Women in Risk: getting a seat at the table to influence risk taking
As part of our #WomeninRisk series, highlighting inspirational women in risk management, we spoke with Karen Tan, Chief Risk Officer Reinsurance Asia at Swiss Re about her thoughts about diversity in the industry and where risk management is going. Karen will be speaking at RiskMinds Asia on how to incorporate sustainability and climate change into risk management decisions.
How did you start your career?
I am an actuary by training, and started in medical insurance costing and product design based in Singapore. My career then brought me to Switzerland, where I soon had the opportunity to embark on an exciting set of developments linked to new solvency and capital regimes being developed in Europe (e.g. Solvency II). My last role in Switzerland was Chief Actuary for Zurich Life Insurance Company, before I moved with the family back to Singapore to be Swiss Re's CRO Reinsurance Asia in 2014.
Why do we see so few women in risk leadership?
I beg to differ. At Swiss Re Group, we have quite a few women in our Risk Management Leadership. Women hold the positions of CRO Corporate Solutions, Head of Qualitative Risk Management, Head of P&C Risk Management, CRO Reinsurance Americas, and CRO of Reinsurance Asia. That's 5 out of 13 Managing Directors in the Risk function. Elsewhere, I also know some impressive female CROs including Alison Martin from Zurich Insurance.
One core skill that risk managers need to have is the ability to influence proper risk taking. To do this well, we need to have a seat at the table and be heard properly.
It also is very important to develop trust and good relationships with stakeholders. I think many women do this quite well – we just need the confidence to speak up, and back our points up with good rationale and evidence where appropriate.
What can companies do to attract more women (and retain them)?
There is a range of things companies can do. In my opinion, providing support for new mothers returning to work is critical. This can range from (depending on the size of the operation) having nursing rooms, to allowing flexible working times and arrangements for working from home. This allows parents (fathers too, of course) to visit schools, be involved in their children's activities or even bring them to the doctors.
Do you have any advice for women starting a career in risk management?
Just do it! Learn as much as possible about the business, be curious, and build skills. Risk Management is a very interesting function to work in. We get a rare opportunity to be exposed to every part of the business value chain. In many companies, especially in financial institutions, the positions of CROs have been elevated over the last 10 years, to provide a more immediate and visible risk view to top management and Boards.
What does the future of risk management have in store?
I believe risk management will have an ever increasing impact on how companies do business.
In today's world, corporate trust barometers are fairly low. Businesses need to show they are living up to their corporate promises.
Companies across the spectrum need to further embrace and improve their risk management frameworks to be fit for purpose. News today disseminate with simple taps and shares on a smartphone. We must proactively manage risks, build trust and deliver sustainable value!
