Industry

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.
By Brianne Spellane, Sandy Laycox Posted on April 29, 2019
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.
Brianne Spellane Associate Managing Editor Read More
Sandy Laycox Editor in Chief Read More

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