This year has been filled with a multitude of both challenges and victories. Every year is different but in 2020 we have had to deal with more change than normal. The business world is evolving quickly, and risk management has been changing along with it. In 2021, a resilient and resourceful approach to risk management will be front and center as businesses navigate the “work from home” landscape, deal with the effects of the pandemic, and change the insurance market for years to come.
As most of this year’s holidays, Thanksgiving is completely different for, pretty much, all of us. This year has certainly tested us all. As risk managers, we usually address risks and suggest mitigation strategies in most of our blogs. This year, however, we decided to look at the positives and think about what we are thankful for during this, strange Thanksgiving holiday.
With winter just around the corner and many areas already seeing flurries, this would be a good opportunity to remind everyone of the risks surrounding claims from accidents due to snow and ice. As many companies are considering their snow removal contracts and vendor arrangements, there are a few key points in our latest article that might be helpful.
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
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?
Over the last decade, social media has quickly become a prominent way for businesses to advertise, communicate, and educate. On the flip side, it can be a huge risk for those businesses that cannot keep up with the ever changing tools and trends in privacy, security, and marketing. We often see businesses and even public figures falling prey to social engineering scams, ransomware, hacking, and a multitude of other cyber risks. Luckily, with some planning and diligence, mitigating these risks can be quite simple. Below are examples of some threats as well as solutions you can implement now that will help protect your business from some of the most prevalent social media threats.
The end of the year is the time when business owners and senior leadership review the past year and prepare for the year ahead. As risk managers, our mind is always set on risk mitigation so our planning for 2020 includes addressing and minimizing the risks companies will face in the upcoming year.
We have all heard that phrase before, and now that Thanksgiving has passed it will be a sprint to New Year’s Eve – surely, with a few holiday parties in the middle. This is when companies often are not thinking about the risks that come with partying employees, liquor, music, dancing and potentially driving. Certainly sounds like a volatile mix!
On October 9, 2018, NYS and NYC Governments enacted an anti-sexual-harassment law that carries pretty stringent requirements relating to employers’ anti-harassment policies and training. These labor laws have been revised and training requirements have been put in place by the Department of Labor in consultation with the Division of Human Rights. Originally, training was required by January 1, 2019 but, after some push back, the deadline was extended until October 9, 2019.
The construction industry is changing rapidly and more and more projects are relying on emerging technologies for management and completion. There are now major cyber related concerns regarding “smart” equipment such as cranes and drones and SAAS/IAAS systems used for project planning and management. ‘Connected’ systems utilized by third-parties (general contractors and subcontractors) to share and centralize sensitive data may also expose a project to cyber risks.