Respondents Indicating as Top 10 Risk are facing 2017 ...€¦ · A Top Ten Risks B Risk....
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A Top Ten Risks B Risk. Reinsurance. Human Resources. Aon Risk Solutions Risk. Reinsurance. Human Resources. About Aon Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com. © Aon plc 2017. All rights reserved. The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate profes- sional advice after a thorough examination of the particular situation. For full insights from the survey, visit us at aon.com/2017GlobalRisk GDM01868 Contact 2017 Education Industry Report Highlights % of Respondents Indicating as Top 10 Risk % with Loss % with Plans in Place Cyber crime/ hacking/viruses/ malicious codes 73 % 15 % 85 % Damage to reputation/brand 71 % 22 % 41 % Regulatory/ legislative changes 58 % 27 % 54 % Failure to innovate/meet customer needs 47 % 33 % 57 % Increasing competition 42 % 37 % 58 % Failure to attract or retain top talent 40 % 17 % 61 % Business interruption 40 % 11 % 72 % Political risk/ uncertainties 36 % 19 % 38 % Economic slowdown/slow recovery 31 % 21 % 21 % Technology failure/system failure 31 % 14 % 79 % Today’s Education Institutions are facing complex and interconnected risks. We live in an era of unprecedented volatility. Trends on three major dimensions – economics, demographics, and geopolitics – combined with the exponential pace of technology change, are converging to create a challenging new reality for organizations. These forces create opportunities that we cannot even imagine, but also present new frontiers to be explored. Leta Finch Managing Director National Practice Leader, Higher Education Aon Risk Solutions +1.802.264.4703 leta.fi[email protected]
Transcript of Respondents Indicating as Top 10 Risk are facing 2017 ...€¦ · A Top Ten Risks B Risk....
A
Top Ten Risks
B
Risk. Reinsurance. Human Resources.
Aon Risk Solutions
Risk. Reinsurance. Human Resources.
About Aon Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage andreinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com.
© Aon plc 2017. All rights reserved.The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate profes-sional advice after a thorough examination of the particular situation.
For full insights from the survey, visit us at aon.com/2017GlobalRisk
GDM01868
Contact
2017 Education Industry Report Highlights
% of Respondents Indicating as Top 10 Risk
% with Loss
% with Plans in Place
Cyber crime/hacking/viruses/malicious codes
73% 15% 85%
Damage to reputation/brand 71% 22% 41%
Regulatory/legislative changes 58% 27% 54%
Failure to innovate/meet customer needs
47% 33% 57%
Increasing competition 42% 37% 58%
Failure to attract or retain top talent 40% 17% 61%
Business interruption 40% 11% 72%
Political risk/uncertainties 36% 19% 38%
Economic slowdown/slow recovery
31% 21% 21%
Technology failure/system failure
31% 14% 79%
Today’s Education Institutions are facing complex and interconnected risks.
We live in an era of unprecedented volatility. Trends on three major dimensions – economics, demographics, and geopolitics – combined with the exponential pace of technology change, are converging to create a challenging new reality for organizations. These forces create opportunities that we cannot even imagine, but also present new frontiers to be explored.
Leta FinchManaging DirectorNational Practice Leader, Higher Education Aon Risk [email protected]
15%
73%
27%
NoYes
68%85%
32%
C
Companies <$1 Billion
Overall
Companies >$1 Billion
Presence of a Formal Risk Management Department
16%
16%
17%
50%
25%
83%
25%
68%
Not purchased and no plans to purchase
Insurance currently purchased
Plan to purchase
24%
Not purchased and no plans to purchase
Insurance currently purchased
Plan to purchase
5%
16%
16%
17%
50%
25%
83%
25%
68%
Not purchased and no plans to purchase
Insurance currently purchased
Plan to purchase
Overall
North America
Europe
Cyber Purchasing Patterns
Data Source: Aon’s 2017 Global Risk Management Survey
What are the 3 most important drivers in your choice of insurers?
Coverage terms and conditions
Financial stability/rating
Claims service & settlement
1 2 3
Institutions with a Cross-Functional Process for Identifying Key Risks
Yes68%No32%
Top Five Emerging Risks in 2020
4
3
Increasing competition
Political risk/ uncertainties
5
1
2
Cyber crime/ hacking/viruses/malicious codes
Risk Departments Cultivate a Comprehensive Process to Identify and Assess Current and Emerging Risks
Assessment of Major RisksIdentification of Major Risks
Cyber Risk - Completed Assessment
7%Yes, quantitative
20%No
20%Yes, both quantitative
& qualitative
14%Yes, qualitative
32%Yes, not sure what type of assessment
7%Not sure
No formalized process14% No formalized
process16%
Industry analysis, external reports36%
Consult with external service provider/advisor34%
Risk modeling/risk quantification analysis18%
Risk information from other function-led processes (e.g. internal audit, disclosure, compliance, etc.)57%
Senior management judgment and experience48%
52%Board and/or management discussion of risk during annual planning, risk assessment or other processes
Board and/or management discussion of risk during annual planning, risk assessment or other processes
45%
Senior management judgment and experience45%
23%Structured enterprise-wide risk assessment process supported by a standard toolkit and methodology
Structured enterprise-wide risk identification process judgment and experience25%
What top 3 methods do you utilize to evaluate the effectivenss of your risk management program?
Lower Total Cost of Risk
Compare historical results from risk events
against effectiveness of risk management
programs
Compare historical results of safety and
loss control programs
30%32% 30%
To keep pace with the pervasive and fast evolving cyber threats that go hand in hand with the dizzying speed of technological innovation, much more progress is needed in the area of cyber risk control and mitigation.
Damage to reputation/brand
Regulatory/legislative changes
