Bruce Porteous, investment solutions director at Standard Life Investments
Porteous works on liability-aware investment solutions for insurers, having spent 2007 to 2014 as head of Solvency II and regulatory development at Standard Life. A driving force in the UK's efforts to shape Solvency II, he continues to use his expertise to guide industry thinking.
Who do you most admire in the field of risk management?
This is a hard question as there are many superb people that I have had the great privilege of working with, and most importantly learning from, over the years. However, I would have to say that SLI's own Dr Brian Fleming has done an amazing job in taking risk management ideas into the asset management space to help develop and implement truly innovative, yet practical and value adding, asset solutions for insurers and pension schemes. He remains a really nice bloke too!
What have you learnt about communicating risk?
I would say that you can make this as complicated as you like and the best explainers and communicators of risk, and so its management, provide real insight in simple language that non-specialists can understand. I would also say that if you are made to feel not clever enough to understand a product, or solution, be very, very suspicious.
What are the major challenges ahead?
As a consequence of the low interest rate environment, it feels that the big challenge for insurers will be to remain relevant when, without a step change in innovation, it will be very tricky for them to continue offering meaningful long-term savings products and risk benefits that add value for their customers.
What will be the next big development in risk management?
Obviously, the internet and technology is changing our world and the connectedness of people and institutions is exploding. Whilst this is a great thing and, for example, is making information and data accessible and free, it must also bring with it new risks that we don't yet fully understand. So, I would hope that risk managers will respond proactively to develop new ways of identifying, measuring and managing these new network risks.
What are your other interests?
Lower league Scottish football, new technologies and trying to figure out and put structure on what is going on in the world.