Management Consulting
Aon
Full Credential Description
Coca Cola Bottlers Japan Inc. (CCBJI), under the leadership of Chief Risk Officer Dr. Gerold Knight, faced the challenge of integrating risk management into their organizational culture while serving over 100 million consumers in Japan. Traditionally, risk was not viewed as a driver of growth and innovation within the company. Dr. Knight emphasized the importance of embedding risk management into executive decision-making and strategic planning, advocating for a shift in mindset among leaders to recognize risks as opportunities for growth. To address these challenges, Dr. Knight developed a comprehensive framework that promotes frequent discussions about risk across all levels of the organization. This included deep dive risk sessions with various business functions and quarterly briefings with the audit and supervisory committee. By fostering a culture where employees are encouraged to identify and manage risks proactively, CCBJI has seen a transformation in how risk is perceived and handled. The initiative has led to a more engaged workforce that takes ownership of risk evaluation in their decision-making processes. A significant aspect of CCBJI's risk management strategy involved enhancing their insurance coverage, particularly concerning earthquake risks, which are critical in Japan. Dr. Knight collaborated with Aon to transition from a narrow focus on earthquake insurance to a broader risk management approach. This partnership enabled CCBJI to secure competitive pricing and appropriate policies tailored to their specific risks, including the introduction of parametric insurance. This innovative insurance solution allows for rapid payouts based on predetermined earthquake metrics, streamlining the claims process and enhancing financial resilience in the face of potential disasters. As a result of these tailored risk management strategies, CCBJI has not only improved its operational resilience but has also positioned itself for profitable growth. The integration of risk management into the corporate culture has fostered a proactive approach to identifying opportunities, ultimately contributing to the company's long-term viability and success in a volatile market.