PARIMA Manila 2019 Conference – Redefining Risks Highlights

The Pan-Asia Risk and Insurance Management Association (PARIMA) has recently concluded their PARIMA Manila 2019 Conference with the theme ‘Refining Risks’ last 21-22 May 2019 held at the Shangri-La at the Fort. It was attended by 390 delegates mainly comprised of risk and insurance professionals from all over the Asia-Pacific region. The Conference hosted five plenary sessions and six dedicated breakout sessions led by senior management and industry experts.

Delegates coming from companies such as Ayala Corporation, Aboitiz Equity Ventures, SM Investments Corp., ABS-CBN Corporation, San Miguel Corp., Smart Communications, Inc., Asian Development Bank, Google, Bloomberry Resorts & Hotels, Inc. (Solaire), First Philippine Holdings Corp., Filinvest Development Corp., GMA Network, GSIS, IFC, Lazada, Magsaysay Shipping and Logistics Corporation, Manila Water Company, Inc. and more attended the event.

The C-Suite Panel Discussion, participated by Ms. Rizalina Mantaring, Chairman of Sun Life Financial Philippine Holding Co Inc., and Chairperson of Ayala Land’s Risk Management Committee, Mr. Tristan Aboitiz, COO of Pilmico Foods and Board Director of Aboitiz & Company, and Mr. Andrew Minnitt, CEO Singapore of Aon, moderated by PARIMA’s General Secretary Mr. Steve Tunstall, brought into focus the disruption caused by technology to corporations and how the senior management sees it as an evolving threat. The Panel emphasised that risk managers must be strategic partners rather than technical experts, presenting risk management in a language the senior management can understand and becoming key drivers in the company’s decision-making.

Dr. Donald Patrick Lim, Country CEO of Dentsu Aegis Network Philippines helped the audience understand that the drastic change of consumer behaviour calls for businesses to evolve, and the new generation of risk that comes with it. “Data is the new fuel,” says Dr. Lim. Risk managers should be at the front of the organisation’s “canoe” and lead the way through the “rapids” that come with digital transformation.

ABS-CBN Informational’s distinguished journalist Ms. Karen Davila also shed light on the topic of ‘Fake News’, and how the information we are getting could be ‘controlled’. Davila presented how different sectors could spread false information to mislead people, more easily accomplished through the use of social media and the lack of regulations on such platforms.

Several risk managers commented on how they benefitted from the Conference. “I like how diverse the topics are and how unprecedented the speakers discuss each topic to a diverse audience,” expressed one of the delegates. Another appreciated how the participants were able to “socialize more with their peers from various companies.”

PARIMA, led by their Executive Director Ms. Stacey Huang, launched their Competency Framework – a product of PARIMA’s initiative to map out key skills that risk managers should have and have a consistent standard to gauge themselves against. It is designed to help empower and develop risk practitioners at various stages of their careers. The Competency Assessment Tool, which complements the Framework, will be available to PARIMA members through the PARIMA website in the near future.

An Awards Ceremony for those who have passed the PARIMA-ANZIIF Certified Risk Professional (PA-CRP) Certification Exam held the day before, 21st May, was also held by the end of the Conference, where 11 awardees were presented their Certificates.

PARIMA also publicly announced that they have reached more than 2000 members this quarter, coming from 23 countries from the APAC region, now having members from as far as Fiji and Mongolia.

Prior to the Conference on 22 May, PARIMA also hosted activities for professional development, namely the Masterclasses on 21st May and the PA-CRP Workshop on 20th May. The Masterclasses was held at the Shangri-La at the Fort and was supported by partners Aon, Zurich, AIG and International SOS, each hosting dedicated discussions on topics such as Risk Leadership, Security Risks, Cyber Incident Response and Country Risk Analysis. The Workshop, which aims to help candidates for the PA-CRP understand and integrate the modules of the programme, was hosted at the Aboitiz Equity Ventures Head Office and participated by 33 risk managers from different companies.

The Conference was supported by key market players from the risk management and insurance industry such as Aon, AXA, Marsh, Zurich, Lloyd’s, Willis Towers Watson, AIG, Allianz, HDI, International SOS, Malayan Insurance, Metric Steam, and Pioneer Insurance and Surety Corporation.

Further opportunities for professional development for risk managers in the Philippines are being organised by PARIMA with their Educational Partners. Willis Towers Watson will run the Willis Towers Watson-PARIMA Risk Lab in 2 July 2019, with the theme ‘Assessing and Future Proofing Your Business Risk Profile’. Lloyd’s will be holding the Lloyd’s-PARIMA Professional Development Programme in 31 July 2019 which will be a whole day workshop on Underwriting, Cyber Risk and Insurance and Terrorism & Political Violence Insurance.

PARIMA will be going to Kuala Lumpur, Malaysia for it’s final Conference for 2019 in 4-5 November to be held at the Pullman KLCC.

About PARIMA

PARIMA is the Pan-Asia Risk and Insurance Management Association. It is a not-for-profit professional association dedicated to developing risk management as a profession and providing a platform for risk & insurance managers to connect. We aim to strengthen and enhance the culture of risk management by creating opportunities for education and dialogue within the community. It currently has more than 2,000 members representing more than 1,130 companies across the Asia-Pacific region. For more information on PARIMA and its activities, please visit https://parima.org/ or contact info@parima.org.