Further expansion in technical output for members
Airmic’s technical support for its members is to get a further boost with an ambitious programme of activities and the appointment of a new member of staff. The line-up includes several new guides and pieces of research and extensive educational plans covering insurance and wider risk management.
The programme, overseen by the Insurance and Risk Management steering groups and co-ordinated by technical director Paul Hopkin, reflects feedback from members. It demonstrates the association’s increased emphasis on providing practical career support – a priority made explicit in the ten-year business plan drawn up in 2012.
Several of the projects will be unveiled at the annual conference in June. Three of them involve co-operation with other organisations – the guide to the risk implications of the World Economic Forum (with the Institute of Directors), the Chief Risk Officer Guide (with Tomorrow’s Company) and the guide for board members on the importance and contribution of insurance (with Mactavish).
In addition, as already reported in previous editions of Airmic News, the much-valued Academy series has been extended to 50 workshops this year, whilst the new fastTrack scheme for members relatively new to risk management is has lined up training programmes for insurance and risk management.
Airmic’s technical output has proved popular with members. The current guides and pieces of research typically attract more than 600 downloads every month from www.airmic.com. Looking ahead, planned projects with scheduled completion dates, include: (click on any project for more detailed information).
Guidance on implementation of the recommendations ‘Roads to Resilience’ report – June 2015
Guidance on achieving efficacy of insurance contracts– June 2014
Publication of the Airmic ‘Insurance Efficacy’ guide as a searchable database– June 2015
Development of the Database of International Insurance Requirements – June 2014
Guide for board members on the importance and contribution of insurance– June 2015
Benchmarking of member insurance buying protocols – September 2014 and September 2015
In September, meanwhile, the member salary and status survey will take place. This biennial exercise enables members to compare their own circumstances and practices with those of their peer group. It also provides Airmic with valuable feedback on its member services.
New recruit will strengthen technical output
Airmic has appointed Katie Moore to help develop its technical work for members. Currently Group Risk and Insurance executive with Camelot Business Solutions Ltd, she has previously worked for Marsh UK and HSBC Insurance Brokers.
“Katie’s arrival shows the importance that Airmic attaches to the career support that we give members. I’m sure she will make a great contribution to this area of our work,” said technical director Paul Hopkin.
Guidance on implementation of the recommendations ‘Roads to Resilience’ report – June 2015 Roads to Resilience, Airmic’s report into the role of risk management at successful enterprises, came out in January 214 to much acclaim. It demonstrates that risk controls are essential but not enough on their own; senior management needs to drive the necessary culture and behaviour, supported by risk professionals.
This guidance will consider how Airmic members can take stock of where they are, where they want to go and what levers to pull in order to get there. To quote technical director Paul Hopkin, “We’ve described the destination [in Roads to Resilience], the guide will describe the journey.”
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Guidance on achieving efficacy of insurance contracts – June 2014 and publication of the Airmic ‘Insurance Efficacy’ guide as a searchable database – June 2015
These two linked projects are intended to help address an issue that consistently emerges as a top member concern – insurance efficacy. In particular, they will help buyers to ensure that policies respond as intended to large claims.
The guidance on achieving efficacy of insurance contracts, to be published at this year’s annual conference, will be based to a significant degree on a member survey. It will look at the subject under five broad headings:
- Principles of UK insurance law
- Roles and responsibilities
- Contract certainty
- Coverage certainty
- Claims certainty
The searchable database will update Airmic’s existing insurance guides for members into one easy-to-navigate e-document.
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Development of the Database of International Insurance Requirements – June 2014
This database will address a top concern of risk managers – how to ensure the compliance of global insurance programmes. Keeping abreast of regulations on an international basis – when many are hard to interpret and liable to change at short notice – has long been a headache. Failure to comply, even when inadvertent, can lead to fines, the non-payment of claims and reputational damage. This project has taken several years, but expect something substantive at the annual conference.
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Guide to the implications for business of the World Economic Forum report (in co-operation with the Institute of Directors) – June 2014
This guide, based on finding presented to the business leaders in Davos last year, is intended principally for board level. For Airmic members conversing with senior management, it will provide a valuable insight into business thinking. Dor the record, the top ten risks were cited as:
1. Fiscal crises in key economies
2. Structurally high unemployment/underemployment
3. Water crises
4. Severe income disparity
5. Failure of climate change mitigation and adaptation
6. Greater incidence of extreme weather events (e.g. floods, storms, fires)
7. Global governance failure
8. Food crises
9. Failure of a major financial mechanism/institution
10. Profound political and social instability
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Guide for board members on the importance and contribution of insurance – June 2015
Insurance is often a firm’s biggest single capital investment, yet boards pay it scant attention and rarely see it as a strategic tool. Worse still, there is often pressure to treat it as a commodity to be purchased at the lowest possible price regardless of quality. This guide will set the record straight – and provide risk managers with valuable food for thought. Since it is to be written by Bruce Hepburn of Mactavish, expect it to be lively and hard-hitting and full of insights.
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Development of advice for board members on role of the Chief Risk Officer of the future (in co-operation with Tomorrow’s Company) – June 2014
This advice will be immensely useful to members who aspire to senior roles, as well as to board executives. It is often said that the opportunity for risk managers to wield influence can only increase. To seize them, however, will require a new skill set stretching well beyond the traditional technical areas. (The document will cover all aspects of risk management except financial risk management of the sort carried out by banks and insurance companies).
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Career development guide for risk managers, including hierarchy of knowledge, skills and competencies – November 2014
This guide will describe the skills and competencies required by risk managers and how Airmic can help. It will look at four levels of seniority:
- Chief Risk Officer;
- Director of Risk Management;
- Risk Manager;
- Risk officer.
Taken with the Chief Risk Officer guide, due to be unveiled at the annual conference, this will help Airmic members to plan their career development. The guide will be supported by Academy workshops.
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Benchmarking of member insurance buying protocols – September 2014 and September 2015
Airmic’s now well established benchmarking exercises continue with Property Casualty/Business Interruption (2014) and D&O (2015). As well as enabling members to compare their own programmes with others, it will identify trends in rates, conditions and buying patterns.
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Paul Hopkin