Argo Group's AVP for US risk, Ross McGee, reviews the key ERM developments in 2022, as well sharing his favourite part of the Christmas holiday season
What was the most positive ERM development of the year?
The most positive development this year is there is now a wider discussion taking place about ERM. The volatility and speed of change seen this year has emphasised the need for a holistic and proactive approach to risk.
What was the biggest ERM disappointment of the year?
For me, it is that ESG remains a separate work stream. It has been viewed as a separate element to ERM. However, to truly understand the impact of our decision we need to integrate this more and more into business as usual work, and have it as an embedded consideration. While massive strides have been taken, there is much more to be done to really bring this into mainstream thinking within the industry.
What emerging risks are you most concerned about?
There isn't a single risk that is concerning me. The bigger concern is now more about the interconnectivity of risks. We have witnessed a lot of volatility across the year, and it has impacted multiple areas. I am more worried about do we know how the risks are going to impact more broadly?
How concerned are you about geopolitical risk in 2023?
Geopolitics has always been a risk, but this year has really shown how quickly it can develop and escalate. It has clearly shown the world is in a period of flux, and we need to keep a close eye.
What's your favourite part of the Christmas holiday season?
Getting some downtime is always good, especially after this year. I have a young family, so it's great seeing the excitement of opening the presents from Father Christmas and get some time with the family. Also, my wife and I have a bit of a tradition, watching Die Hard. Christmas isn't Christmas without Hans Gruber falling off Nakatomi Plaza!
