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Willis Towers Watson - Transportation Risk Index

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3 Foreword W elcome to Willis Towers Watson's Transportation Risk Index, a boardroom view of our industry as seen by 350 senior executives from across the globe. Insights from the Index – and the reactions of the executives to its findings – have reinforced our opinion that those transportation companies who approach risk strategically open up a world of opportunity. Risk, resilience, reputation, and return are inextricably linked in today's connected world. From the macro perspective, companies across the transportation sector are looking for trusted advisors to help them assess three key areas: how their approach to risk compares to their peers how to identify and defend against emerging risks how taking a strategic approach to risk can unlock opportunities to gain a competitive advantage Times are changing This report's key themes weave a common thread: the risks that corporates face now and in the future are fundamentally different from the risks of yesterday. Risks are not always tangible, nor are they always physical. They can be multifaceted, all-encompassing and, often, elusive. The responsibility of "risk manager in chief" has risen up the modern organizational hierarchy simply because the task is more demanding than ever. No longer is it a supplementary role or corporate afterthought. The cost of failure has risen sharply and in line with the rewards for success. While proactive risk-mitigation strategies remain central to corporate resilience, preparedness, and response are now just as critical to a company's performance. The explosive rise of social media has already forced industry to re-examine its best practices for corporate crisis planning. For insurers, our Index will provide a directional view of boardroom risks, which can be plotted against the current state of their industry's response. Vast opportunities lie in the gap between the transportation industry's risk-transfer needs and the insurance community's current product range. Seizing that opportunity will demand new levels of commitment, intellectual capital, innovation, and stakeholder support, enabling forward-looking insurers to become the strategic partners that transportation companies need. Managing today's complex risk environment also requires engagement from intermediaries, risk partners, and consultants. It is unlikely that a single company will have the expertise to provide cover for every facet of risk. Cyber-risk is clearly one area where community-based responses will provide fuller solutions. Intermediaries will need to define clearly their specific areas of risk Foreword Mark Hue-Williams Head of Transpor tation Industr y, Willis Towers Watson Risk, resilience, reputation, and return are inextricably linked in today's connected world expertise, as well as the areas where they could offer proprietary access to expert third-parties to complete the picture. That is trusted partnership. This Index is not designed to be static. It is provided to the community, from the community, in an information-rich format that we hope will stimulate debate and discussion. We welcome any feedback. After all, we all share the responsibility to ensure that transportation remains a vibrant and successful industry at the very center of our world's social and economic development.

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