5/15/2019

Under the Radar Emerging Risks

What do you believe are the emerging risks today?

By Phil Gusman

What do you believe is the most under-the-radar emerging risk today?

“The most under-the-radar emerging risk today is the lack of investment that organizations are making in risk thinking and developing risk management tools to respond to risk drivers such as shifting business models and cultural norms: The emerging risk of not planning for emerging risk!”

Rebecca Adelman, Founder, Adelman Law Firm. CLM Member since 2013.

“Data security isn’t just about protecting against criminals remotely breaking into computers with encryption and software. Given the broad definition of PII, it’s important to be mindful that losing things such as customer lists, simple documents, job applications, and appointment books can lead to data-security issues that expose businesses to claims.”

Simon Keshishian, Senior Director of Risk Management and Risk Counsel, Red Bull. CLM Fellow since 2010.

“InsurTech. The NAIC says that there are 1,500 startups in the works and Kentucky’s DOI has the first ‘sandbox’ for regulatory innovation. I look for some marriage of parametric/ILS products for consumers—or, at least, much smaller organizations. There is a wonderful opportunity for this in the private flood market.”

John Burkholder, Director of Risk and Insurance, Tampa International Airport. CLM Fellow since 2018.

“I am anticipating an increase in miscellaneous professional liability E&O claims in connection with the growth of the 3D printing industry. The 3D design is the blueprint for the future product, thus designers have a risk of liability in the event of a recall of unsafe products.”

Michelle Arbitrio, Attorney, Wood Smith Henning & Berman LLP. CLM Member since 2012.

50%

Percent of global data breaches expected to occur in the U.S. by 2023.

Source: Juniper Research

67%

Percent of Deloitte Global Risk Management Survey respondents who named cybersecurity as one of the three risks that would increase the most in importance for their businesses over the next two years.

Source: Deloitte

36%

Percent increase in InsurTech funding for Q4 2017 compared to the same period in 2016.

Source: Willis Towers Watson

3

Third year in a row that weapons of mass destruction are seen as the top global risk in terms of impact in 2019. Extreme weather events are seen as the top global risk in terms of likelihood, also for the third year in a row.

Source: World Economic Forum, The Global Risks Report, 2019

70%

Percent of companies using 3D printing that planned to increase investments in 2018, compared to 49 percent in 2017.

Source: Sculpteo

 



Phil Gusman is managing editor of CLM magazine, a publication of the CLM. He can be reached at phil.gusman@theclm.org.

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