Aon Risk Solutions Australia chief executive Lambros Lambrou said the diverse range of risks businesses face “requires them to mitigate against a wider range of issues than ever before”.
“The real challenge for business lies in understanding and developing the tools and solutions necessary to succeed in the face of the ever-accelerating change and complexity of today’s risk landscape,” said Mr Lambrou.
Australia is “demonstrably behind the curve” when it comes to even a basic understanding of the issues relating to cyber risk, he said.
“This applies not only when it comes to individuals’ privacy, but for the integrity of entire organisations,” Mr Lambrou said.
“That includes major liability issues at the Board and Director level right through to the very real threat that cyber risk poses to undermining everyday operational capability.”
Mr Lambrou believes a focus on big data has the potential to shape the future of risk management and “help businesses address issues like cyber risk in a more sophisticated way”.
The risk management industry, Mr Lambrou said, must use data and technology to evolve faster than its clients on risk and people issues in order to support them in meeting challenges in the future.
“While organisations have a surplus of information, which is growing exponentially, they also often have a shortage of insight,” he said.
“Understanding that information as it relates to risk and how to mitigate it can have an extraordinary effect on the growth and bottom line fortunes of any organisation.”
