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Women to Watch

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The risk management and insurance industry was, and still is, a male-dominated field. This is a fact. But what’s also true is that more and more executive-level positions within the industry are being filled by women. They moved from secretary to the risk manager, to CFOs of major corporations, directors of risk management for Fortune 500 companies and heads of insurance recovery for major law firms.

They’re making moves.

In Risk Management‘s January/February 2011 issue, I highlighted some of the female pioneers within the risk management and insurance industry, letting them share their story of how they squashed sterotypes and landed leading roles in the field. I profiled successful women such as:

  • Kathie Maley, Vice President, Risk  Management, Special Risk Services, IMA Financial Group
  • Stacey Nielsen, Senior Risk Analyst, Dollar Tree Stores
  • Tamika Puckett, Risk Manager, Public Schools of Alexandria City, Virginia
  • Trish Henry, Executive Vice President and Deputy General Counsel, ACE
  • Lori Seidenberg, Vice President of Enterprise Risk Management, Centerline Capital Group
  • Dorien Smithson, Executive Vice President of Strategic Outcomes Practices, Willis

    University of California Chief Risk Officer Grace Crickette.

And we get a glimpse of the achivements of even more women in Business Insurance‘s annual “Women to Watch.” In it, the publication recognizes women doing outstanding work in insurance, risk and benefits management, and related fields. One of the 25 honorees, Grace Crickette, spoke at last month’s RIMS ERM Conference in San Diego. As the chief risk officer for the University of California, she also serves on the RIMS ERM Committee. In her interview with Business Insurance, she gives some great advice to future (and even current) generations of risk managers:

I had a great boss, who’s since passed away, and one day he said to me, “Grace, your desk is a dangerous place to do your job.” And I said, “Well, Bill, what do you mean by that?” And he said, “You’re not going to make the best decisions on implementing policies and procedures and programs if you don’t get out in the field and really understand the business.” So I think that would be one bit of advice: Don’t spend too much time at your desk. There’s not a lot of risk at your desk; and if you want to be of value to the organization and really progress in the organization, you really need to get out and really understand the business in a holistic way. The other one is also then to learn the language or the taxonomy of the other people you’re working with. I think in risk management, you can tend to become insular and just focus from an educational or professional standpoint on being with other risk managers and studying just risk management.

Great advice for any profession.

Dr. Doom: “With Italy Too Big to Fail, Too Big to Save … The Endgame for the Eurozone has Begun”

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As the eurozone troubles continue to mount, there is a growing consensus that “muddling” through won’t be enough. Critics say that more immediate and drastic action must be taken, namely by Germany and France, before the negative watch warning for the ratings of France and the regional bailout fund, the European Financial Stability Fund, potentially becomes something that matters.

One man, however, doesn’t think the disparate governments that can make a difference will.

And it’s a guy who knows a little about forecasted meltdowns.

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According to the New York Times, in 2006, Nouriel Roubini, an NYU economist who has been nicknamed Dr. Doom, “laid out a bleak sequence of events: homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt. These developments, he went on, could cripple or destroy hedge funds, investment banks and other major financial institutions like Fannie Mae and Freddie Mac.”

As the tale goes, the IMF audience he spoke to were skeptical to say the least. Some likely thought he was a funny little man.

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Others thought he was nuts.

Unfortunately, he was correct.

Now, he is predicting a major European recession, one large enough to spread worldwide.

Roubini predicts Europe’s leaders “will reach something of a compromise, but it won’t be sufficient” to solve the problem of too much government debt.

They will agree that “fiscal austerity and reforms will be necessary,” but those changes will only depress growth, leading to lower tax revenues and a deepening debt crisis. Eventually, investors in European bonds “will see they are insolvent,” he said.

“With Italy too big to fail, too big to save, and now at the point of no return, the endgame for the eurozone has begun,” Roubini said in a recent written assessment.

Hopefully, Doom won’t strike twice.

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Talent Shortage: A Top Risk Facing Businesses

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No, it’s not the credit crisis or the looming threat of cyber crime or business continuity during a natural disaster or the overall state of the national economy that keeps American business owners awake at night. It is, according to most, the shortage of talent and skills.

This may seem strange, seeing as were are still experiencing record unemployment numbers — meaning the pool of seemingly qualified employees should be vast to say the least. But in fact, the 2011 Lloyd’s Risk Index found that talent and skills shortage ranked as the number two risk facing American business leaders — shooting up from the number 22 spot in 2009.

“These findings show that talent is now firmly part of the risk lexicon — high levels of unemployment have boosted the quantity of candidates, but employers are still wrestling with the quality. Our own Global Talent Index echoed these concerns and highlighted two factors underscoring this risk: population demographics and skills gaps,” said Kevin Kelly, CEO of Heidrick & Struggles the leadership advisory firm providing executive search and leadership consulting services worldwide.

Are business leaders prepared to handle not only the number two risk on the list, but all 50 in the index? Apparently they are. Respondents said they are more than adequately prepared for 48 out of the 50 risks listed. That is in comparison to 2009, when leaders said they were not adequately prepared for eight of the 40 listed risks. Leaders cited “boosting talent retention” as one of the most overall effective risk management actions taken over the last three years, showing how eager businesses are to retain the staff they have.

Speaking of risk management, when respondents were asked to identify the most effective risk management action their organization had taken over the last three years, they cited the introduction of formal risk management strategies and systems, stating that “risk management is now one of the most important roles in the business community.”

Finally.

It may have taken the collapse of the U.S. housing market, a worldwide recession and the continuous uncovering of massive fraud to push the idea of risk management to the forefront of global business programs, but at least the discipline is now moving to where it belongs.

And it is apparently now focused on retaining the talent and skills that are greatly needed in a business world full of continuously evolving risks.

Charting Supply Chain Risk in China – It’s Worse Than in Japan

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When the earthquake and tsunami hit Japan in March, it was seen as a worst-case scenario.

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In some ways it was. It was the most costly disaster in human history, for example, and the economic toll has been estimated north of $200 billion. Likewise, the meltdown at the Fukushima Daiichi nuclear plant was among the scariest realities that nation could ever face.

The other context in which the catastrophe has been, almost undoubtedly, the worst ever is in terms of supply chain disruption. Toyota, for example, was forced to delay the launch of new wagon and minivan versions of its popular Prius hybrid line of automobiles. Other carmakers and electronic companies were also hard hit by an inability to get crucial parts.

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In hindsight, however, the disruption was not quite as bad as initially feared. Toronto’s Globe and Mail reported as much in June.

While there are shortages of vital parts for cars and electronics – including some computer chips, silicon wafers and batteries – the big surprise is that the March 11 natural disaster wasn’t more of a disaster for the complex and time-sensitive global supply chain.

The system is proving remarkably resilient – in part because Japan is far less connected to the global economy than many other advanced countries. That’s because Japanese manufacturers moved faster, and earlier than most, to lower-wage countries offshore, most notably to China.

The worst-case scenario envisioned after the Japanese disaster, including widespread and lengthy shutdowns of plants around the world, hasn’t happened.

There are two sides to this coin.

On the one hand, let’s all give a round of applause to those who helped make the system “remarkably resilient.” Indeed, later in that article, Garland Chow, a professor and supply chain expert from the University of British Columbia, added that “Ten years ago, this kind of disaster would have been twice as bad because they weren’t ready.”

Then again, if the Japan disruption wasn’t as bad as expected, will it serve as enough of a lesson that a lot of work still needs to be done in terms of improving supply chain resiliency? Will companies become complacent? Will they continue to diversify sourcing options enough to weather the storm equally well if a true worst-case crisis occurs?

A new report by Swiss Re may shed some light on that question.

“China and Natural Disaster – A Case for Business Resilience” offers a simple, concrete, unmistakeable reason why a disruption in China could be much, much more difficult to navigate than the March disaster in Japan.

I’m not a mathematician, but it seems that less than half of North American companies relied on Japanese manufacturers but nearly all of them rely on those in China. Fortunately, more are realizing the vulnerability they have there. In fairness, most of those surveyed by FM Global already were concerned about the disruption potential of a disaster in China. But a full 61% are now more concerned after seeing what happened in Japan.

The below graphic shows how they are reacting.

If you can’t read the mitigation strategies for natural hazard exposures in China listed in the chart below, click here to see a larger image. But the key takeaways come from the top three areas:

  • 70% are considering “increasing alternatives sourcing”
  • 65% are considering “increasing collaboration with suppliers on mitigating risk at their locations”
  • 61% are considering “implementing a more robust risk assessment process.”

“A natural disaster-related supply chain disruption in China would have far-reaching and long-lasting negative economic impact,” said Vinod Singhal, Brady Family Professor of Operations Management at the Georgia Institute of Technology’s College of Management. “It would slow down the global economy because China is not only a major exporter of goods, but also a major importer of goods. It would cause shortages in many consumer and industrial products that could lead to inflation and devastate the share price of companies.
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”

Fortunately, it seems like most companies do plan to improve their resiliency efforts in China. But there are still nearly a third of companies that aren’t. Hopefully, we will never have to find out if “good enough” is good enough.

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