ARLINGTON, VA, 2019 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today highlighted the top 20 risks faced by airports, with climate risk becoming a major concern.
As part of a recent conference held by the Willis Towers Watson Airport Risk Community (ARC), 86% of the audience felt that airports are either very exposed or somewhat exposed to climate risk, with 48% highlighting flooding as their main weather risk.
John Rooley, CEO, Willis Towers Watson Global Aerospace, said, “We established the ARC to identify top risks affecting the airport community. Our recent annual conference clearly demonstrated that airport clients were quite specific in their concerns about climate risk and its impact on airport functionality. Our commitment to tackling climate risk enables us to provide guidance on identifying and mitigating this issue.”
“Our recent annual conference clearly demonstrated that airport clients were quite specific in their concerns about climate risk and its impact on airport functionality.”
John Rooley
CEO, Willis Towers Watson Global Aerospace
One of the key conference speakers, Javier Echave, CFO, Heathrow Airport Holdings, shared Heathrow’s carbon neutral strategy stating, “Aviation is not the enemy, carbon is. Together with ICAO and U.K. authorities we must develop a road map for the uptake of sustainable fuels across our industry.”
During the event, attendees were asked to re-rank the top 20 risks as identified by C-suite airport executives from research carried out in 2016. The ARC audience indicated the greatest risks to their business by scoring each risk from 1 to 5. Based on the audience’s ratings, Willis Towers Watson was able to assess the 2019 top 20 risks facing the airport community, with these findings determining the ARC’s agenda into 2020.
Opening speaker, Ugo de Carolis, CEO of Aeroporti di Roma S.p.A., reinforced the importance of the ARCs role in debating risks to the sector, “As the aviation industry continues to grow, the risks increase; therefore, the need for discussion and knowledge sharing is paramount to support and build a stronger and more resilient aviation industry.”
Other risks identified as key concerns in 2019, as in 2016, were the failure of critical IT systems (viewed as the top risk), as well as an increased security threat from cyber and data privacy breaches. The risk from drones and the corresponding threat to an airport’s reputation were also new entrants. Security issues were the largest mover in the top 20 (ranked 19 out of 20 in 2016), rising to number 4 this year.
ARC’s main purpose is to bring airport operators together in a spirit of collaboration to debate the breadth of risks facing the industry. We facilitate this process through hosting industry conferences, airport exchanges, working groups on core initiatives, creating insight pieces and building on strategic industry partnerships to the benefit of our community. Please contact Karen Larbey or Darren Porter to find out how your company can participate in these activities during the next 12 months.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
