The Risk Manager’s Take
Q&A with Cindy Roelke, who has risk management responsibilities for all of Western Union’s global locations and subsidiaries.
Cindy’s at RIMS 2019 to catch up with some of Western Union’s broker partners and carriers, and engage in discussions about the current risk landscape.
Q
What are the top three biggest challenges facing you as a risk manager in a financial services company?
A
Making sure our cyber-risk insurance is adequate in terms of limit and coverage to adequately cover the risk; managing complex claims with multiple internal and external teams involved that are at times siloed; and explaining our business and associated risks with insurance brokers and carriers. It’s fairly complex, but I think it’s really important that they understand it well.
Q
What are your thoughts on the current cyber coverage market?
A
I find it challenging in terms of pricing and lack of capacity/competition on a primary basis. I’m also not sure how sustainable it is in the long term given the high volume of claims being paid.
Q
Do you feel like insurers have a handle on cyber risk?
A
Not really. I think they may be vastly underestimating the size of the exposure worldwide.
Q
How is your company working on building resilience in the current risk climate?
A
We benefit from a strong balance sheet, but we also examine and strategize on risk mitigation across the company.
