Risk management burdened by red tape, say speakers at Willis seminar

The regulatory burden in Brazil has been named as the biggest challenge for risk management, following a poll of experts at a US conference.

More than half of senior risk managers from the US oil and gas sector surveyed at Willis Energy’s inaugural Global Risk Challenge seminar in Houston named regulation as their biggest concern for doing business in the country, due to the requirement to insure Brazilian assets locally.

Delegates were invited to participate in interactive presentations given by Willis experts on 21st century D&O issues, global environmental liability management and managing risks in Brazil and China. They were invited to discuss some of the major challenges involved in managing risks located in other parts of the world.

The seminar addressed other key issues for US oil and gas companies seeking to expand into the Brazilian market. As well as the regulatory burden, delegates mentioned potential gaps in cover due to difference in conditions between Brazilian and international insurance policies and the effective use of captive insurance companies in Brazilian insurance programmes.