Traditionally, companies adapted a siloed approach to risk management. Responsibility for managing various types of risks was assigned to the business or functional unit with the greatest exposure. Companies focused primarily on easily measurable risks. Ill defined or ambiguous risks were often not coordinated or were overlooked. In fact, most organizations did not have an uniform approach or common language when dealing with risks.

Companies are now beginning to deal with risks on an enterprise level. Through a common risk language managers can more effectively communicate critical risks and strategies. With better management, communication, and reporting, adverse risk incidents will decrease, while confidence in a company will increase. This allows companies to identify the risks that they can transfer, accept, reduce, or simply reject by eliminating a process, a product, or a geographical zone.

Mr. Bassett is the Risk Consulting leader for the Asia Pacific region and sits on the Australian board of Marsh. Prior to his current position, Mr. Bassett established the risk management plan for the 2000 Olympics. He has also developed the methodology and was the project manager for a risk review of all 232 government agencies in Western Australia. He conducted a review of the federal government, which led to the creation of Comcover, which insures most federal organizations.

Mr. Bassett holds a Bachelor of Jurisprudence degree, a Bachelor of Laws degree, and a Bachelor of Commerce degree. He is a member of the Australian Institute of Risk Management and is a fellow of the Australian Institute of Company Secretaries.