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Keith Tracey
Professional Liability / Cyber / Risk Management


Keith is with Aon Professional Services Practice in London and has over 30 years’ experience in the UK, Canada and USA with professional service firm risk. He has been involved in designing and placing international programs for lawyers, accountants and consulting firms.

Keith has specialized knowledge of the structure, operations and liability risks of large professional service firms, and has advised on a variety of issues such as: network liability and local insurance compliance, captive formation, strategy and administration, the interaction of PI and cyber insurance covers. He is currently actively involved in examining the risks and insurance solutions for cyber, business interruption, “digital” and reputation.

He is the author of articles on the insurability of major risks, reputation risk, trends in cyber insurance, digital risks, identifying new and emerging risks and dealing with uncertainty.
Professional Service Firm Captive Underwriting Diversification: Benefits and Decisions January 2025 - The risk management community is considering the threats posed by new and emerging risks. One potential solution being discussed is deploying captive underwriting capacity.

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A World in Disarray? How to Navigate the Risks November 2024 - It was a great privilege to attend and participate in “A World in Disarray?”, Swiss Re’s 15th Conference for Large Accounting Firms held in October 2024. Here are some personal thoughts that were inspired by the dialogue...

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Megatrends – Decision Making in an Uncertain World October 2024 - The Professional Services Practice at Aon’s Keith Tracey uses Aon’s Business Decision Maker Survey to further discuss Megatrends and how professional service firms can extend their approach to risk management to help their...

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Megatrends and Risk – How to Navigate the Impacts June 2024 - The Professional Services Practice at Aon’s Keith Tracey discusses the Aon 2024 Client Trends Report, its relevance to professional service firms and some possible responses.

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Thinking About the World of Risk – 4 Ways to Manage a More Complex Risk Environment May 2024 - The Professional Services Practice at Aon’s Keith Tracey considers an increasingly complex risk environment and questions how risks can be categorized so that they are properly owned within the risk function of a professional...

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Understanding Risk – Professional Service Firms and Aon’s GRMS 2024 Results February 2024 - The Professional Services Practice’s Keith Tracey summarizes the Aon’s GRMS 2024 results, compares them to the GRMS 2021 and other surveys and comments on the value of surveys and how professional service firms can use them...

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Poly or Perma Crisis? January 2024 - As 2024 begins, the Professional Services Practice’s Keith Tracey reflects on the upheavals of 2023 and solutions that may be useful in the current professional service firm risk environment.

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Leadership in a Complex Risk Environment – 6 Skills for the Chief Risk Officer (CRO) August 2023 - Our previous article discussed the skills required of a Chief Risk Officer (CRO) at a professional service firm. Much of the broader discussion of the role’s required qualities focuses on the commonly attributed qualities...

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The Chief Risk Officer (CRO) Role: A New Approach to Risk Management July 2023 - Our Enterprise Risk Management (ERM) series has emphasized the connection between resilience and risk management. The recent evolution in the risk landscape has suggested that the Chief Risk Officer (CRO) role is a valuable...

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3 Reasons Why Enterprise Risk Management Goes Wrong June 2023 - Enterprise risk management is important to professional service firms in building resilience. However, even firms with well-established and monitored risk controls will experience losses. This article will examine some reasons...

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Resilience Lessons and Four Building Blocks March 2023 - Professional Service firms performed well during the past three difficult years, demonstrating resilience. What are the lessons for enterprise risk management from this performance?

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Professional Indemnity and Silent Cyber January 2023 - An important issue has emerged in the London Market relating to the treatment of cyber risk within Professional Indemnity (E&O policy) and other non-cyber policies.

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Complexity and the Risk Landscape – A “Sea Change” for Large Accounting Firms? December 2022 - It was a great privilege to attend Swiss Re’s 14th Conference for Large Accounting Firms in October 2022, where many of the major risk trends facing the world today were discussed. Here are some takeaways from the event.

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Enterprise Risk Management Is the Answer to Uncertainty November 2022 - Enterprise Risk Management (ERM) is an organization wide framework employing a range of resources with full executive participation and support. Commonly used adjectives to describe the approach are structured, continuous,...

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Captive Underwriting Strategies: An Expanded Risk Appetite? September 2022 - The COVID world has stimulated thinking around the nature of risk and the significance of unexpected and severe external shocks. This has coincided with the firming of the insurance market after a long soft market cycle....

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A Market Correction – Responses for Professional Service Firms to Consider July 2022 - Conditions in the global insurance market have changed quite dramatically since 2020. The trends were underway for several years previously but were accelerated by COVID-19, which has triggered losses in several insurance lines...

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Uncertainty Isn’t New but the Response May Be - Further Thoughts on the Aon Global Risk Management Survey April 2022 - We previously discussed what learning can be taken from Aon’s risk survey. Now we will discuss the response and consider if COVID has changed risk management.

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What Can We Learn From Risk Surveys? March 2022 - How are we to use the results of surveys to assess and prepare for the major risks affecting professional service firms?

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Black and Grey Swans: 5 Ways to Avoid Shocks February 2022 - Black Swan events are sudden shocks that could not have been foreseen or predicted. Grey Swan events are predictable but unlikely surprises. Like Black Swans, their impact can be severe.

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Your Captive Needs a Strategy October 2021 - Aon’s Professional Services Practice share insights to help firms navigate a hardening insurance market in the sixth article in a series exploring risk retention.

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Risk and Leadership: 4 Lessons for the Post Pandemic World June 2021 - Leaders and risk managers have been tested over the last fifteen months. The challenges facing both have been characterized by uncertainty and complexity. Leadership is of course about deployment of resources and therefore about...

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5 risk management lessons from the COVID-19 pandemic February 2021 - What lessons can professional service firms draw from recent events to enhance the practice of risk management? Daniel Defoe’s, A Journal of the Plague Year, concerning the Great Plague of 1665, illustrates that history...

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Reputation: A Changing Risk in a Changing World October 2020 - "It is difficult to make predictions, especially about the future" physicist Niels Bohr famously opined, but it is becoming apparent that certain changes in the way we work may be irreversible. Consensus appears to be building...

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Reputation: a costly risk for professional service firms April 2020 - Reputation is now listed routinely in surveys of major risks facing organisations. This is particularly true for professional firms. It is also regularly included amongst the lists of emerging risks. Brand and trust have always...

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Lessons learned for professional service firms: technology & cyber March 2020 - Professional service firms’ risk profiles are changing due to the increased use of technology and tools such as artificial intelligence. Firms may encounter significant impacts on business models and client needs. While the...

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