Aviva to grow risk management capabilities to counter emerging challenges

Insurance giant Aviva is forging ahead with the creation of dedicated risk management operations for a range of current and future emerging risks amid efforts to support its policyholder’s efforts to enhance resilience.

Justin Linney Head of Risk Management Mid-market and Digital Aviva explained the insurer is working to create more risk management and resilience capabilities for its clients to support their fight against cyber threats.

Speaking to Emerging Risks in Manchester where he was part of the insurers’ team at the BIBA annual conference he said: “Cyber remains a major issue for companies, with the number of attacks increasing.

“What we are looking to do is to understand how we can support our client via risk management.”

Tio that end Linney said Aviva are building a cyber security and risk management capability with a partnership with third party cyber risk consultant that will provide greater capability fully cyber surveys to identify areas where policyholders need to improve their resilience.

The surveys will seek to understand the platforms ion which the company operates and where if any the weaknesses lie. They will then create a risk management programme to protect the systems.

The problem said Linney is that many companies while appreciating the threat do not believe the threat is applicable to their business.

“Quite a lot of companies think they are already well protected,” he explained. “The threat to businesses is constantly changing and the steps to keep your systems safe have to adapt to meet those threats.”

“The growing use of technology in the supply chain has to be addressed and it has to be part of the risk management programme.

“Clients are naturally looking for security and peace of mind, and the third party expertise we have been able to access can provide advice on how that can be achieved.”

He added the insurers was set to increase its cyber capabilities via the expansion of a specific risk management team and are actively seeking to recruit experts into he team to augment the current capabilities.

It is a model that Aviva will look to expand into other emerging risks areas.

“Climate change and sustainability are issues for the market but in our risk barometer late last year it was not in the top five risks for businesses,” Linney. “We have been doing a lot of work around the issues of sustainability, in areas such as renewable energy, biofuels, and the move to new ways of building design and construction.

“It will only grow in importance as we will be looking to increase our capabilities. Our role is changing as there is a growing focus on how we can work with our clients around their risk management as risk become more complex.”

Linnet added that outside of the emerging risks the industry has been impacted by the global supply chain issues which have been caused by the COVID pandemic and more recently the war in Ukraine. Raw materials are in shorter supply and material costs are rising. It makes risk management ever more important at present.”

Follow us on twitter: @risksEmerging

Twitter feed is not available at the moment.
SHARE: