risk engineering

Article

Risk Engineering

Financial Services Forum 2014

In construction, an engineer succeeds when the underlying structure does not take away from the purpose of the structure. Good risk management does not operate in a silo, but is embedded in day-to-day processes, supporting business to achieve its primary goals.

Risk management is engrained into engineers’ mindsets throughout every stage of the design and construction process. Engineers design and manage using a principles-based approach which allows them to respond efficiently and effectively to unforeseen circumstance. In financial services, risk management is often seen as an adjunct to business processes and externally-imposed frameworks from regulators may encourage a compliance focus to risk management.

This presentation explored an engineering construction project of an iconic Sydney building and the risk management considerations along the way. It examined how risk management is conducted in the engineering profession and considers aspects which the financial services industry can learn and adopt.

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Risk Engineering

About the presenters

Gloria Yu

Gloria is an FIAA and a Director at Deloitte. She has been working in the general insurance industry since 2001 and has extensive experience in actuarial consulting and corporate environments, advising businesses on reserving, pricing, product development and strategy. She holds Certifying Actuary roles in Singapore and Signing Actuary roles in Hong Kong.

Gloria is heavily involved in the Actuaries Institute. She has served on the Board of the Institute since 2009, and is a member of Risk Management Practice Committee, Audit & Risk Council Committee, Public Policy Council Committee and Leadership Council Committee. She has a strong interest in enterprise risk management (ERM) and has worked with representatives from different practice committees in developing strategic and operational plans for ERM within the actuarial profession. She was a plenary speaker at the 2012 IAAust General Insurance Seminar on the topic of the “Future of Insurance”, and has co-authored a number of presentations on risk management in recent years:

  • “Enterprise Risk Management & the Actuarial Profession”, at the IAAust fifth Financial Services Forum
  • “Application of Enterprise Risk Management in General Insurance”, at the IAAust 17th General Insurance Seminar
  • “Application of Risk Management in Non–Financial Services Industry”, IAAust Actuarial Summit in 2013.

Brendan Fehon

Brendan Fehon is a Senior Consultant within Deloitte’s Actuaries & Consultants practice. Brendan has over 10 years’ professional services consulting experience. He has spent over five years, across two separate times working within actuarial consulting team specialising in wealth management and banking. Brendan has extensive experience working across rectification of unit pricing and business fee errors and the subsequent rectifications.

Prior to re-joining Deloitte, Brendan spent five years working as a structural engineering within engineering consulting firms. During this time, Brendan worked extensively with high risk, large scale projects. He specialised in the design and delivery large complex design projects, of which Centrepoint Tower is one.

Risk Engineering
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