Seminar promotes effective risk management strategies

Delegates at the recent First Trust Bank business seminar, held at the Culloden Hotel, heard that effective risk management is just as important as managing sales, manufacturing and other areas of business life.

Organised in association with global insurance specialists Aon McMillen and entitled ‘An Holistic Approach to Risk Management’, business leaders heard risk management specialists from across Europe explain how companies can best assess and manage risk across many different areas of activity.

Fergus Rohan, First Trust Bank Treasurer warned: "This time last year who could have predicted the outbreak of Foot and Mouth Disease or the events in America and their combined impact on businesses here?

"Although both were very specific events, they impacted on all types of business in Northern Ireland and continue to demonstrate that risks to business performance and profitability do not necessarily come from ‘normal’ business risks associated with the management of foreign exchange and interest rates for example.”

The past Chairman of Lloyds of London and current Deputy Chairman of Aon UK, Max Taylor gave delegates an overview of current and future developments in the UK and European insurance market and the potential impact these might have on premiums.

David Mills, Director of Aon McMillen who co-hosted the seminar cautioned that in an increasingly hardening insurance market, companies could no longer pass all of the risk on to the insurance market: “Business owners and managers will have to take on more of the risk themselves and invest more time and energy in managing their risks in the same way they manage other aspects of their operation."

Jim Keyes, Chief Executive of the Health and Safety Executive of Northern Ireland said: “The concept of Risk Assessment has been a legal requirement for employers for the last decade and is part and parcel of many health and safety regimes. Managing health and safety risks are an integral part of good corporate governance and any failure on this front not only means the likelihood of workplace illness, injury or even death, but also a damaged reputation and lost profit.”

Poor health and safety management, said Mr Keyes, was costing the local economy at least £300 million per year.

Karen Miller, Senior Legal Counsel with Chubb Insurance Europe presentation concentrated on the management of corporate liability, and in particular that of Directors.

Mr Rohan said, the First Trust business seminars and the different partnerships they brought together added value to the many different areas of business represented.

Risk management, he said, was an important area of business, which was becoming increasingly important. (SP)