In these challenging economic times, having a lower TCoR can not only give a company a competitive edge, but also improve its bottom line by affording it the ability to pursue opportunities their peers may not be able to.
Halloween is just around the corner, but thanks to COVID, the traditions of everyone’s favorite spooky holiday are off limits this year.
O.K., so, we aren’t able to host crowded costume parties or have crowds attend the haunted houses people have traditionally set up in their backyards, but can we do anything fun on Halloween this year? What about trick-or-treating, kids’ and, let’s be honest, most of adults’ favorite part of Halloween?
Unfortunately, with the ongoing pandemic, it is a bit more risky than ever before. Each state has put COVID related safety guidelines in place and it is important we stay vigilant especially with all of the Halloween related activities that traditionally occur in the month of October.
As companies had to quickly pivot and implement a remote work plan (a lot of them did not have such a plan in place) due to the ongoing COVID-19 pandemic, they became more at risk for a cyber attack and/or breach due to the vulnerabilities they did not even know they had. As a result of this there has been an uptick in the success rate of cyber attacks in the United States.
Coalition Inc., a cyber insurance provider, recently released their H1 2020 Cyber Insurance Claims report that noted a decrease in the frequency of ransomware claims however, its policyholders have experienced a 100% increase in average demands from 2019 to the first quarter of 2020, then an increase of 47% from the first quarter to the second.1
The idea for this blog was conceived by Marshall Ma, who joined The ALS Group as a Risk Management Intern and now provides support on client accounts as Technical Analyst, based on the Chinese ideogram for “crisis”. It just happens that Marshall is fluent in Mandarin and is passionate about risk management. She is an Enterprise Risk Management Graduate and Lecturer at Columbia University. While at Columbia, Marshall spent a lot of time working on campus educating her peers and supporting industry outreach. She also participated in risk assessment and mitigation for the campus’ internal Career Design Lab.
Topics: Enterprise Risk Management (ERM), Human Capital Risk, Risk management, Risk Management Blog, Total Cost of Risk (TCoR), what is total cost of risk, what is erm, what is risk management, risk management internship
People often ask us how The ALS Group is able to attract and retain such a high degree of talent among our leadership and staff. We were recently invited to share some of our secrets at the Ninth Annual “Assessing & Developing High Potentials Summit,” which was sponsored by HRO Today and held (virtually) September 16-17, 2020.
As restrictions due to COVID-19 are slowly lifted, many businesses that have been, either, shut down or had their employees work remotely, are thinking of when and how to re-open and bring their workforce back safely. One of the biggest challenges facing business owners making this type of decision, is how does one manage this new, challenging and invisible risk (risk of COVID transmission), while ensuring your team’s productivity remains high.
Senior leaders tend to look for a mythical “silver bullet” to improve the effectiveness of their Safety Program. What they don’t realize is that they can be the catalyst for change as the key safety champions in the company. By setting the proper tone at the top, senior leaders can establish safety as a priority for managers across the company. Employees look to managers for leadership and guidance.
Topics: Worker's Compensation, safer workplace, safe workplace, safe work, prevent workplace accidents, how to prevent workplace accidents, how to prevent workers compensation claims, how to have a safe workplace, how to create a safe workplace
As September approaches, college students are collecting textbooks, polishing up their class schedules, and shopping for that perfect dorm room setup. Insurance is probably not the first thing on their minds. Unless - you are a Risk Management undergrad at Temple University. ALS Intern, Jason Glickstein, outlines why insurance should be on every college students’ back to school checklist.
Hurricane Isaias hit the East Coast last week, causing damage and destruction in its path to both communities and businesses. Trees have fallen, houses where many are working remotely have been left without internet access, and businesses have been stripped of electrical power and with it the ability to function in the capacity they have been accustomed to in the last few months as their staff adapts to the “new normal.”
As companies think about their supply chain and the risks that are inherent with that area, a good place to start is with your contract terms with the supplier – what are the terms you want? What are the terms you have agreed to?
With the unsettling state of affairs of the world today, a manufacturer or distributor has to be properly vetted and the terms of supply carefully considered. What is an acceptable delay or non-delivery?