To leverage trends you first must identify them Our panel recom mends expanding an organization s risk horizon to investigate risks that are typically beyond insurance such as geopolitical concerns or brand reputation Identifying important trends and understanding the issues rel evant to them can help a risk manager develop appropriate ways to mitigate these new risks To be successful risk managers must be integrated into the business phases of the planning process which will require establishing credibility with senior executives and oper ations leaders Risk managers should seize every opportunity to gain the ear of these most influential audiences and use that access to explain the most compelling risks and offer mitigation measures Risk managers should look two to three years ahead and rec ognize core and noncore risks Among the fastest growing trends concerning today s risk managers are cyber risk political risk and climate change specifically the effect of a dwindling water supply on business continuity and resilience Risk executives should view all new technology through a prism of risk management For instance privacy concerns are cur rently top of mind as large scale information breaches are rampant The widespread use of cloud computing is fueling such concerns Risk managers should ask What risk does this technology present to my organization and Which suppliers hold critical data relative to my business Risk managers also need to manage supply chain risks They should critique the business continuity plans of suppliers and their suppliers and look for gaps The same should be done for criti cal customers Risk managers should execute detailed analyses in cases where a supplier or customer will significantly impact the company s business Just in time supply chains require exceptional resiliency 7 STAY ON THE LEADING EDGE OF TRENDS What keeps me awake is mitigating losses ensur ing business continuity and running cost efficient programs There s a tendency to feel at ease to be complacent You need that spark to stay abreast of changes constantly improving processes and use of our resources It s a complex environment so we need to keep pace with those changes and make sure we can respond in a most effective manner FABRICE FUENTES DIRECTOR TREASURY PENSION AND INSURANCE PHILIP MORRIS INTERNATIONAL Once an organization has outsourced elements of its manufac turing operations to third parties it reduces the influence it has on the risk management process If there s an effective busi ness impact analysis BIA conducted it will highlight the most significant of these outsourced nodes but once you get to tier two or three even an effective BIA will struggle to achieve that granularity ANDY BRYSON GROUP INSURANCE AND RISK MANAGER COBHAM PLC Supply chain risk and reputation are intrinsically linked to share price Consider the companies who were impacted in 2008 when a ship s anchor dragged through some of the subsea communica tion cables in the Indian Ocean which in turn dis rupted operations in India and the Middle East The event also affected offshoring operations for many organizations It is clear that reputation affects share price My view is that an organization s share price is best managed by its reaction to a crisis The way you handle your public relations staff com munications and the actual incident will all have an effect on share price EDWARD SHERLEY PRICE HEAD OF BUSINESS CONTINUITY EXPERIAN 48 REASON ISSUE 2 2015

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