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Business, regulate thyself: Risk management’s proper role in the wake of the Charleston chemical spill

Earlier this week, I read an excellent analysis by Aon’s Rod Taylor of the global liability implications of the January 2014 chemical spill that contaminated the water supply of Charleston, West Virginia, and the nine counties surrounding the city. The chemical spill was national news for days, if not weeks, and, for obvious reasons, remains of strong interest to risk and insurance managers.

I wanted to take to the Aon eSolutions Impact blog to recommend Rod’s analysis to our readers, but also to share a few thoughts about the role that risk management technology can play in helping to be aware of the potential for such catastrophic events and manage the potential losses of such an event. I approach this not with the intention of finger wagging, tut-tutting or prescribing a list of “they should haves” with the aid of perfect hindsight. Rather, I present my observations as food for thought for risk and insurance managers (and, perhaps, the C-level executives to whom they report) as they consider the potential losses (both in human and financial terms) that might arise from similar risks and exposures.

Topics: risk management risk management software