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Monday, 8 April 2019

Risk managers may worry, but the passionate among them seldom grow weary

Risk managers may worry, but the passionate among them seldom grow weary: You’d think a career in risk management would make you prone to premature aging and graying of hair. But it’s a function which seems precisely suited to forever young, inquisitive, and imaginative folks who enjoy meddling with data and thinking up real world scenarios akin to those in science fiction, according to group chief risk officer at Zurich Insurance Alison Martin (pictured above), the FT writes.

Data science: Martin’s company, both an insurer and a so-called impact investor, is interested in anything that cause losses for its customers, whether “wild weather patterns — or, increasingly, severe fires.” The insurer relies on “catastrophe models” that measure such occurrences and envisions two future scenarios in which governments either fail or succeed to act on climate change.

Technology: Cyber security is a major focus for any company, with hacking only one of a multitude of threats posed by new tech. This extends to companies beyond the insurance industry, but is particularly important for insurers who have access to sensitive customer data.

A complete risk manager needs to be able to see the forest from the trees, “to understand the wider risks” of a world that is evolving. For that, they need to grasp where our knowledge and modes of thinking are likely to lead us.

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