Alexandria, Virginia (December 1, 2015) — James Sisco and Dante Disparte (Risk Cooperative CEO) co-author an article titled Understanding Social Risk for the Risk Management Society (RIMS).
Companies now operate within dynamic, complex social environments instead of clearly defined nation-states, often without consent from citizens. To effectively operate in these environments, they must broaden their risk strategies to evolve in sync with the changes in society. This includes integrating social risk analysis to properly insure assets and protect people.
Traditional insurance coverage acts as a passive mechanism to protect against an unlikely but extreme financial loss. Models that incorporate qualitative factors such as social risk—threats that emanate from individuals, communities, activist networks and extremist groups in the form of litigation, protests, strikes and violence—allow companies to use insurance as a mechanism to improve investment decisions and operations. Particularly in emerging markets where historical loss information is limited, insurance underwriting requires multinational corporations to view risk through a different lens.
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