Rick shaw questions Ian Laughlin, Chairman at OnePath Life and ANZ Lenders Mortgage Insurance, on his Dialogue thought leadership paper 'Social Risks for a financial services business'.

Financial Institutions have been regularly subjected to public opprobrium - in the press, in politics and on social media - for attitudes and behaviour which the community finds unacceptable. This may be partly because institutions have not managed risks that come from changing social attitudes and norms, and the power of new social capabilities. Such risks need a fresh approach

“we have a different risk profile, now I'm wondering about our management of risk, whether we need to refine or do something more drastic to manage the changing risk profile. Do we have the existing frameworks and the existing institutional culture to allow us to respond to generational changing and attitudes towards government and large institutions or is something more radical needed?” Ian says in the podcast.

How can it be that institutions spend huge amounts of money, resources and intellect on managing risk, and still find themselves castigated by the press politicans and social media for adverse attitudes and unacceptable behaviour?

"You need really deep insights and I don't think organizations have that those deep insights at the moment or even the capabilities to get those deep insights and it's not clear where you might get those capabilities so there you have a conundrum, how does the industry develop these capabilities, properly assesses and manages these risks and so you don't end up in the sort of situation that we're in now."

Listen in to find out Ian's recommendations and research on how financial institutions can manage existing social risks and prepare themselves for the uncertainties of future risk management.

Download the Transcript here
https://actuaries.asn.au/Library/Miscellaneous/2018/TheDialogueEp2Transcript.pdf

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