VICTORIA TATTERSDILLINTERVIEW

ASSOCIATION: AIRMIC - UK

AGE: 26

JOB: RISK AND INSURANCE MANAGER AT DLA PIPER

EDUCATION: BA BUSINESS ECONOMICS, MSC INSURANCE AND RISK MANAGEMENT

PROFESSIONAL CERTIFICATES: ACII

QWHAT MADE YOU WANT TO BE A RISK

PROFESSIONAL? 

AIt all started during my 3rd year at University where I did a module in Financial Risk Management and on from there I did my MSc, where I focused on quantitative modules and also operational. I started with DLA Piper as a 3-month internship and it developed into a graduate trainee. Being the first graduate trainee that was not a lawyer, I was a bit of a guinea pig.

QWHAT TYPE OF SKILLS DO YOU REQUIRE MOST TO BE SUCCESSFUL IN YOUR DEPARTMENT? 

A  I believe that a combination of personal and technical will take one the furthest, as you will need to be able to put a practical perspective on the theory that you know. I'm sure we have all been told that studying and building knowledge is important but it is not the same as using it on a daily basis.

Q HOW CAN REDUCING ORGANIZATIONAL RISK HELP COMPANIES IMPROVE THEIR PERFORMANCE?  

ABy reducing the risk that a firm faces, regardless if it’s insurance, legal and regulatory, market or strategic risks, it will reduce the chance of reputational risk. A reputational damage will have an affect on the performance. And if you are unlucky and experience a crisis, it is how one manages that crisis, that will determine the extent of the reputational damages, and again this will go hand in hand with the performance of the firm.

QWOULD YOU ADVISE STARTING TO LEARN IN A LARGE ORGANIZATION WITH SOME EMBEDDED RISK PROCESSES OR IN A COMPANY WHERE THIS AREA IS AT THE BEGINNING OF ITS DEVELOPMENT? 

AI think it depends more on the Management of the department, if the department has a CRO or head of risk, it sets the picture of how serious the firm takes Risk Management and better if one can aspire to that role. You can learn equally as much in a firm where risk management is developed, as in a department where it is in its starting phase. One of the challenges with Risk Management is that the risks are constantly changing at the same speed as the world. I am lucky to be working in a department with a CRO, that I can admire for her achievements within the industry

QWHAT WOULD BE YOUR ADVICE TO STUDENTS CURRENTLY STUDYING RISK MANAGEMENT?

AI qualified with a distinction from my MSc and had all this knowledge that I had learnt over the years, but realised quickly that in London it is all about the experience. You have to start at the same level as everyone else. So I would encourage everyone to try to get some work experience, if it is over the summers or just shadowing, it will make a difference for you when applying for jobs.

QWHAT DEPARTMENTS DO YOU WORK CLOSEST WITH IN YOUR ORGANIZATION? 

HOW BIG IS THE TEAM YOU ARE WORKING IN? 

A I work closest with Finance, but our department works close with knowledge management, corporate management and IT

Just over 60 people. Our AML team and Conflicts team are quite big and after the merger with DLA Philip Fox we have 6 members of our team based in Sydney.

AThere are three of us at the Group’s Head Office, we coordinate the risk management system (including insurance) in the Group. Each of the Group’s assets has its own risk coordinator, so there are about 40 people in the Group responsible for coordinating and monitoring risk management system. I would like to underline that those people are not risk managers, they are only risk coordinators as our system assumes that the responsibility of managing risks stays with risk owners, i.e. with management team and CEO as an ultimate risk manager.

QTELL US SOME OF THE TASKS THAT MAKE UP YOUR DAILY WORK ROUTINE AND THE CHALLENGES THAT A RISK MANAGER FACES EVERY DAY.  

AMy daily tasks at the moment are working on the strategic risk register and general insurance renewal. We get a lot of ad hoc queries that can be time consuming to resolve or it might be queries on our Insurance policies or a claim.

QAT WHAT LEVEL IS RISK MANAGEMENT AND ISSUES AROUND MANAGING RISK ADDRESSED IN YOUR ORGANIZATION? 

AThe board has personal ownership of the Strategic risk register and delegates to the their risk managers. Our risk management and compliance team are receiving support from Board members on the importance of our work and they acknowledge that risk management is a value to the firm. There is also good communication between our CRO and Senior Partner.

AKey stakeholder in my company (besides the shareholders and staff) is the state as Basic Element Group employs around 250 000 people. That means that at least half a million of people (including the families of our personnel) are dependent on the Group. That is why the social programs and social responsibility of the Group is always under high scrutiny by the state.

QHOW HAS THE RECENT FINANCIAL CRISIS AFFECTED THE WAY ORGANIZATIONS SEE RISK? 

WHAT ARE SOME OF THE MAJOR CHANGES HAPPENING IN RISK MANAGEMENT IN UK? 

AIt has raised awareness and highlighted the importance of an integrated risk management department.

Risk management is a necessity to all large organisations and most of all it is important that the department is embedded within the organisation, that there is an enterprise risk management approach.

I believe that it depends on the industry and the economic environment that you work in, if you have exposure to countries as Greece, Italy, Portugal, it is important to quantify what your exposure is and how can one reduce this.

On an overall, we have new laws and regulations, such as the Bribery Act. Willis has already experienced the affects of the act. Information Security is a hot issue after large companies such as Sony have been hacked. For an Insurance company, Solvency 2 is an issue of the major importance

@GET INVOLVED IN THE NETWORK

JOIN THE YOUNG RISK PROFESSIONAL NETWORK ON LINKEDIN:

The Young Risk Professionals Network is targeted at European Risk Professionals under 35 years of age, and provides a platform for discussion and networking. We aim to raise awareness of Risk Management, and show the benefits of collaboration across industries and countries. This group, for experienced Young Risk professionals and aspiring students alike, provides the opportunity to share insights and experiences of working in Risk Management, as well helping build a vision of the industry’s future.

On LinkedIn the top right hand corner, search Groups for ‘Young Risk Professionals’ or click here: http://www.linkedin.com/groups/Young-Risk-Professionals-4086521