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The CIR Services Guide is the definitive guide to services for the business continuity, insurance or risk manager.  This comprehensive guide profiles diverse business categories which are crucial to the management of corporate risk from alternative risk financing to weather risk management.

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To stability and beyond

Following a sour end to 2008, the new year ushered in yet more uncertainty. Dominating the headlines are tales of woeful failure on the part of banks and regulators after a spate of cataclysmic errors of judgement and subsequent financial losses. Each day brings more news of falling profits, rising unemployment and an unrelenting housing market. And with the scale of the problem now global, the outlook appears dreary to say the least.

As the reality of the downturn becomes apparent, the protection of business and assets is in focus like never before. Whoever is to blame for the seizure of financial systems worldwide, recession has led to redundancy for some, and it is in this environment that businesses must strive to grow, diversify or at least continue operations until the turmoil subsides.

The fall-out from the exceptional instability in the global markets will be at the top of the agenda for a long time and for many firms, new lines must be drawn that embrace a changed risk dynamic, where operational risks are heightened and emphasised.

The impact of the recession on spending in risk-related services is under much discussion. Indications show that the sector remains buoyant, however – perhaps a recognition of the greater awareness built in recent years of the importance of risk management, which must not take a back seat just because the economy is in tatters.
Despite the gloomy external factors, there are still many elements of business management that may still be controlled. Success will be defined by the appropriate management of these, along with an ability to take advantage of the opportunities that will invariably arise despite the current outlook.

Managing personnel risk will certainly be among the top concerns for many firms, making planning and continuity a more challenging yet even more essential task. And an awareness of the risks posed to supply chains is more important now than ever. Questions are being raised though about what may slip off the radar. Will the climate debate be put on the back burner as more pressing issues dominate headlines and resources?

Economists predict that it may be up to three years before we see the end of this downturn. Those that come out on top will be those that prepare now to reap the rewards when that time comes.

CIR: Defining tomorrow’s risk solutions