Today’s technology leaders face challenging times in unprecedented circumstances. Many of the risk factors that topped the list of greatest concerns for tech companies — foreign competition, intellectual property infringement, development of new products and services and talent attraction and retention — have not changed “But new risks are topping our clients’ list of concerns,” according to Julie Davis, of Aon Corp.
Speaking in Silicon Valley, Calif., Davis outlined new risk factors and trends for technology firms managing risks, gathered from a survey Aon conducted. New concerns include: changes in economic conditions, growing concerns about product liability, changes in technology risks, changes in liabilities to board members, exposures associated with international alliances and joint ventures, ability to drive strategic plans, executive compensation tied to stock prices, competition from other countries, and the need for continued research and development investments.
“Clearly, our clients had a lot on their minds over the past six months,” Davis said. She further commented that the changes in risk factors should be incentives for technology firms to broaden their view of how they manage risks.
Michael Flanagan, managing director of Aon’s National Technology Practice, added that in response to the shifting climate, new insurance products and risk services are responding. He cited two examples, which included the recent announcement of a suite of insurance coverages for middle market technology firms and the expansion of the company’s “TechAudit” diagnostic program.
Davis has served as executive vice president in Aon Technology practice group. She has a background in risk management experience for private and publicly traded companies and is responsible for the contribution to the growth of the practice in California.
The California Women’s Network is a women’s association designed for leaders of new or growing companies with fewer than 1,000 employees and leaders of autonomous business units in larger organizations. The event for which Davis was the keynote speaker attracted more than 100 professional women.