We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
When a policyholder files a claim with their insurer, they expect defense and protection. The expectation goes as far as thinking that the insurer (or insurer’s counsel) actually has the policyholder’s best interest (and only the policyholder’s interest) at heart. With the issuance of a Reservation of Rights letter (ROR) that is not always the case.
Enterprise Risk Management is meant to consider any and all risks that could affect your organization. One risk that can affect your company that is rarely considered in an Enterprise Risk Management platform is Political Risk. With the recent election and battle over the fiscal cliff, it is apparent that these effects can not only affect the way your company is taxed, but also how the company can meet its strategic goals. The political environment of any given country or state you operate in can impact your company’s Revenue, Property, Reputational or Strategic Risk in a variety of ways. The question becomes: if a major political event were to occur,
Employers today are constantly being faced with choices and the challenges those choices play. One of the more recent challenges is whether to allow employees to use their own smart phones to support the corporate email and functionality. On the surface, this seems like a great idea for employers as it will lower operating costs. Not so fast…According to a PWC survey “less than half of the 9300 C-suite executives surveyed have a security strategy to address personal devices in the workplace, despite the fact that 88% of employees use a mobile device for personal and work purposes”
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.
The Risk and Insurance Management Society has been discussing the benefits of Enterprise Risk Management (ERM) for over 10 years now. In addition, they have developed the discipline of Strategic Risk Management (SRM) within the courses and material they publish. To them, ERM seeks to dial down the volatility in the operations of any organization, while SRM is meant to evaluate whether the company’s business strategy on risk is appropriate and provides long term sustainability of the company’s profits. Thus, if implemented correctly, ERM allows SRM to take a critical and impartial view on the way the company does business and mitigates risk.
Enterprise Risk Management, despite being on the tip of the risk and insurance world’s tongue, is still struggling to gain a foothold in most organizations. The question that consistently emerges is whether or not implementing an Enterprise Risk Management Framework can truly add value to a company’s strategic development. The key to a successful ERM Framework is to instill the philosophies of Enterprise Risk Management throughout the organization so the company as a whole is fostering a risk-aware culture.
It’s almost Thanksgiving, and if your holiday is anything like my family’s, the football games are as much a part of the tradition as the stuffing. So this year, should you find yourself on the couch, watching the games and struggling to keep your eyes open after all the turkey, try a little thought experiment (it will help you digest): watch the game as a risk management consultant.
Just a few months ago, a senseless and tragic mass shooting at a midnight movie screening in Aurora, Colorado left twelve people dead and nearly sixty injured. Now, in the wake of the devastating tragedy, three of the victims’ families are suing Cinemark USA Inc., the owner of the Colorado theater, for negligence in its failure to provide the necessary security to its patrons. These developments raise the question, “Does your organization have the proper risk mitigation procedures in place to protect your organization’s bottom line in the event of random acts of violence?”
With the lack of policy standardization and various exposures within the cyber insurance world, purchasing a cyber policy can be challenging. The first step in this process is to understand the risks your company is facing in the event of a breach, as well as your organization’s Total Cost of Risk (TCoR). After all, risk mitigation is more than just purchasing appropriate insurance.
Everyone has heard of the Tough Mudder event, and if you haven’t, check out their website here. This Saturday I will be participating in this torturous event. Why am I doing this? I’m not entirely sure, but I know it is probably bad personal risk management to do so.
Our areas of expertise include:
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information: info@thealsgroup.com
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information : info@thealsgroup.com
New Jersey
175 Main St
Woodbridge, NJ 07095
Tel: +1-732-395-4250
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
