Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Violations of workers’ human rights are endemic across most Asian countries and initiatives to tackle the issue at source, and within supply chains, are not fit for purpose, warns UK-based consultant Verisk Maplecroft. In its Human Rights Outlook 2017, the firm stresses that risks are particularly acute down the Asian supply chain, where modern slavery is rife and migrant workers…

Landmark case in HK could push up price of D&O insurance

Landmark case in HK could push up price of D&O insurance

Landmark case in HK could push up price of D&O insurance

Risk managers and insurers are eyeing the progress of a landmark Hong Kong tribunal that could have massive implications for D&O insurance in the region. The case involves Chinese state-backed conglomerate Citic, formerly known as Citic Pacific, which specialises in mining. The company ran into trouble back in 2008, when the chairman Larry Yung discovered a HK$15bn loss through unauthorised…

Vietnam hosts APEC forum on disaster insurance

Vietnam hosts APEC forum on disaster insurance

Vietnam hosts APEC forum on disaster insurance

Experts from the Asia-Pacific Economic Cooperation (APEC) forum and a number of international financial institutions met in Vietnam this week, to debate the establishment of disaster risk financing and insurance policies. The event was designed to address APEC’s own disaster risk financing initiatives, as well as other national financial strategies designed to mitigate the effects of natural catastrophes in the…

Scandals highlight rising D&O risk in corporate Asia

Scandals highlight rising D&O risk in corporate Asia

Scandals highlight rising D&O risk in corporate Asia

High level executives in Asia corporates face a much greater risk of litigation and liability due to more stringent regulation, greater shareholder activism and the continued threat of cyber attacks. Recent events involving some of Asia’s most high profile corporate brands – from Toshiba to Samsung – have highlighted the clear and present danger facing directors and officers. Japanese conglomerate…

‘End of globalisation’ biggest threat to APAC corporates: report

‘End of globalisation’ biggest threat to APAC corporates: report

‘End of globalisation’ biggest threat to APAC corporates: report

The potential end of globalisation is the number one threat to Asian companies, according to report from risk consultancy Control Risks. The report, which ranks the top five business risks for Asia-Pacific, states that the demise of globalisation, “at least as Asia-Pacific knows it”, will undermine the benefits the region’s companies have enjoyed in terms of trade, direct investment and…

ADB calls for public/private disaster insurance scheme

ADB calls for public/private disaster insurance scheme

ADB calls for public/private disaster insurance scheme

The Asian Development Bank (ADB), a cooperative of financial institutions dedicated to reducing poverty in the region, has called for greater cooperation between governments and private insurers to mitigate Asian economies’ exposure to disaster risks. An ADB policy brief released in January highlights the need for more disaster risk financing. While there are public and private sector risk financing tools…