5 MANAGE GLOBAL INSURANCE RISK MANAGEMENT PROGRAMS An insurance and risk management program must be global It can t only be focused on domestic offices or ignore remote locations A worldwide program with all its com plexities is a must our experts agree Once again support from top levels of manage ment is vital in mandating worldwide com pliance with an insurance and risk manage ment program Be sure your constituencies understand the expectations as well as the benefits of a global program Our panel recommends employing strong corporate policies to centrally place insurance and assign responsibility These policies will ensure local entities will not establish their own policies Risk managers should nurture solid relationships with local entities and convey to them that premium is not necessarily the most important attribute Our panel explains that consistent terms and conditions are often what s key Risk managers should also cultivate relationships with controllers as they usu ally have the pulse of an organization Risk managers can then leverage these relation ships when managing acquisitions and divestitures globally Our experts recommend protecting stakeholders by gaining senior management sign off for any activities that go beyond corporate risk management They recom mend using brokers and insurers to augment the company s internal capabilities Brokers and insurers can help deliver the company s risk management message and ensure the program is compliant and has adequate capacity They can also stay on top of regu latory changes and conduct annual reviews of global risk management programs Finally our panel recommends sharing claims stories internally with all stakehold ers no matter their location so everyone can learn from a loss experience and feel owner ship in the risk management function The underwriting challenges are different We comply with all local regulations currency regulations billing and paying premium can be a challenge We consider compliance to be nonnegotiable There are so many regulations in place all over the world But that can be resolved by working with your WorldReach partners Local issues come from having a global program JON KING MANAGER RISK CONTROL AND LOSS PREVENTION PHILIP MORRIS INTERNATIONAL We have one main objective to ensure we understand our exposures so that they can be adequately managed One challenge is to en sure we use a uniform yardstick while recognizing local constraints Circumstances vary from big markets to small markets high volume production to specialized production highly automated to largely manual processes The same solution cannot necessarily be applied everywhere That means everyone has to have the same awareness of risk in order to drive continuous risk improvement To deal with this challenge we need to constantly communicate We ve created a train ing program to share fundamental risk engineering and methodolo gies to a broad audience across PMI We ve been very pleased with the outcome of those trainings with high satisfaction rates from the attendees We also see increased activity to implement risk recom mendations in areas where we have presented in our seminar FELIPE DANTAS MANAGER RISK MANAGEMENT AND INSURANCE PHILIP MORRIS INTERNATIONAL 46 REASON ISSUE 2 2015

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