Marsh & McLennan Companies and the Singapore Economic Development Board have joined forces to launch the Asia Pacific Risk Center. The new centre aims at providing insight and analysis into regional risks, whereby it will leverage MMC’s subsidiaries’ capabilities as well as connect with regional businesses and academia. The centre will, among others, disseminate its findings through a new digital media platform, BRINK Asia.
The new Asia Pacific Risk Center (APRC), which is located in Singapore, creates a new space for risk management research and builds on the collaboration between academia and businesses expertise. The APRC will draw on expertise from MMC’s subsidiaries – Mercer, Marsh, NERA Economic Consulting, Oliver Wyman and Guy Carpenter – and the Singapore Economic Development Board (EDB), and share its findings through white papers, workshops and conferences, among others.
The hub aims at providing regional executives and government leaders with insight into current and future risks, from a range of vectors, from ageing to environmental challenges. John Drzik, Chairman of the Marsh & McLennan's Global Risk Centers, explains: "The APRC will generate new perspectives on the major risks facing Asia Pacific industries, governments, and societies today. By leveraging actionable insights from the APRC, businesses and governments will be able to respond to threats and challenges faster, and stay ahead of the curve."
According to one of the first studies conducted by the APRC, the cost of healthcare for those aged over 65 in the Asia-Pacific region among developed countries and autonomous regions, including Australia, Hong Kong, Japan, New Zealand and Singapore, is set to explode from $500 billion per year to $2.5 trillion.
To lead the Asia Pacific Risk Center, the global consulting firm has put forward Wolfram Hedrich, a Singapore-based partner at Oliver Wyman. Hedrich joined Oliver Wyman in Frankfurt in 2000, following an internship at Merrill Lynch and at Booz Allen Hamilton. Hedrich, who holds a degree in Finance from the University of Michigan - Stephen M. Ross School of Business, was appointed a Partner in 2009.
Kelvin Wong, Assistant Managing Director at EDB, says that the organisation is “delighted” about Marsh & McLennan's decision to work with the local advisory council, stating "The new hub will be a great boost to our business-research ecosystem. Global professional services firms can tap Singapore's talent base and industry capabilities to develop innovative insights and develop pioneering, multi-disciplinary services for clients in Asia and beyond."
As part of the centre's deployment strategy, APRC has launched a new media and public relations tool: Brink Asia. The platform, which is an extension of MMC's global Brink outlet, will provide information about regional threats and risk related thought leadership to executives and other interested parties.
A recent report from McKinsey & Company found that geopolitical risks are expected to impact profits in the coming years, both globally as well as in the APAC region. Cybercrime and crisis situations have been earmarked as one of the fastest growing corporate risks.