PARIMA 2021 Conference October 25th – 29th, 2021 – International Risk Management
How about international risk management? Yes, there is an organization for that. The PARIMA 2021 Conference was virtual. As the conference was on a 12-hour time difference, my back office web contractor volunteered to take notes. She did a great job.
All the session notes are below. The first PARIMA 2021 Conference session (Welcome Session) is below.

I was in contact with the organization often in 2018 – 2019. Then, the pandemic hit, and we somehow lost contact. It is hard to establish relationships with a group that is on a 12-hour difference in time.
Below are the opening remarks along with coverage of all the sessions. If you would like to see the videos, they are available on the PARIMA website at the above link.
PARIMA 2021 Conference – Opening Remarks: (October 25th)
Are we witnessing the risk managers regarding climate change, regarding pandemics?
- Government and private organizations truly measure the magnitude of the challenge.
- Covid is predictable and so is climate change.
- Everyone has responsibility.
- Governments use a lot of money to try to serve the economy
How to keep going?
- Strength and eagerness to adopt.
How does ESG work on the organizations?
- Embedded on how can we deliver on that purpose.
- Customers
- People
- Partners
- Planet
- To act for human progress.
- Tangible actions
How do you see the impact of global warming in your activity as you are an insurer?
- Tangible impacts in
- Security
- Given economy to recover
- Huge
– So make sure you are always prepared
– We need to be mindful
The Insurance Industry is a critical statement.
How do you educate your customers on the importance of mixing your financial strength and your technical and scientific expertise?
2 Elements
- Commercial lines perspective/ Commercial risk
- Create the specific org. climate change
Risk Manager
– Key element to solutions
- Help them to understand
- Teach them
- Begin with expertise and guidance
How does investment activity is factoring in ESG?
– Being clear about what is it all about
– Engagement
– Impact investing
How are ESG and sustainability impacting the respective right on directing policy?
– Net-zero Alliance
– Create better role
– Creating deforestation
Questions on Net Zero Alliance?
- What is efficient?
- How long?
- What do we limit?
- How does the level of a label of commitments and integrated?
– We are still very active
– Support customers
How do climate change, ESG, and sustainability impact you?
- Customers objectives
- Employees objectives
- Delivery trash shareholders
– Accountability and Responsibility that a senior leader has in making sure that we’re very sure that we’ve targeted very generic.
– Global consistency
– Contribute commitment
Takeaways:
– Sustainability and ESG are a risk in the same way.
– Transition risk in of the challenging one.
– Liability crisis: How do you prepare and how do you protect yourself with this crisis?
– Risk Managers should be the best advocate in termly of the future of the business world.
Risk Management community to get your back from different risks.
PARIMA 2021 Conference October 26th Morning Session
Building Resilience with Data

Resilience as Risk Manager are:
- Data strategies
- Value of Data
- How they handle the risk
- Solutions
RESILIENCE is the ability to rise quickly and agility to pivot based on new emerging risks and opportunities.
Single Version of Truth is to make solid decisions based on trustworthy and high-quality data.
Single – means reducing redundancy and wasted efforts by agreeing to invest our valued resources.
Version – means going to refine our digital representation of reality as we acquire more data and they learn from it.
Truth – means facts about our business, clients, or market that we capture as data and represent in our systems.
DATA STRATEGY BUILDING BLOCKS
Single Version of truth
Creating a Single version of data truth for company-wide analytics and insights.
Our Group Alignment:
- Foundation
- Culture
- Analytics
- Platform
- Governance
Bringing all company are very important at all times to use risk data services to optimize the total cost of risk.
A strong data foundation reduces the friction to gain new risk insight.
Avoiding to scoop. Even with the best risk models, if the data input is not reliable the quality of the output will also be jeopardized.
Companies can efficiently consume risk and predictive modeling services. With the right API strategies, we can have risk managers super fast and for them to make decisions with greater confidence.
Partner for any risk consultant/third party consultant
- Single Version of Truth
- Risk Insight
- Advancing Commercial Insurance Together.
Data Innovation:
Stablish Flat Form
Data Analytics
Competitive
– After Discussing Building Resilience with Data.
Each Business owner/speaker opens their opinions and perspective by building resilience with data and how they handle the risk.
PARIMA 2021 Conference October 26th Afternoon Session
Brace for Impact: Managing The Risk Behind Mega Trends
Catalyst shapes the societies we live in across Asian countries in Indo-Pacific.
- Post-Asian Financial crisis
it changes many societies
many of the countries in Southeast Asia emerged
financial institution for ex. bank
- Man-made Catastrophic events
they build buildings, companies, and transportation
- Natural Hazard catastrophe
epidemic
tsunami
- Mobile/ Internet penetration / travel and mobility
this is the key drive in this society
Quotation “ we all have been living in catastrophe”
4 Megatrends
- Healthcare
- Megatrends will continue to shape the social and economic environments, Snapshot of Southeast Asia over the past 2 decades
- Population change, it increases during the 2 yrs.
- Healthcare
- Consumption
- Megacities
- FDI in Southeast Asia
- It is very diversifying
- Economics affects FDI in Southeast Asia
- It is one of the top priorities in the society
- It is projected to grow in 10 years
- Green Economy
- Megatrends will continue to shape the social and economic environments;
- FDI in Southeast Asia from all parts of the world including increased intra-regional investments.
Currently
- 3rd largest economy in the Indo-Pacific
- 5th largest in the world
By 2030
- Grow over 5.5% per year
- 4th largest economy in the world
- Risk Management
- Digitalization accelerated at a super-scale; Building Resilience and Capability in cyber risk management
Impact
- Financial inclusion with simple, affordable, and bite-sized products will become the norm.
- Increase investment for public and private institutions for cyber risk management.
Which Mega Trends will have the greatest impact on your organization and risk exposure?
- The emergence of Healthcare Trilemma – 12%
- Development of Megacities – 5%
- Challenges and capability in cyber risk management with accelerated super scale digitalization – 46%
Asian Population is a young population.
- It is powerful for the next years
Mega Trends
- Healthcare
Important during pandemic
Technologies help
- Megacities
50% population may include here.
- Green Economy
Insurance response
Climate is changing
It influences the economy and future
Simplify the process
- For the benefit of the customer
90% of data is written 2years ago.
- Products and solutions that needed by a customer
Digitalization is all connected to the:
- Rule of Technology
- Rule of insurance
Additional Information
All of working in risk in this industry so we are all adopts in technology
– We should protect
– We have to work with the government
– Green energy
– Public and private partnership
– Renewable energy/market
– Not profitable
– Work closer with government
- They can subsidize especially in financial and insurance.
– Insurance has an important role
Digital and physical & acceleration
– What is the role of insurance?
– How does insurance better?
Cyber Activity should be strengthens
– Short market
– Historical techniques
– 90% reputational risk
– Negatives cyber attacks
S1 Edward
– All risk managers should deal with the consequences.
– Face challenges
– Be pro-active
S2 William
– Global pandemic
– Look for supplies issues and stuff
S3 Mohit Sharma
– Collaboration
– Joint the reset and collaborate for future uses.
Risk Managers
They are the architect of managing trends.
PARIMA 2021 Conference October 27th Morning Session
Inside and Out The Risk From Within

Listing focus risk
– Long lockdown causes the device to be used for WFH
– Training of staffs
– Exposure to malware
– Bring your device policy
Insider Threat
What does Insider Threat mean?
Unwitting
- Inadvertent
Can involve loss of equipment or data, misdirected email, or falling for well-crafted social engineering.
Negligent
- Laziness/Carelessness
– Protect the organization
– Password discipline is lax
Ununiformed
– Lock of understanding cybersecurity and data privacy risk and threats.
– Training is not provided
Malicious
– Cybercriminals increasingly seeking to leverage insider privileged access.
– Motivation can be financial, political, activist, or emotionally driven.
Why are employees still vulnerable?
– While we trust our staff, we have a responsibility to ensure that opportunities for abuse are minimized and they are protected from themselves.
– A great deal comes down to effective governance – critical data should be identified and protected, and importantly: access controls and restrictions implemented.
– An increasing number of companies are looking for solutions to enhance monitoring of empty behavior – this is a business decision that should not be taken lightly and has legal and HR implications.
– If there is an issue, how well prepared are organizations to investigate? Are you able to effectively retrieve and analyze computer evidence?
– Have you run table-top scenarios to test the technical, legal, and HR response to incidents?
CRIMINAL INGENUITY
– But even the best precautions are being circumvented by “criminal ingenuity”
Examples.
- Exploited demand for online TV and movie streaming during the lockdown.
- Starts with an email.
- Emails tell that the free trial will end and CC is going to be charged.
- The phone number provided to call to cancel.
- The spreadsheet contains malware.
LinkedIn is a very valuable tool – for users and fraudsters alike.
Why are employees being targeted?
– They will go after you as a human.
– Beware of the “trust” fallacy
– Go after social engineering for you to take action, do not break in for yourself.
– In social media don’t just click what is everything on it.
Why should employees monitor?
– To know your employee’s security.
– To determine an – identified employee is an insider threat.
– User and entity behavior analytics
– Can help you detect malicious activity before it harms your organization.
Meaning of inside threat
– Employees that are uninformed
The organization approach should be….
– Online learning program
– Training
– Properly educate your employees
– Leadership is all that matters
Risk Management should know that…..
– First, we need to know cyber risk and security awareness.
– Let employees know the company’s priority so they will think twice about everything.
– Training for all the staff or employees.
How Increase of inside threat?
Insurance Industry
– Complete digitized
– We can separate malicious, employees, attackers
– It is about risk selection
– Should be a background check the employees inside an organization
Behavioral
– Employee monitoring
– Employee working actively
– Is their behavior can take org. to risk
– You need to be able to deal with employees who bring risk.
– Org. should be resilience
Recommendations
– Applied to the right application depending on what you more accessing.
– Privileged accounts and users.
– Fingerprints and face unlock is better than codes
– Risk managers should be encouraged to monitor that.
Insurance Policy
– Attackers don’t have direct access to this.
– Indemnify policyholders whether to pay or not.
– Whether the payment is legal.
– Stopping payment from organizations does not background check.
– Investigate first.
Cyber insurance doesn’t tolerate it, instead, they help to thrive safety and security.
– We can’t stop the attackers, so we should investigate and be careful.
Important things to do during this pandemic.
– We can administer
– Look analytic
– You don’t have to be in office.
– Training is highly recommended ( online will do)
– More communications
– Working remotely
– Seminars
– Raise awareness
– E-learning
Where responsibility lies if data is protected?
– Own responsibility/ self-responsibility
– There are no direct consequences we do not know the outcome yet we all should pass in the process.
1st and Third Party
Liability lost common supply/ customers / clients.
– You have the liability and responsibility for your customers and clients.
PARIMA 2021 Conference October 27th Afternoon Session
Shaping Better Business Decisions
– Risk management is an amazing team, it grows each day and it is a long-term partnership.
Role of AON
– Preparedness and enough strategies
– Understands deeply
AON’s Global Risk Management Survey
- Biennial, web-based survey
Addressing both qualitative and quantitative risk issues.
- Gather insights from Risk Managers
CRO’s CFO’s, Treasurers, and others from across the globe om their insurance and risk management choices and concerns.
- AON specialists analyze findings
To draw insights about the risk environment looking closely at top risk, emerging risks, TCOR, Risk Management functions, captive management et.
2021 Survey Response Demographics
Top 5 industries represented
- Industrial and Manufacturing 17%
- Food, Agri. business and beverage 13%
- Energy Utilities and Natural Resources 12%
- Construction and Real Estate 8%
- Financial Institutions 6%
Top 5 Roles Represented
- Risk Manager or Insurance Manager 20%
- General Business Manager 17%
- Finance Manager 12%
- Chief Financial Officer 7%
- Chief Risk Officer 7%
Organization Types
- Private 49%
- Public 34%
- Not for profit 12%
- Government 2%
The Top 10 Global Risks Ranks
- Cyber Attacks/Data Breach
- Business Interruption
- Economic Slowdown/ Slow Recovery
- Commodity Price Risk/Scarcity of Materials
- Damage to Reputation/Brand
- Regulator/Legislative Changes
- Pandemic Risk/ Health Crises
- Supply Chain or Distribution Failure
- Increasing Competition
- Failure to Innovate/Meet Customer Needs
Asia Pacific Risk Comparison
2021
- Business Interruption
- Cyber Attacks/Data Breach
- Economic Slowdown/ Slow Recovery
- Damage to Reputation/Brand
- Pandemic Risk/ Health Crises
- Failure to Innovate/Meet Customer Needs
- Increasing Competition
- Accelerate Rates of Change in Market
- Failure to Attract or Retain Top Talent
- Regulator/Legislative Changes
2019
- Damage to Reputation/Brand
- Increasing Competition
- Business Interruption
- Economic Slowdown/ Slow Recovery
- Accelerate Rates of Change in Market
- Cash Flow/ Liquidity Risk
- Cyber Attacks/Data Breach
- Failure to Innovate/Meet Customer Needs
- Regulator/Legislative Changes
- Failure to Attract or Retain Top Talent
– Everything changes because of pandemic
– Pandemic already happened before so basically, we know already what should we do, but now we are not prepared for it and don’t have any plans.
Underrated Risk in APAC – the S in ESG
- Workforce shortage – top 22
- The aging workforce and related health issue – top 25
- Rising healthcare cost – top 54
- Harassment / Discrimination ( Employment-related) top 55
- Gender Pay Gap – Top 56
To manage…
– Think more strategy
– Develop long term on insurers
2 thoughts
- Understand Solution
- Consider identifying source
“AON is the business better decision”
Long term leadership teams
– Resilience
– Insurance market
– Depends on the insurer
– Ability of international attack accounts standard
Some of the top risks are linked risk in focus to climate change.
The issue in Climate change
– Invert your initiative
– 2035mdemands increase
Important Reminders for Risk Managers
– We regularly reporting
– Enterprise development
– Proper set of skills
– Is insurers and costumers
– More strategic
Take-Aways
– Colleagues should be taken care of.
– mental health is very important
– build strong collaboration between insurer and costumer
– always reach out
Risk Manager 7 key themes
K.T 1: Environmental, Social and Governance Factor (ESG)
– clients will need to take control of their ESG narrative.
K.T 2: Energy transition
– current form of asset damage indemnity from insurance, is not sustainable
K.T 3: Result: Climate
– attracting and retaining talent
– energy companies will invest in greener energy.
K.T 4: Result: Talent
– New technologies
See the energy industry continue its innovation heritage, developing new technologies.
K.T 5: Digitalization
– increase the use of it in presenting greater governance challenges for board rooms.
K.T 6: Commodities
– Micro energy landscapes are expected, driven by a new era of electric vehicles.
K.T 7: Risk Vs. Reward
– Companies will look to move along the value chain.
PARIMA 2021 Conference October – 28th -Morning Session
Captive Diversification as a Tool for Resilience

Maxis Global Benefits Network
– Captive grow massively.
– Provides captive insurance.
Captive
– They are known for protecting employees not only physically but also mentally.
– People risk is a hot topic in captives.
– They show empathy to their employees.
– Company has an insurance capacity.
– Provide self-insurance market
– Not all market is diversified into captives.
– Long-term in terms of governance and control
– They have flexibility and control for a program of mental health for the employees
Risk Managers are pushing Risk Insurers to have Self-insurance.
Cell Captive is needed more.
Push Factors:
– Diversify
- Transparency
- Capability to cover
– Cyber
- More sophisticated
- Increase risk assessment
Where do clients struggle most?
- Health insurance
- Behavior change in terms of health care including mental health
- Employers looking for a much more holistic way to manage risk.
What should we do about that?
– We needed to be resilient.
– More investigative task.
– Medical Dynastic of the employer.
– Prioritize mental health of employees
- Aside from check-ups, employers should provide psychiatrists, coaching, and stress management.
- Let them rest
- Interact with their colleagues.
Risk Manager offers…
– Knowledge
– Service
– Solutions
Understand that employees should have…
– Captives
– Needed to have a support system
– Go to your jurisdiction
“A pandemic doesn’t give negativity only but it also gives us a big opportunity, so if we don’t continue grabbing it will become useless.”
PARIMA 2021 Conference October 28th Afternoon Session
Addressing the Vitals signs of Health and Well-being in a Covid era
3 Takeaways
- Keep an eye on a big picture
- Pro-active approach to business religion resilience
- Critical to remember that we are old people
Pandemic and Post Pandemic Workforce Resilience- back to basic.
– Employer’s safety and protection in this situation.
– We got to make difference in other people’s life it is important when we look into workforce resilience.
Content:
- Resilience
– The ability of objects to revert to this previous form after the impact of negative force.
– In human, our resilience energy come from
- Our innate properties
- The work we do
- The environment in which we operate
- Happiness
– Sense of purpose deriving from meeting our needs
– Sense of control and progress
– Sense of connectedness through social and work networking
– Being part of something
- Lessons from the pandemic
– Workforce resilience is now firmly on the c-suite agenda
– Regarded to essential optimize
- Workforce productivity
- Business continuity
- Recruitment and retention of top talent
– No longer just health and safety
– Changes in work structure
– Compliance requirements
– Travel is challenging
- Lessons from clients/Risk managers
– Need to manage risk either in the office or away.
– Need to understand and include health risks in planning.
– Access fact-based information
– Ensure you have a trusted health partner
– Monitor health risk
– Communication and education.
- Building reliance workforce
What do you see are the complexity and how can an organization future proof itself for the next health crisis?
– Re-evaluate
– Establish a new policy
6 ways you can future-proof your business for a post-pandemic workplace.
- Making flexibility as co-benefit.
- Upgrading you’re investing in technology
- Prioritize employee health and wellness
- Increasing communication
- Inverting in management development
- Creating a sustainable company culture
Observation out of this Pandemic
- The topic is already identified as a key of most operations.
- Resilience in times of crisis you can achieve everything.
- The significant, difference in the mental health of a person.
- The culture of organization becomes broader
How do educate leadership?
– Raising awareness
Advice:
– There is no health if there is no mental health.
– It’s time to give back to the community.
– Take care of the people because they are part of every company’s success.
– Taking back to basic.
PARIMA 2021 Conference October 29 Morning Session
From Hindsight to Foresight-Actionable Risk Insights to Take Forward

The perspective of How Organization Dealing with Pandemic
India
– Crisis bought a lot of opportunities
– Give importance to mental health and health insurance.
– Agility is important during Covid-19.
- – Strategy to handle the crisis because we don’t know when will the pandemic end
2 Factors of strategy
– planning
– initiative
Challenges
– Climate change
– A lot of digital happening /changes.
– Geopolitical
– Supply change risk
How do you keep going?
– We have complete support and mandate came from the top. (Communications, committee, security, safety and design strategy)
– Being prepared for anything.
China
– strict control
– safety of all employees
- Challenges
– Shortage of chips
– Aside from Covid-19 there is also a natural catastrophe.
How do you keep going?
– C.A.M.P. (Crisis Action Management Program)
– Command model is a priority over than management model.
It is important to…
– It’s okay to experiment
– It’s okay to try
To Risk managers…
– Even if you failed, always make solutions immediately because there are employees.
– Do different for the future.
– Work together.
– Disease is not the only risk, but also an internal risk in the company and inside the country.
2 Types of Risk
- Covid-19 risks- should be prepared.
- Chronic Risk- is valuable.
Key things
- During difficulties, your relationship and the power of the network are tested.
- You don’t who is your partner, so go outside the box.
- Strong willingness to learn, not just in insurance but also in the outer industry to understand why things happened.
- Understand the preference and potential solutions for the problems. Think of many ways to figure out what is the best solution.
- Alternative thinking.
Important for Risk Manager to look for:
- Knowledge of business
- Ability to talk about business.
– Understand the language of business.
- Empathy driven manager
- Perspective outlook
– Opinion matters.
– Business-related solution
- Provide appropriate capacity
What risk are you going to pay attention to in 2022?
- Cyber risk
- Supply chain risk
- Digital risk
– Cyber threats
– System remaining updated and upskills.
- Regulatory risk
Things you need to be optimistic about
- The opportunity that comes around
– Working on a lesson
- Risk insurance function
– True value of risk insurance.
“Embrace challenges to be better Risk Manager.”
“ You are not alone, PARIMA can help.”
PARIMA 2021 Conference October 29 Afternoon Session
From Green Washing to Net Zero- the Biggest Risk?
PARIMA Conference October 29 – Afternoon Session
Please remember – these are live notes taken – if you wish to learn more info, go here for the conference to listen to the videos. Some sessions may be in other languages.
Check here for the beginning session and the links to all the PARIMA 2021 conference presentations.
Starting
– We are all starting to the purpose
Net Zero – NetZero is a carbon removal venture targeting corporates serious about moving towards net-zero emissions.
Greenwash – make your company seem more environmental than it really is.
– Regulator Risk
Signs
– Climate risk
– Climate changes
– Extreme weather
– Cyberattacks
How do you see evolving on this journey?
– New product aims.
– Facilitate
– Insurance is developing
Climate Change
– Important in decision making
– Massive commodity
What can an organization do to prepare for climate and public health?
– They are both difficult
– You can’t know that it is important unless it happens.
– We need to make sure that leaders make every decision, be pro-active and look in all corners
Impact of Climate Change
– Communicable disease
– Chronic disease
– Diabetes
– It has also impacted on blooming of bacteria and different kinds of vaccines.
Types of Risk
– Emerging Risk
– Conventional Risk
Why does the company be responsible for the deed of others? Can the company do this without shareholders?
– To deliver sustainability cost
– Encourage companies to set standards, because even if they don’t want to, they have to.
The biggest lesson in the past 20 months
– Plan out your activities
– Teamwork
Risk Manager’s role? Why do you think the future will be?
– Leading change is crucial
– Should be understanding at all cost.
– Review your benefit plan
- Make informative data
Why are Risk Managers involved in climate change and risk management?
– They have skills and a deep understanding
– Should be prepared to answer the questions about the risk.
- Climate risk
- Transition risk
- Carbonization pathways
- Liability risk
Keys in sustainability
- Prepare
- Find new ways (do not limit)
- Plan for strategies
- Go beyond reporting
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