Quantifying Cargo Theft Risk: How to Predict When There's Limited Data
Insurance underwriters, risk engineers, and loss control specialists often struggle with a lack of information on the risks that their assureds are facing. In many cases, there may not be sufficient loss history to generate a detailed picture of the losses that an assured is likely to see, leaving underwriters in the dark about the costs they could be on the hook for and preventing risk engineers and loss control teams from giving their clients the best advice possible. As more clients are doing more business in challenging insurance environments such as Brazil, Mexico, South Africa, and China, detailed knowledge of risks in these regions and countries is crucial for those in the marine, inland marine, and cargo insurance industry. For those involved in insuring special risks in countries where public information on key security challenges is particularly hard to come by, there is a constant challenge in accessing quantifiable data that incorporates real time risk analysis.
During the webinar, you will learn about:
- The latest risk trends in high-threat environments such as Latin America and Asia in addition to the United States
- Evaluating risk in the absence of accurate empirical data
- Incorporating risk factors that aren’t directly related to losses, such as GDP and corruption data, into your analysis
- The importance of using detailed knowledge of local operating environments to assess risk
Tony Pelli is a Supply Chain Risk Consultant on BSI’s Advisory team, working with a number of Fortune 500 companies to evaluate and quantify the risk of security problems, business continuity interruptions, and social responsibility compliance violations in the supply chain. His work includes on-site risk assessments and questionnaire gap analyses for companies in a wide range of industries. Tony also spent one year on a rotation in BSI’s office in Milton Keynes, United Kingdom, helping to launch and develop business for the SCS tools in EMEA. Tony has degrees in International Relations and History from the University of Georgia.
Philippa Williams is a Supply Chain Risk Advisor for the Supply Chain Services and Solutions team based in Mexico City and serving the Americas region. Philippa advises Clients on developing solutions to mitigate their security and corporate social responsibility risks within supply chains. She has been working in Latin America since 2012, formerly on the Global Risk Analysis team at Control Risks in Mexico City, and latterly as a consultant for a non-technical risk management firm. As a consultant Philippa worked on developing bespoke and strategic risk management plans to address holistic security issues, understanding the local operating environment through detailed political, security and social risk analysis.