We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
While it was never the intent of Winston Churchill that his famous description of Russia’s intentions in 1939 would apply to Enterprise Risk Management (ERM), the analogy applies pretty well. “It is a riddle, wrapped in a mystery, inside an enigma, but perhaps there is a key.” I firmly believe there is a key to a proper, productive and easily understood ERM program.
In 2012, the most recent year for which data is available, the United States Bureau of Labor Statistics reported 849 construction worker fatalities. Crane accidents make up a large number of these deaths and an even greater number of construction-related injuries each year. Not only can a crane accident cause significant injury to workers on a construction site, but it can also cause injury and death to innocent passersby of the site. Given the risk associated with crane operation on a construction site, what should you – owners and contractors – do to mitigate this risk and limit your exposure?
IT-related threats originate from multiple angles, all of which require proper attention and application of mitigation techniques. Perhaps the biggest threat to a company’s IT security is their internal contacts (staff, vendors, contractors, etc.). Many companies are utilizing heightened IT security measures, but fail to account for the negligible or malicious actions from these internal contacts who often have high-level access to company systems. Inside access often isn’t monitored and can easily lead to stolen data or corrupted systems.
The globalization of business operations and our dependence on the internet for data storage over the past decade has exposed companies to a new set of risks. As this trend continues to grow, so does the risk associated with data breaches of a company’s domestic or international servers.
As you may or may not have heard, there is currently a bill sitting in the New Jersey Legislature, which, if passed, would swiftly alter the landscape of commercial liability policies for New Jersey construction contractors.
As stated in my May Blog, there are many regulations an organization needs to implement and maintain in order to be in compliance with the Occupational Safety and Health Administration (OSHA) and avoid fines and risks associated with not being compliant.
When looking at a company’s risk, one of the most overlooked aspects is how it manages its informational security. In their most recent Data Breach Investigations Report, Verizon was able to classify 92% of the millions of breaches over the past few years into nine basic patterns. It would be a reasonable assumption that these nine patterns of attack would be the same across the business landscape. Unfortunately this is not the case as the sophistication of the attacks change depending on a company’s industry. As an example representing both the Financial and the Energy/Utilities Sectors, the highest type of breach was web app attacks. This occurred as the retail
One of the most misunderstood areas of the insurance business is claims handling. Often mishandled, this function is the reason companies buy insurance. To be certain the following four key elements are being managed effectively, there are several points to remember when evaluating your claims management program: 1. Do you have an excellent working relationship with your carrier and intermediary [broker or third party administrator (TPA)], including a written agreement on roles, responsibilities (key performance indicators – KPI’s) and communication?
Is your gross payroll more than $800,000? Do you know what your experience modification, or “mod” is? Is it above a 1.20 rating? If you answered yes to these questions then understanding the Industrial Code Rule 59 (“ICR59”) Program will save you money.
A few weeks ago I attended the Enterprise Risk Management (ERM) Roundtable Summit held by NC State University. Although there were many speakers from a number of different industries, the same theme resonated throughout the day. The theme was, in order for any organization to have a successful ERM process it must foster thoughtful discussions between those who are tasked with ERM. As we have mentioned previously, it is easy for ERM to become just another “compliance check-box.” However, encouraging a challenging dialogue among team members can certainly help your organization move past the “check-box” mentality.
