Singapore Press Club hosted our 3rd Lunch-and-Learn session - a media round table discussing the top risks for businesses in Asia, held in conjunction with the launching of the Asia Pacific findings of Aon's 2023 Global Risk Management Survey report.
Held on Wednesday, 22nd November 2023, lunchtime from 12 to 2 pm with a nice recyclable wooden lunch box was served to attendees provided by host Aon at their office boardroom.
Full time or Freelance media professionals registered and attended this round table discussion.
Senior Aon leaders from Aon’s Risk Capital and Human Capital Solutions presented findings from the report with a number of media from The Straits Times, Lianhe ZaoBao, Asia Insurance Review, SCMP, The Economist, Deal Street Asia and others.
Attendees found the session interesting with insights about the top 10 Risks businesses should be concerned about - Cyber Attacks/Data Breach, Business Interruption, Economic Slowdown/Slow Recovery, Regulatory/Legistrative Changes, Supply Chain or Distribution Failure, Commodity Price Risk/Scarcity of Materials, Damage to Reputation/Brand, Failure to Innovate/Meet Customer Needs and Increasing Competition. Surprisingly Climate Change ranked 17.
Key learnings from the survey:
- Though climate change does not feature in the top 10 risks of the survey, it directly impacts four of the top 10 risks: business interruption, changing market trends, supply chain/distribution failure and regulatory/legislative changes. The growing frequency and intensity of extreme weather events in the region increase the risk of business interruption and supply chain/distribution failure considerably.
- Cyber risk remains the top risk concern now and in the future amid increased connectivity. The approach to cyber risk should be enterprise-wide with assessments that assess technical control maturity and quantify the financial loss from threats as a starting point.
- Failure to attract or retain top talent rises to rank four as a key organizational challenge. Companies that do not have a winning employee value proposition in the competition for talent are at high risk of decline.
- The current lack of guardrails around the use of Artificial Intelligence is a prominent subject of discussion in executive committees and boardrooms worldwide. Leaders should take note of the momentum and lean into these discussions to shape the direction of risk management strategies.
Find out more about the report from this link
Top Risks Facing Organizations in Asia Pacific | Aon
During the session, Aon shared that organisations should do regular assessment of their business risks, quantify the potential values of the risk/risk appetite and mitigate potential risks by working their insurance partner on how to transfer risk with insurance coverage and take actions to mitigate risks such as updating their BCP (Business Continuity Plan). It's a very good advise.
About Lunch-and-Learn session
Lunch-and-Learn sessions focuses on emerging trends on products, services, technologies and to address the challenges journalists face in more accurate reporting with time constraints. Journalists who sign up and attend these sessions are not required to publish any story, it is more educational to help them learn about the new trends and keep aware of what they need to report well and plan news stories.
Past attendees said that they enjoyed the opportunity to interact with the industry experts for useful take-away information that they could reference for future reporting. Attendees mainly reporting in the finance, business and tech segments are keen on such future Lunch-and-Learn sessions to cover topics about Consumer Finance, Business, Fintech and Sustainability.
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
About the Speakers:
Senior Aon leaders from Aon’s Risk Capital and Human Capital Solutions will be available to discuss the findings from the report.
- Tracy-Lee Kus, head of Commercial Risk Solutions, APAC
- Adam Peckman, head of Cyber Solutions, APAC
- head of human capital solutions, Southeast Asia
- Top ten risks identified by businesses around the world and in Asia Pacific.
- Impact of these risks on businesses and what leading organisations are doing to mitigate these risks.
- Deep-dive into Cyber Risks: The rise in the frequency and severity of cyber threats and ransomware events.
- People Risks: Addressing the impact of volatility on the workforce.
- Making better decisions in addressing issues such as geopolitical uncertainty, cyber security risks, workforce resilience, environmental, social and governance challenges and opportunities.
- How to assess, mitigate and prepare for future risks, as well as capitalise on opportunities for growth.