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:”
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
Crisis Management has been, historically, a function of the IT or Risk Management department for many companies and as social media continues to gain traction, savvy risk managers have incorporated social media into their crisis communication plans.
Think about how many times in the past year you have entered private information onto a website’s “secure” system; your name, credit card information, date of birth, social security number, billing address, mailing address, and/or security questions and answers and that’s how many times you were exposed to identity theft. Each bit of information you provide online can be used by hackers to steal your identity. A cyber security breach is one of the most dangerous and harmful risks for any company regardless of the size or industry. As highlighted throughout our Cyber Risk blog series, it is nearly impossible to be 100% protected from cyber criminals. While having the appropriate insurance coverage is critical, there are other ways to mitigate this risk. It is just as vital for company leadership to take a strategic view of the risks resulting from a data breach (e.g. reputational, supply chain, etc.)
Topics: Breach of Security, Cyber Risk, Cyber Security, Enterprise Risk Management, ERM, Reputational Risk, Risk Management Blog, Social Media Risk, Strategic Risk Management, Total Cost of Risk, Total Cost of Risk (TCoR), Travel Risk
Social media is beyond just emerging now – in fact it is exploding, pervasive and entering many aspects of our lives including Personal Lines insurance. As articulated in the previous blog on this topic, while parents may be concerned about their children's online activities, they are not actually thinking about the issue from a risk management and insurance perspective.
One of the most prominent areas of marketing today involves social media. Right now you are reading this posting via an on-line platform and, while this is becoming the norm, the risks social media brings are far from “normal”.