Managing risk in retail: Aon’s UK Retail Practice
Retail is seeing more than ever in recent times a dramatic shift in consumer demands, pressure from global events and the need to remain ahead of the competition. With a growing spectrum of unique businesses across grocery, luxury brands, bricks and mortar, pureplay ecommerce and wholesale, the 21st century retail industry is as varied and multi-faceted as ever.
But one challenge that’s consistent for all retailers is rapid industry change – accelerated by factors such as the advancements in technology, ethical and sustainable sourcing, availability of talent and the need to develop the customer experience to stay relevant – that demands every business continues to adapt if it’s to remain sustainable in the long term.
Retail risks multiply
To adapt successfully retailers must navigate a checklist of risks emerging in both their speed and impact. These risks range from cyber threats to a customer facing website or backend IT system; to supply chain disruptions; brand / reputation risks; people risk; together with the readiness to deal with the next ‘black swan’.
Aon’s retail solutions
Aon’s retail sector specialists can help retail companies respond to these challenges, providing a range of risk and insurance solutions including:
- Protecting Assets: intellectual property solutions, risk engineering, cyber security*, fulfilment centres, stock movement, supply chain analysis
- People Risk: employee wellbeing & benefit (including pension) programmes, employee benefit technology, reward and compensation and H&S management/ audit, product contamination and terrorism
- Protecting Profit: enterprise risk management, risk maturity assessment, alternative risk transfer, programme gap analysis, cyber risk assessment and quantification*, business continuity, de-risking retirement plans, managing people and benefit costs and customised strategies to help maximise insurance programme effectiveness and minimise TCOR (total cost of risk)
Your risk and insurance programme doesn’t stand alone. It should be an integral part of your business strategy with clarity as to how it can respond to both traditional and newer, evolving risks. We can help deliver that clarity.
Contact us to find out more about how Aon’s UK Retail Practice can help your business safely and successfully negotiate today’s retail risks and challenges.
Aon UK limited is authorised and regulated by the Financial Conduct Authority in respect of insurance distribution services. FPNAT558
*The following products or services are not regulated by the Financial Conduct Authority:
- Cyber risk services provided by Aon UK Limited and its affiliates
- Cyber security services provided by Stroz Friedberg Limited and its affiliates