next generation of risk will be explored in-depth as part of this year's theme, "The Risk Revolution," at the Aon Risk Conference which for the first time will continue over two days. As the only event of its kind in the Asia Pacific region, and with over 350 industry professionals in attendance, the conference provides a unique thought leadership channel for the risk community to amplify its voice on emerging risk issues.
Lambros Lambrou, Chief Executive Officer, Aon Risk Solutions Australia, said the insurance industry needs to move beyond only thinking about how it will address future challenges posed by disruptive events and innovation.
"We are operating in an unchartered and volatile territory. The forces of innovation and disruption that confront the industry are growing but provide strong growth opportunities for those prepared to invest and think more broadly around improving performance and reducing volatility for clients."
"We must proactively address the concerns associated with new and emerging risks through the delivery of a fundamentally different client experience. To address the risks of today's interconnected world, businesses must draw on fact based insights and solutions."
"Building on last year's conference theme on 'Disruption as the New Business Risk', we are now contemplating the escalated 'Risk Revolution'. It's never been more crucial for the risk community to come together to discuss ways we can provide more tailored responses to disruptive technologies and new business models. The conference provides an all-important forum for this conversation," said Mr. Lambrou.
The event will feature several international and local case studies that showcase changing market conditions and the rapidly evolving nature of customer demand. In particular, a panel discussion will involve a deep dive analysis of how data centre solutions and connectivity service company NEXTDC manages its brand and reputation risk in the age of disruption.
An international case study featuring Pay Pal will also highlight how global organisations are managing their technology, cyber and brand and reputational risks in the new digital world.
Aon's 12th annual Advanced Risk Conference, an industry-only event, is being held in Melbourne on 11th and 12th October, 2016. It will bring together interactive panel discussions with industry disruptors, technological innovators, leading economists, and global leaders from Aon and the wider insurance and risk community.
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon's global and principal partnership with Manchester United.