Oryzont (Spain) partners with Riskonet
25 june 2018
Offering risk management in a maturing market
In its efforts to serve customers globally, Riskonet has partnered with a young risk management consultancy firm in Spain: Oryzont Risk Advisors. The company, headquartered in Toledo, offers the services of risk engineering professionals with a strong background in fire safety and enterprise risk management (risk mapping and BCP). Eduardo Valdizán, CEO and founder of Oryzont, explains about the need for risk management in Spain and how his team is supporting both insurance companies and enterprises.
What is it what you do best?“We have three main lines of business in which we provide a strong experience. We do underwriting visits to large industries on behalf of insurance companies. We cover fire safety in all its facets: drafting and implementation of emergency plans, safety audits, design of safety systems, project management, commissioning, performance-based design, etc. We also offer technical training on various topics related to safety and industrial insurance.”
Insurance companies in the lead
“In Spain, the leadership in fire risk management for companies is in the hands of the big insurers. For this reason, Oryzont works mainly for the insurance sector. We feel a change of paradigm is necessary, as it should be the companies, that should manage their own fire safety policy and actions. The change is already visible in some large companies, where risk management experts are beginning to do their work. This is not yet seen in smaller and medium-sized companies.”
A need for knowledge and experience
“Oryzont was founded with the vocation of ‘broadening risk engineering’ in industrial companies. It is a formidable challenge, but we are already achieving successes in this segment. There is potentially a big need for risk management knowledge and experience. The legislation that deals with the risk of fire in Spain, regarding industrial sites, is quite young. Until 2004, there was no national legislation referring to industrial sites. In 2007 we had a huge crisis in Spain, and as a consequence very few new sites were built. With the current reactivation of the economy and the new legislation, it is foreseeable that the need for fire experts in Spain will increase significantly.”
Aware of the risks
“Another trend that we see is that the management of large, listed companies is becoming more aware of the risks involved in their companies’ activities. Not just because of the direct effects of an incident on their operations, but also because of the trust of the public and of investors. I’d like to highlight the excellent work being done by AGERS (www.agers.com), integrated in FERMA (Federation of European Risk Management Associations); they have put the issue of enterprise risk management firmly on the agenda of the enterprises. AGERS provides an excellent dialogue among all the safety and insurance stakeholders, including the risk managers of the main Spanish companies. This increased awareness, together with the end of the crisis, makes the perspectives of risk experts very promising.”
Risk management: being in control
To Eduardo Valdizán, risk management should be an important part of running a business. “This is about knowing about the potential of having a fire. About the risks and the consequences. About finding and implementing measures to mitigate the risks. In short: of being in control of the situation, not because insurance companies say it is important. We expect an increasing awareness among management of all sizes of companies of the importance of managing their own situation. This instead of being dependent on third parties. This should be part of how one runs a business in a responsible way. Sometimes, the first question the management of companies ask us is ‘how this will bring down insurance fees’. Obviously, actively managing a company’s risks will create trust on the insurer’s side. But being in control of your risks and really managing safety, is a way of safeguarding the future of a company.”
Which growth areas do you see for your company in Spain? “Oryzont is a company with a lot of experience, but with only a relatively short market presence. Until now we have focused our efforts on serving the insurance sector, but our next objective is to contribute to large companies’ risk management with our knowledge. For this task, the alliance with Riskonet is a next step of high strategic importance, as Riskonet offers expertise in many different parts of the world. Partnering with Riskonet enables us to differentiate from our competitors!”
Oryzont Risk Advisors, Eduardo Valdizán, email [email protected], tel. +34 925 49 63 87.