Emerging risks: strategic initiatives
We contribute to strategic initiatives on emerging risks to gain a better understanding of them and help raise awareness among key stakeholders.
Identifying and addressing emerging risks can be challenging. Their novelty and interconnectedness makes it difficult to determine when a particular risk notion must be considered an emerging risk. Timing is of crucial importance. If measures to exclude a particular risk are taken too early, we may not be able to offer our clients insurance protection; if measures are taken too late, we may end up with increased loss potential.
Working with strategic partners
Given the challenges associated with addressing emerging risks, we believe it is essential to foster risk dialogue with various partners. By sharing perceptions and assessments, all parties can gain a better understanding of potential emerging risks and help raise awareness. This is why Swiss Re actively contributes to related strategic initiatives. Currently, our most important involvements are:
Chief Risk Officer Emerging Risk Initiative (CRO ERI)
The CRO ERI was launched in 2005 as part of the CRO Forum to raise awareness of major emerging risks relevant to the insurance industry and society as a whole. The insurance industry plays a vital role in today’s economic system by absorbing financial and insurance risk. To exercise this function in the future, the industry needs to reduce uncertainty by identifying and communicating emerging risks to a broader community. Swiss Re chaired the initiative twice and continues to be an active member.
International Risk Governance Council (IRGC)
The IRGC is an independent organisation whose purpose is to foster the understanding and management of global risks that suffer from weak governance. By developing concepts of risk governance, anticipating major risks and providing policy recommendations, the IRGC offers an important platform for global debate, and provides a rich access to the scientific community and knowledge networks around emerging risks. Swiss Re has been an active member of the IRGC since its founding in 2003.