I recently attended the Enterprise Risk Management Roundtable Summit in North Carolina held by NC State University that included representatives from Harley Davidson and Caterpillar among the speakers. This summit helped me gain insight into the emerging importance of a comprehensive risk management program and different strategies the companies have implemented.
Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Risk Committee, Risk Management Assessment, Risk Management Blog, Strategic Risk Management, TCoR, The ALS Group, Total Cost of Risk, Total Cost of Risk (TCoR)
Jury verdicts for premises liability against those who own or manage land, stores, taverns, shopping malls and apartment complexes just keep climbing. A few California verdicts include a $7.5 million judgment after a chiropractor slipped and fell in a Starbucks and a $55 million verdict for a gang-related shooting against a security company that oversaw on-site safety at an apartment complex.
Each week, landlords and authorities discover 300 methamphetamine labs in the United States, according to National Public Radio. If you own apartments, rent hotels or run boarding homes, you may run into a tenant who decides your rental properties are a great place to cook meth. Better check your commercial property policy now, because recent changes in commercial property insurance coverage forms may significantly restrict coverage for the resultant clean-up from meth “cooking” operations.
Think about how many times in the past year you have entered private information onto a website’s “secure” system; your name, credit card information, date of birth, social security number, billing address, mailing address, and/or security questions and answers and that’s how many times you were exposed to identity theft. Each bit of information you provide online can be used by hackers to steal your identity. A cyber security breach is one of the most dangerous and harmful risks for any company regardless of the size or industry. As highlighted throughout our Cyber Risk blog series, it is nearly impossible to be 100% protected from cyber criminals. While having the appropriate insurance coverage is critical, there are other ways to mitigate this risk. It is just as vital for company leadership to take a strategic view of the risks resulting from a data breach (e.g. reputational, supply chain, etc.)
Topics: Breach of Security, Cyber Risk, Cyber Security, Enterprise Risk Management, ERM, Reputational Risk, Risk Management Blog, Social Media Risk, Strategic Risk Management, Total Cost of Risk, Total Cost of Risk (TCoR), Travel Risk
Real estate is one of the most important assets one can have regardless of owning personally or as a business entity. As they say, it’s all about location, location, location – so you better know exactly what risks you are going to be exposed to when looking to purchase new property or simply evaluating your current location(s). In the aftermath of Superstorm Sandy the scrutiny of flood insurance policies is at an all-time high, particularly, in the northeast. When assessing the value of any new or current property and the insurance requirements and costs that come with it, understanding where it is in relation to local flood zones is critical.
When evaluating your company’s risks, one concept that is frequently overlooked is the idea of how human error could impact your organization. Until recently, there has been very little written on this subject. However, in the recent issue of the RIMS Risk Management Magazine, an article by Tony Kern and David McKay touched on this point and successfully demonstrated how human error is one risk that companies must continually monitor.
One of the most commonly found clauses in any construction contract is the requirement of one party to name another party as an additional insured. It is found in The American Institute of Architects (AIA) documents, the Consensus DOCS, and was inserted in almost all manuscript agreements.
Topics: Claim Reporting, Claims Handling, Claims Management, Claims Management Process, Construction, Construction Accidents, Healthcare, Human Capital, Real Estate, Risk Management Blog, Strategic Risk Management, Total Cost of Risk, Total Cost of Risk (TCoR), Worker's Compensation
While none of us can predict the future, we do not need a crystal ball to tell us that as the Baby Boomers retire in the next decade, there will be a mass exodus of talented and experienced employees leaving the workforce. What does that mean to you, as one of the leaders of your organization? Do you see the exodus of the “Boomers” as an opportunity to reduce your labor and health care cost, or, are you concerned that the “War for Talent” will lead to a bidding war with compensation costs spiraling out of control? One thing is certain, organizations that do not begin developing their talent management systems now will be susceptible to being negatively impacted in the very near future.
One of the most prominent areas of marketing today involves social media. Right now you are reading this posting via an on-line platform and, while this is becoming the norm, the risks social media brings are far from “normal”.