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Posted: Sep 08, 2011

MARSH, TUV-Sud, and The Innovation Society launch Cooperation with Nanotechnology Risk Management Offer for Industry Clients

(Nanowerk News) MARSH, TÜV-Süd and The Innovation Society St.Gallen cooperatively launch an encompassing nano risk management offer for industrial clients. The nano risk management should offer enterprises more security in dealing with new nano materials, reduce potential liability risks und thus lowering costs for insurance polices and risk loadings.
The novel properties of nanomaterials allow for improvements of the quality of industrial products and consumer goods. However, certain nanomaterials are expected to bear new risks for health and the environment, and there are also emerging regulatory and societal issues which have to be proactively assessed. As there is no obligation of declaration for nano materials proof or retraceability is often impossible.
At present, it is still largely unclear how nanotechnology regulation will evolve on European and global levels. Juridical and political controversies on stricter regulations for specific nanomaterials are however looming in Europe, the US and Asia. Nanomaterials are thus a challenging area within the scope of enterprise-wide risk management.
Tailor-made Risk Consulting
Improved risk information enables better decision making. Therefore, methods and procedures for continuous risk monitoring and risk management should be implemented in companies.
The Innovation Society, Marsh and TÜV Süd support companies in the implementation and improvement of the strategic and operational risk management. The cooperation partners encompass profound knowledge and a sound methodology to identify, evaluate and manage internal and external risks in your company. Beyond that, opportunities and advantages should be identifying and successfully used.
The primary objective of our risk consulting is to develop a sound basis for strategic management decisions and to increase transparency. Specific risks will be addressed with adequate measures, and strategies will be defined to establish effective risk management tools in your company in order to realise sustainable economic benefit.
Risk Monitoring: Foresight and Defence of Liability Suits
A new approach of a «360° Risk Monitoring» has been jointly developed by The Innovation Society, St.Gallen, TÜV-Süd and industry partners, allowing for a continuous assessment of product-specific risk information on the basis of state-of-the-art science and technology risk data. The tool is able to visualise the compiled information together with regulatory and societal issues in a strategic «risk-management cockpit». Companies engaging in manufacturing or trading of nanoproducts can thus rely on an up-to-date basis to make strategic decisions, fulfill their market observation duties and gather important data that might also be a helpful to defend against potential actions for liability.
Potential of Cost Reduction by Risk Management
In the near future it will be indispensable for companies dealing with nanomaterials to run a risk management system coping with nanospecific issues in order to avoid unnecessary disqualifications or exaggerated premiums. Moreover, nanorisk management will become a sales argument by decreasing costs and saving insurance premiums.
Competence and long lasting experience
With its consulting experience in risk management and its expertise and network in insurance industries, Marsh offers individual solutions in order to realise strategic and financial benefits for their customers. As the world-leading insurance broker and risk-consultant, Marsh has the ability to analyse, evaluate and manage complex and diverse risk scenarios by including the state-of-the art risk knowledge. The experts of Marsh are experienced engineers, economists, scientists and insurance experts who have proven their implementation skills in projects all over the world.
The Innovation Society, St.Gallen, is an international consulting company with long-standing experience in nanotechnologies and risk management of emerging technologies. Its encompassing risk management approach enables you to proactively identify and assess relevant trends, opportunities and risks.
Marsh is one of the world-wide leading insurance brokers with a focus on new technologies.
TÜV Süd Industry Services Ltd. has developed effective methods for risk assessment in nanotechnologies - based on decades long experience in risk management. With an independent certificate it could be documented that one's risk management system is complete and corresponding to the state-of-the-art in science and technology.
Product sheet
For further information please download a product sheet (in German) at http://www.innovationsgesellschaft.ch/media/archive1/2011/NanoRisiken_managen_MARSH.pdf.
Source: The Innovation Society (press release)
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