Lloyd’s and PARIMA Collaborate to Bring Educational Programme Series to the Philippines

Manila welcomed the Lloyd’s-PARIMA Professional Development Programme last 31st July 2019 held at the Shangri-La at the Fort, participated by more than 50 risk managers coming from diverse industries.

After a round of introductions from the audience, PARIMA Executive Director Stacey Huang kicked off the session with an interactive Risk Management game aimed at helping the participants see how their organisations, teams and as individuals handle risk. Participants then pinned down three behavioural competencies that are most critical to risk managers: 1) Building relationships both externally and internally, 2) Maintaining a big picture and long-term strategic thinking and 3) Being able to influence without authority.

Mr. Steve Tunstall, General Secretary of PARIMA, followed with a session on managing reputational risks and online presence. Tunstall cited several examples of how different companies faced their PR crisis. He also emphasised that living in the digital age calls for a new approach in reputational risk management.

A breakdown of factors involved in the human impact of a claim was presented by Mr. Guy Hillyard, Regional Head of Claims of Tokio Marine Kiln. Hillyard used the Shoreham Airshow Crash as a reference scenario, laying out what are the immediate actions to be done, immediate questions to be answered, the media, obtaining actual photo reports through technology, dealing with the victims and their families, rolling out the claims policy, and the aftermath.

The results of the “Bashe Attack: Global infection by contagious malware” report was summarised by Mr. Pavlos Spyropoulos, Head of Market Development, Lloyd’s Asia. The study focuses on the effects of being victim to ransomware attacks, showing the estimated cost of damage, the unfolding of a global ransomware attack, the economic effects by sector & individual regions and more, rendering the global economy as underprepared for such an attack and leaving an insurance gap of £166bn. To learn more about and download the report, you may visit this link: https://www.lloyds.com/news-and-risk-insight/risk-reports/library/technology/bashe-attack

Ms. Jessica Schappell, Claims Manager of Beazley, discussed the tabletop side of Cyber Insurance. Schappell highlighted the importance of preparation, having an Incident Response Plan and keeping it up-to-date and relevant, internal & external communications, training employees and making sure security measures are implemented.

An insight into the Philippines’ current Political Violence and Terrorism climate was given by Mr. Steve Hatton, Political Violence & Contingency Underwriter of Beazley. Hatton further delved into actions companies could take to lower their risk exposure, available coverages and what is not covered, and underwriting considerations. He also cited actual incidences from different regions and how the insurer dealt with it.

ABOUT THE PROGRAMME

The Lloyd’s-PARIMA Professional Development Programme is an educational initiative designed to build knowledge and expertise for risk managers. Since its launch in 2016, the programme had been held in Singapore, Hong Kong, Tokyo, Sydney, Bangkok and Mumbai tailored to address the needs of local risk managers. For more information on the series, kindly visit: http://parima.org/lloyds-parimaprogramme/