I came across an interesting case that illustrates how critical it is to properly notice a “downstream party” of a claim (or potential claim) and require proof that notice was filed with their insurer.
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Topics: Claim Reporting, Claims Handling, Claims Management, Claims Management Process, Risk Management Assessment, Total Cost of Risk, Total Cost of Risk (TCoR), what is total cost of risk, total cost of risk definition
Risk Identification is the first of three phases that make up a Risk Assessment.
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Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, Enterprise Risk Management, ERM, Risk Identification, Risk management, Risk Management Assessment, Risk Management Blog
Enterprise Risk Management (ERM) concepts can help retailers create a competitive advantage out of the business of managing risk. ERM’s “portfolio view” collects all risk and mitigation activity into a single Risk Register. This enables management to coordinate mitigation efforts across functions, rather than leaving risk to be managed in a patchwork fashion among various pockets in the organization. These are the critical areas for retail organizations where embracing an ERM approach adds value and opportunities that would likely otherwise be “missed:”
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Topics: Cyber Breach, Cyber Risk, Data Breach, Enterprise Risk Management (ERM), Enterprise Risk Management, Enterprise Risk Management, ERM, Reputational Risk, Retail Risk Management, Risk management, Risk Management Assessment, Risk Management Blog, Risk Register, Social Media Risk
As the world is ever changing, so are the way insurers interpret the natural disasters and how they will respond to cover these terrible events. Over the years, the U.S. has seen an increase in earthquakes, tornadoes, hurricanes, blizzards and more. The insurance industry now has created a stricter view of how they will cover these events. In particular, as we have seen with Hurricane Katrina and Hurricane Sandy, the insurance industry has developed a new terminology and deductible related, specifically, to “named storm/named windstorm.”
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Topics: named storm/named windstorm, Personal Lines, Property Risk, Risk Management Assessment, Risk Management Blog, The ALS Group
With the multitude of information available, it is no surprise that the process of implementing an ERM Program seems daunting. As highlighted in our prior blog, Strategic Risks: More Important Now Than Ever, one of the very first steps in this process is to form an Executive Risk Committee (ERC).
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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)
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.
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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)
When American International Group (AIG) conducted a research survey of 323 risk managers, IT decision-makers, C-suite executives and brokers in the insurance industry in some capacity, they may have enlightened their audience even more than anticipated. The article states that 85% of all corporate executives polled (258) were “very or somewhat concerned” about the impact of cyber risks on their company. Executives are more concerned with cyber liability risks than any other risk, including income loss, which clearly demonstrates the importance of cyber liability coverage.
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Topics: Breach of Security, Cyber Risk, Cyber Security, Risk Management Assessment, Risk Management Blog, Strategic Risk Management
Cyber Insurance providers’ policies need to be tailored and adapted to the particular risks of the insured. The market can be sculpted to meet the specific risks your particular company faces every day. Cyber risks are becoming more and more apparent, with weekly headlines of major corporations coming under attack. You can no longer sit on the sidelines and hope you are covered when it comes to cyber liability issues.
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Topics: Cyber Risk, Cyber Security, Risk Management Assessment, Risk Management Blog, Strategic Risk Management, TCoR, Total Cost of Risk, Total Cost of Risk (TCoR)
It seems like everyone is talking about Enterprise Risk Management (ERM) these days, but the question has become: what is anyone doing to further understand how ERM can provide the strategic value that everyone is writing about? One initiative that we at The ALS Group kicked off last Friday is our bi-monthly ERM Work Group meeting where our entire team (and occasionally guests) meet to discuss how ERM is being conveyed to senior level executives through organizations like RIMS and CFO magazine to name a few.
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Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Risk Management Assessment, Risk Management Blog, Strategic Risk Management
Doing business abroad is difficult enough but recently the renewed interest (and enforcement) of the Foreign Corrupt Practices Act (FCPA) has added a new dimension of challenges. The applications of the FCPA or its British "cousin" the UK Bribery Act are beyond the scope of this posting but carries with it substantial fines and broad enforcement possibilities.
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Topics: Claims Management, Claims Management Process, Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Private Equity | Venture Capital, Risk Management Assessment, Risk Management Blog, Strategic Risk Management, The ALS Group