Crawford & Company(R) Report Highlights Importance of Scenario Planning

Jun 16, 2015 08:30 JST

Source: Crawford & Company

New Crawford report reviews emerging risk climate facing global corporates

LONDON, Jun 16, 2015 - (ACN Newswire) - Crawford & Company(R) has urged corporates to consider pre-loss and scenario planning in their risk management programmes, as emerging and intangible risk categories highlight an increasing demand for preparedness.

The Company has published a new report for the Association of Insurance and Risk Managers Conference 2015, entitled Scenario planning and adapting to emerging risks; A Risk Manager's Essential Guide, which analyses six key risk areas to reveal the latest practice by corporates.

"The process of Enterprise Risk Management has evolved significantly over the last five years," says Benedict Burke, head of Global Markets at Crawford and one of the report's authors. "The issues emanating from the financial crisis, the fragile global economy, a nervous Eurozone, volatility in raw materials pricing and increasing political unrest, have created an environment in which risk across corporations, particularly multinationals is more varied and far reaching than ever."

"Against this backdrop and picture of the current drivers of Enterprise Risk Management, it's important we have insight and preparedness for the emerging risks that businesses are confronted with."

He added that "We decided to analyse six key risk areas, which Crawford views as the most important and should be on most boardroom agendas at some point. The Guide looks at macro trends and claims experience from across our company's global operation and we also made sure to review the observations of sector experts from the insurer, legal and broking markets, many of whom have unique insights that can help build a clear overall picture."

Neil Allcroft, senior vice president, Global Markets, Crawford adds how the Guide pinpoints these emerging challenges and explains why scenario planning needs to weave itself into the risk management plan. "Threats to reputation and customer data, as well as the relentless march of regulators, the unpredictable perils of political violence and the vulnerability caused by potential supply chain failure, all require careful understanding of the likely scenarios which can cause losses. In many cases these are intangible risks, but this industry has become skilled at applying solutions in the context of scenario planning and pre-loss management; this report provides evidence of how that happens."

To download a copy of Scenario planning and adapting to emerging risks; A Risk Manager's Essential Guide, click here http://bit.ly/1GILcOl.

Notes to News Editor:

About Crawford(R)

Based in Atlanta, Ga., Crawford & Company(R) (www.crawfordandcompany.com) is the world's largest independent provider of claims management solutions to the risk management and insurance industry as well as self-insured entities, with an expansive global network serving clients in more than 70 countries. The Crawford Solution(TM) offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers compensation claims and medical management, and legal settlement administration. The Company's shares are traded on the NYSE under the symbols CRD-A and CRD-B.

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Source: Crawford & Company via Globenewswire

Source: Crawford & Company