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? 

Topics: Compliance, Enterprise Risk Management (ERM), Risk management, supply chain, Total Cost of Risk (TCoR), risk transfer

 

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.  

Topics: Risk management, cyber attacks, social media for businesses, social media, social media risks

 

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!

Topics: Holiday Risk, Liability, Risk management, Safety and Compliance, Strategic Risk Management, Total Cost of Risk

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.

Topics: Employment Practices, Human Capital Risk, Human Resource Management, Risk management

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.

Topics: Construction, Construction Project Risk, Manage Construction Risk, Risk management, cyber attacks

A new development has occurred in the FACC cyber “fake-president fraud” case.

Topics: Cyber Insurance, Cyber Risk Mitigation, Cyber Security, Phishing Scam, Risk management, Risk Mitigation, Total Cost of Risk (TCoR), cyber attacks, what is total cost of risk, ceo scams, cfo scams, ceo fraud, what is risk management

Liability claims related to improper removal of snow and ice are frequent, and in many cases, severe. Many of the claims originate from elderly people sustaining injuries from slips and falls from which they never fully recover. In other words … BIG CLAIMS!

Topics: Property Risk, Risk management, Risk Management Blog, Snow Removal

Risk Identification is the first of three phases that make up a Risk Assessment.

Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, Enterprise Risk Management, ERM, Risk Identification, Risk management, Risk Management Assessment, Risk Management Blog

Most companies today opt to distribute their employees’ W-2 tax forms electronically; either through email or some type of download service. Because these forms contain a good deal of Personally Identifiable Information (“PII”), such as name, address, social security number and salary information – cyber thieves are using several simple, yet, tried-and-true methods to fraudulently obtain them.

Topics: Breach of Security, Cyber Breach, Cyber Insurance, Cyber Liability, Cyber Risk, Cyber Security, Data Breach, Ransomware, Risk management, Risk Management Blog