There are industries that entail managing insurance compliance among large numbers of vendors/contractors, which challenges even the most organized firm to manage the compliance properly. If done right, it’s a process which requires diligence and specialized knowledge:
Topics: Compliance, Construction, Contracts, Coverage Review, Enterprise Risk Management, Indemnity, Real Estate & Development Risk Management, Risk Mitigation, Third-Party Risk, COI Compliance, certificate of insurance, total cost of risk analysis, total cost of risk insurance
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.
Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Total Cost of Risk, Total Cost of Risk (TCoR), what is total cost of risk, total cost of risk definition, what is erm, erm insurance
Last month, Risk.net, a UK-based website that covers operations risk at financial services firms, released its list of top 10 operational risks for 2017. It's no surprise that financial services companies face many of the same risks that businesses in all industries face.
So what are those top three risks and how can organizations combat them?
In our previous post, Taking a Closer Look at Enterprise Risk Management, we introduced Enterprise Risk Management (ERM) as a strategic discipline that affords a “portfolio” view of all threats and opportunities throughout an organization. We contrasted ERM with the traditional “silo” approach to risk management, where various parts of an entity manage their risks with no overarching risk management strategy.
Every organization is faced with risks and needs to practice some form of risk management in order to maintain the health of the entity. Many take a traditional approach, where risk is managed in silos, with each leader of a business unit (sales, operations, finance, HR, etc.) responsible for managing the risks that fall within his or her area of responsibility.