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Climate Change’s Impact on Cities and Businesses

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Growing populations around the globe have created larger cities, as well as greater concentrations of risk. It is projected that a rise in sea levels and increased intensity of events will amplify the impact of hurricanes, tornadoes, heat waves, floods and droughts. Because of this, climate change is seen as one of the biggest threats to cities and businesses and could account for an estimated 20% of the global GDP by the end of this century, according to “Business Unusual: Why the climate is changing the rules for our cities and SMEs” by AXA.

While some cities have worked to put resilience plans in place to reduce the impact of flooding and other disasters, there is much to be done and businesses are vulnerable, especially small- to medium-sized enterprises (SMEs). Only 26% of SMEs have taken action to protect themselves, yet 54% are worried about the impact climate change could have on their business, and the number rises to 75% in emerging markets, the study found.

AXA-SME impact

“These disasters would be magnified by the fact that populations and assets have never been so concentrated in disaster-prone areas,” Henri de Castries, chairman and CEO of AXA Group said in the report. “Half of the world’s population now resides in cities, often along coastlines, and this proportion is due to rise to nearly two-thirds by the middle of the century, representing some 6.4 billion people. It comes as little surprise, then, that 80% of the climate change adaptation costs for 2010-2050 would be borne by urban areas.”

According to the report, these are common elements of resilience planning:

  • Risk assessments to identify key vulnerabilities.
  • Adaptation of essential infrastructure to withstand changes to the environment.
  • Development of flood defenses to protect inhabited areas from flooding caused by extreme weather events and increased rainfall.
  • Urban planning and relocation of buildings, including adapting to future developments that allow greater resilience to the consequences of climate change.
  • Development of emergency warning and response plans—emergency response planning is a core pillar of resilience strategy.
  • Community engagement and awareness-raising activities.

Additional findings:

Impact IImpactII

 

Risk Link Roundup

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Link Roundup

Here are a few recent articles highlighting some interesting issues that impact the world of risk and insurance. They include information about Hurricane Patricia’s impact on Mexico, corruption in China, the impact of women chosen for cybersecurity posts, some of the deadly dangers present in enclosed areas of ships and a survey about the level of social responsibility of chief executive officers in relation to the gender of their children.

Lessons of Past Disasters Helped Mexico Sidestep the Brunt of a Hurricane

Meteorologists called Hurricane Patricia one of the most ferocious ever seen in the Western Hemisphere, a monster bearing down with unprecedented energy on the Pacific coast of Mexico on Friday as residents and tourists evacuated or hunkered down in fear. But just hours later, the storm had passed over and, despite uprooted trees, landslides blocking some roads and the destruction of humble homes, there were no immediate reports of any deaths or damage to major infrastructure.

China Probes Graft in Angola Oil Deals

Wall Street Journal: Anticorruption investigators are zeroing in on oil deals in Angola by one of China’s biggest energy companies, part of President Xi Jinping’s nearly three-year probe into graft in the industry.

Why Corporate Boards are Picking Women to Fill Cybersecurity Posts

BloombergBusiness: Earlier this year, American International Group Inc. added Linda Mills to its board, attracted partly by her expertise in cybersecurity. In February, Wells Fargo & Co. selected Suzanne Vautrinot for its board for similar reasons. Before that, Walgreens Boots Alliance Inc. picked Janice Babiak. All directors, all focused on cybersecurity, all women.

Safety: The Unseen Killer

MarineLog: Accidents resulting in death or injury on board ships in enclosed spaces continue to occur at unacceptable rates. A shift in the approach to safety management of enclosed spaces on board ships is needed.

CEOs with Daughters Run More Socially Responsible Firms

Harvard Business Review: Henrik Cronqvist of the University of Miami and Frank Yu of China Europe International Business School compared the corporate social responsibility ratings of S&P 500 companies with information about the offspring of their chief executive officers. The researchers found that when a firm was led by a CEO with at least one daughter, it scored an average of 11.9% higher on CSR metrics and spent 13.4% more of its net income on CSR than the median.

 

Intuit Wins 2015 ERM Award of Distinction

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CHICAGO—In recognition of its success in building a sustainable enterprise risk management (ERM) program to enable its business lines to identify and intelligently manage the most important risks, software company Intuit was presented with the 2015 Enterprise Risk Management Award of Distinction at this year’s RIMS ERM Conference.

“ERM transformed Intuit’s risk management capability requiring our leaders to think cross-organizationally and cross-functionally to understand the most significant risks and drive strategies to address them,” said Janet Nasburg, chief risk officer at Intuit.

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“ERM was instrumental in not only providing insights about the company but has also driven changes in the way we align our focus. It is a tremendous honor to be recognized by RIMS for our hard work and to share our ERM experiences with the risk management community.”

Honorable mention for this year’s ERM Award of Distinction went to VIA Rail Canada Inc., the country’s national passenger rail company.

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As a result of its ERM program, the company developed a risk appetite and tolerance framework based on measurable leading key risk indicators.

“Applying this framework to its key strategic risks strengthened VIA’s ability to assess, monitor, and respond timely to changes in its enterprise-wide risk portfolio, thereby adding value to its decision-making process and enhancing risk oversight by its board of directors” said Denis Lavoie, VIA’s director of enterprise risk management.

“RIMS is delighted to recognize the accomplishments of these two organizations and their risk professionals through the RIMS Award of Distinction,” said RIMS Executive Director Mary Roth. “The Intuit and VIA Rail programs demonstrate the tangible value that ERM brings to their respective organizations for both strategy-setting and strategy execution.

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Judging criteria for the ERM Award of Distinction includes the scope of the ERM program and how it engages different levels throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.

10 Tips to Excel in ERM

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05a9ef2CHICAGO—For many risk managers looking to implement enterprise risk management programs, one of the biggest challenges is figuring out how to do it properly. Unfortunately, as Steve Zawoyski, ERM leader at PwC, pointed out in a session at this year’s RIMS ERM Conference, you will never find the perfect ERM program—it’s basically as mythical as a unicorn. But there are certain key steps you can take to increase your chances for a successful ERM program. Zawoyski’s top tips are:

  1. Establish ERM program objectives. One of the common stumbling blocks to a successful program is the lack of agreement as to why you are doing this in the first place. Some may be doing it in order to make better decisions around strategy while others have governance concerns in mind or are simply doing it because the board said so. Establishing proper objectives will allow you create the program that works best for your organization.
  2. Manage stakeholders. There are likely multiple parties that have a vested interest in your ERM efforts from the board to business managers to legal and audit to regulators.
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    You will need to consider all of their specific needs and concerns.

  3. Align risk functions. Risk management is part of every division’s responsibility. Getting everyone on the same page will avoid allowing fatigue to set in over yet another risk management effort.
  4. Align risk and management processes.
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    It is important to understand how the business is being managed and connect to those processes in order to be in a position share information up and down the organizational hierarchy.

  5. Define risk. The traditional definition of risk denotes a hazard or a failure of some process. Make sure you organization understands that risk is merely uncertainty that can have both a positive or negative impact on objectives. It is ok to take on risk.
  6. Give credit. Different functions already have risk management capabilities and processes. Rather than reinvent the wheel, harvest the data and expertise already out there and build off that. Don’t build unnecessary steps into the process when those areas are already being addressed.
  7. Remember that risk is a four-letter word. Risk is an overused, ambiguous word with an often negative connotation. Risks are nothing more than variables that can present opportunities for greater success.
  8. Beware of risk categories. Labels like operational, financial, strategic or technology are overemphasized and not how business units think of risk.
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    It is more effective to talk about risk in terms of management of hazards, compliance obligations or other uncertainties.

  9. Do your research. It is vital to develop a thorough understanding of the business and its drivers, from its capabilities to its competitive advantages to its strategic priorities and objectives.
  10. Simplify risk appetite. Risk appetite should be considered on a risk-by-risk basis and should boil down to a simple question of once risk controls and processes are in place, are you satisfied with the results?

ERM implementation can be challenging. But according to Zawoyski, it is all about keeping it simple for the stakeholders, ensuring that value is created, aligning to the business and evolving over time. By approaching your program in this way, all stakeholders will understand their role and how ERM relates to the overall strategy of the organization.