As we are “flattening the curve” and the economy is slowly opening, employees will start to transition back to the office after nearly four (4) months of working from home. The COVID-19 pandemic forced many organizations to close and, those that did not have a disaster recovery/business continuity plan in place had to scramble to come up with a “work from home” solution in order to keep their business running while keeping their employees safe and healthy. Such “on the fly” solutions can cause serious complications as employees return to the office, and company leadership realizes that they must adjust their risk strategies to suit the “new normal”.
The 2020 Atlantic hurricane season is expected to run from June 1st to November 30th. Department of Atmospheric Science at Colorado State University predicted that the East Coast of the United States is likely to see a major hurricane, ranking at a category 3, 4, or 5, during the 2020 Atlantic hurricane season. High category named storms bring on damages like, floods, wind damage, and power failure which may take several weeks to recover from. Though these predictions are not precise, we believe, that informed preparation is the best way to avoid costly claims, not unlike those caused by Hurricane Sandy in 2012.
COVID-19 forced many companies to close their operations, which caused a great deal of disruption for numerous businesses on both direct losses and their revenue stream.
With America trying to “re-open” there is a host of issues that need to be wrestled with. One of the areas that, we think, might be low on the list for many companies is how their supply chain has been affected and will continue to be impacted by COVID related issues. Having latent supply chain disruption can wreak havoc on a business already challenged by the shutdown. This type of risk needs to be understood, so the company can plan for alternatives.
Most businesses in the United States have been impacted by the COVID-19 pandemic. As the illness spreads far and wide, many businesses have had to comply with local and federal "stay at home" orders, as well as orders to cease all non-essential construction work, causing delays, and disruption across the construction industry.
An effective risk management strategy always comes down to preparedness. The recent closings and business disruptions due to COVID-19, the illness caused by the spread of novel coronavirus, once again, demonstrate the importance of companies having a comprehensive Business Continuity Plan (BCP). If your business is one of many that cannot simply close doors and expect to be able to re-open after the pandemic dies down,having such plan in place will insure that you can maintain the essential functions of your business during a major disruption.
This week’s unexpected snowstorm should be a reminder to be diligent in making sure your snow removal provider has the proper insurance coverage.
With winter almost here, many companies are putting the final touches on snow removal contractor agreements. Liability claims, like slip and falls, relating to the “improper removal of snow and ice”, are frequent, and in many cases, severe. Here are the facts:
In our previous posts on Enterprise Risk Management (ERM), we defined ERM and addressed how to set up the program and use it to assess and treat risks. We have come a long way! In this post, we evaluate the program.
ERM is not a static program. An effective approach to evaluating and enhancing the performance is a three-part one: measure, monitor and, most importantly, evolve.
In our previous posts in this series, we introduced Enterprise Risk Management (ERM) as a “portfolio view” of risk and discussed various aspects of implementing ERM: roles, culture, a framework and preparing your organization. Now, we’ll begin looking at the “big picture” viewpoint of risk, starting with identifying and prioritizing risks. In the ERM process, management (1) determines acceptable levels of risk, (2) identifies and measures risks throughout the entire organization and aggregates the results, and (3) determines if the aggregated results exceed the acceptable levels. Risk Appetite and Risk Tolerance are the expressions of the “acceptable levels” of risk.