Risk Dialogue Series: Integrative Risk Management
15 Jun 2010
The Swiss Re Centre for Global Dialogue has published a new publication in its Risk Dialogue Series on the emerging discipline of integrative risk management.
Integrative risk management starts with the premise that no measure of exposure can be taken in isolation. It is a view that is well established in a corporate context, with stress being placed on a more holistic understanding of risk management.
This integrative approach is beginning to make headway into the strategic management of risks at a societal level. There are many measures that can be undertaken by governments and authorities to manage systemic and overlapping risks. Over recent decades risk management has advanced to become an important independent subject manner. Progress in modelling, increased awareness of large risks and their interconnectivities, combined with experiences of major catastrophic events, have all contributed to the evolution of the discipline. There is much that can be learned about the mitigation of societal risk on the one hand; and promoting policies that facilitate advanced recovery from unavoidable events on the other.
Swiss Re has brought together a number of leading authors to highlight different aspects of the topic, highlighting the path from improved working methodologies to implemented risk solutions. These include understanding the dynamics of system level risk; promoting approaches that allow swift financial and physical societal rebuilding post-catastrophe; and seeking workable solutions to two key systemic risks of hunger and climate change. The high profile authors come from Harvard University, the International Risk Governance Council, the World Economic Forum, the Organisation for Economic Cooperation and Development, the World Bank, the United Nations World Food Programme, the Intergovernmental Panel for Climate Change and Swiss Re.
As one of the world’s leading reinsurers, Swiss Re takes an active interest in risk management frameworks that seek to reduce the overall exposure to which societies are exposed, and to promote swift recoveries back to economic growth. Swiss Re also recognises the valuable role that private sector partnerships with the public sector can play in helping to manage and mitigate risk.