Zurich Hazard Analysis Tool
The Zurich Hazard Analysis is a powerful methodology to systematically identify, address, and manage various types of hazards or vulnerabilities and to address and manage the corresponding risks. The methodology is closely related to Total Risk Profiling, and is helpful in defining "pathways" of risks. Zurich has been successfully applying and using it within its operations and with customers for over 20 years in various industries, commercial enterprises, and, more recently, in the financial services industry, as well as public entities.
Zurich's Risk Room
Another of Zurich's proprietary tools, called the Zurich Risk Room, helps the organization and its customers to systematically explore major global risks, investigating how they are expressed on a country-by-country basis. (See Exhibit 14.6.) It shows on a 3-D screen how risks and geographies combine (sometimes unexpectedly) to be relevant to Zurich's business concerns. This tool allows one to see which countries reflect similar profiles, and which risks begin to stand out on mapping various risk correlations. By working across different types of risks, risk correlations are identified that illustrate whether relevant risk connections exist and which ones are the strongest.
The Zurich Risk Room creates a statistical, fact-based assessment of global threats as they relate to business planning and implementation. Its output can complement departmental, regional, or consultant-based research and data, providing an additional objective lens to risk evaluation and reducing the issues related to silo-based risk assessments. Using a consistent global framework, the Zurich Risk Room can help identify threats that may cross boundaries and provide key decision makers with relevant risk information that can help them make more informed business decisions, even if they are not experts in risk analysis.
Exhibit 14.6 Zurich's Risk Room
By examining risks and interconnections in detail, Zurich is able to compare both individual issues and overall country risk characteristics of one country to those of another. This allows Zurich to see whether a country's risk profile is unique or it shares similarities with other countries. For international businesses, it is vital to form a picture of where operations and investments are vulnerable and where these vulnerabilities may reside. Zurich is then able to identify how risks are bundled, or where a threat in one area might cascade to another.
A demo version of the Zurich Risk Room software for an iPad or Android tablet can be downloaded by searching for Zurich Risk Room in iTunes or Google Play. In addition, this is a link to a short video that will give a brief overview of the Zurich Risk Room application: youtube.com/watch?v=_UMaYJtDu6Q.