Global Fund and Munich Re in Risk Management Partnership
09 May 2014
GENEVA – The Global Fund is further strengthening risk management in health programs that it supports worldwide, under an agreement signed with Munich Re, one of the world’s leading reinsurers. The partnership provides for the German company to contribute know-how in areas such as supply chain optimization, which can enhance program effectiveness when fighting the three diseases.
“This is a great new partnership,” said Mark Dybul, Executive Director of the Global Fund. “We are very encouraged that leading companies like Munich Re are engaging in the response to HIV, tuberculosis and malaria and that we can draw on their knowledge to improve the effectiveness of the programs that we support.”
Munich Re, a reinsurance company based in Munich, will contribute risk management and insurance expertise to help implementers of programs supported by the Global Fund to identify and effectively manage risks through appropriate solutions.
The initiative launched today will focus on identifying risks in the Global Fund’s supply chain linked to procurement initiatives that are already in place. Munich Re will also give advice and propose risk management solutions that can maximize effectiveness in program implementation. In addition, it will identify solutions to improve the lives of vulnerable populations.
The project will target countries with a potential for high impact according to Global Fund criteria: countries with limited infrastructure or reduced grant absorption capacity, and countries where introducing optimization and risk management solutions can make a difference to the effectiveness of grants awarded.
Private sector engagement plays a key role by providing additional financial resources and in-kind contributions to support national disease strategic plans in implementing countries. Private companies and foundations have to date contributed approximately 5 percent of the funding provided to the Global Fund.