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Should we consider Black Swan events as a strategic risk on an organisation’s risk register?

There is always the danger that we mistakenly use hindsight as foresight. The current COVID-19 crisis has demonstrated that events don’t always have predecessors and the lack of a precedent can contribute to the magnitude of the shock.

The oft quoted phrase “This is unprecedented” suggests that with a little extra effort, we could find precedents for anything and predict everything. But Black Swan events don’t have precedents.

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What is on my mind during these unusual and uncertain times?

I have been deeply proud to be a member in the risk management community in recent times. I have seen our professional peer group step up and share like never before as we battle these unprecedented times. I have also seen people whom I might have considered ‘risk leaders’ simply disappear from this level of collaboration. This tells me two things; firstly, the risk fraternity is strong with some incredible talent and innovation. Secondly, don’t rely on someone’s name or the organisation they work for as an inherent underwrite for their credibility.

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Wonderful Roundtable event hosted by RIMS

Another great RIMS roundtable session was held last Monday, hosted by Jardine Lloyd Thompson on the market conditions and challenges for buyers of Directors and Officers insurance cover in Australia. Andre Louw, Chairman of JLT Australia, expertly presented on typical market structures, the challenges for Side C cover given past and current Class Actions and…

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