Franck Baron’s wake-up call: Fear not, risk managers!

Franck Baron’s wake-up call: Fear not, risk managers! | Corporate Risk & Insurance

Franck Baron’s wake-up call: Fear not, risk managers!
The following is an article written by editorial panellist Franck Baron, group general manger of risk & insurance at International SOS and chairman of Pan-Asia Risk & Insurance Management Association

Ed Viesturs, who climbed 14 summits above 8,000m without oxygen, once said, “Getting to the top is optional. Getting down is mandatory.”

I keep this in mind while watching the world in an era of uncertainty where catastrophes are taking shape:
  • Geopolitical fragmentations
  • Instability of the economic system
  • Social divisions
  • Technological faults
  • Environmental challenges.
As this mountain climber alluded to, all of this is a wake-up call for resilience.

Hurricane Irma was the most powerful Atlantic hurricane on record. Combined with the likes of hurricane Harvey, they make 2017 a world record year in terms of natural disasters.

Are we witnessing a new norm resulting from years of global warming? The truth is that 80% of all economic sectors are impacted by climate change.

Yes, our world is confronted with a unique set of threats and disruptions. If “courage is not the absence of fear, but the triumph over it,” as said by Nelson Mandela, then let’s not be scared of being scared.

Changes are scary, but they also provide a source of evolution—the stamina we all need to adapt and become more resilient. Our world is in movement. It’s transforming profoundly fuelled by the power of technology and driven by new societal forces.

How can risk practitioners help their organizations to leverage the opportunities presented by artificial intelligence and the automation age?

How can we be relevant to the management of the risks associated with it?

Even if risk management remains a mostly qualitative management practice, this is changing. While qualitative risk reviews are still important, we need to be smarter in helping our organizations use data to manage risks.

That’s why education, mentoring, and good practice sharing is at the heart of the Pan-Asia Risk & Insurance Management Association (PARIMA).

The Japanese poet Basho Matsuo once said, “The journey itself is my home.” As chairman of PARIMA, this journey towards greater professionalisation is my place. We are making a difference as we focus on our members who are the most in need.

There is still a lot to be done to elevate risk management and insurance to the c-suite and boards agendas. This will only happen if our global community and industry joins forces and collectively gears their efforts towards the promotion of the value-creating DNA of risk management and insurance.

I have been asked recently to provide my vision regarding PARIMA and our community. In my eyes we are, and we will be:
  • An enhanced community
  • A collective intelligence,
  • A melting-pot of best practices,
  • A catalyst for their dissemination,
  • A powerful tool for the promotion of the Risk Managers’ role and ultimately their audibility.

Let’s make risk and insurance great again!

With an ordinary talent and an extraordinary perseverance, you can achieve everything.

I rely on all of us to embark on this journey.