strategically about how they can support
the overall objectives of the organization—
way beyond just structuring an insurance
program, protecting against volatility or
even reducing overall costs.
“The risk-management function must
work with every division to sustain existing
operations, facilitate growth and support
new business opportunities.
“We need to shift from a functional and
transactional emphasis, which typically
focuses on narrow roles and processes.
This tends to be reflected in descriptions
of risk management such as ‘the insurance
department does…’ or ‘we execute the
following processes each year.’
“CEOs expect the risk-management
team today to have an agenda of
I get inside [senior management’s] heads and try
to figure out the potential areas of exposure that exist
in developing new business strategies. [Next] I do an
analysis and then create the mitigation strategy and
come up with a risk tolerance for that business unit.”
Michael Liebowitz, Director/Risk Management and Insurance,
New York University
ERIC SMITH
President and CEO
Swiss Re Americas
The primary
responsibility of risk
management is to protect
the franchise value of
the company.
I expect my risk managers to pro-
mote an open risk culture and
constructively influence decision-making.
They need to add value by measuring
and controlling risk efficiently, while facili-
tating innovation in risk-taking in a client-
oriented manner.
The risk manager needs to do this
while ensuring that Swiss Re main-
tains the ability to fulfill all its obligations
to clients, policyholders, investors and
the community.”
THE VIEW FROM THE
CEO’S SEAT
initiatives, projects and active support
for the operating businesses; to be
finding solutions to problems; and to be
more efficiently managing a wide array
of risks.”
SARAH E. PACINI
Vice President/Risk
Management and Insurance
Advocate Health Care
Member of NU’s Risk
Managers Advisory Board
“Take a breath before
automatically saying ‘no’ [to a course of
action that may be considered risky]. The
risk manager needs to identify concerns
with a particular option and clarify those
for the executive-management team.
“There is a time to say no, but before
jumping to that as the option, try to
find solutions to appropriately get to the
same target, which is to point out the
risks and overcome or minimize them.
“It also doesn’t hurt in today’s
environment to quantify the
value that risk management
brings to the table, since everyone
is looking at the bottom line.
Right now it’s very important
to specify the cost savings risk
management provides—it’s not
necessarily a revenue-generating
department, but it is a cost-savings department.
“In my industry we talk about patient
safety and cost savings, particularly from
Hospital Professional Liability insurance
and risk-reduction strategies that are
taken at all of our sight levels. It’s about
the prevention of lawsuits.
“Our executive-management team
wants to see the quantitative, but we also
need to show the lack of litigation. We’re
preventing injuries [and the associated
costs], whether workers’ comp-driven or
professional liability-driven. It’s important
to quantify that for your executive
management team.” NU
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