Develop a Disaster Recovery Plan to Mitigate Risk
The unthinkable happens: the business that you have put all your passion, hard work, and money into is destroyed, and there was nothing you could do to prevent it. Or was there?
We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
The unthinkable happens: the business that you have put all your passion, hard work, and money into is destroyed, and there was nothing you could do to prevent it. Or was there?
One of the most expensive predicaments a film production (especially the big-budget type) can face is a delay. When you consider the scheduling of a large scale production, and the amount of money that goes into cast, crew, equipment, locations, permits, food, vehicles, etc. for each day of filming, a simple accident, especially, the film’s star getting injured can result in tremendous expense.
The Wall Street Journal recently reported that fewer than 20 percent of executives say their companies are effectively managing risk. Companies often have a process in place to identify and monitor risks, but fall short when it comes to implementing practices to manage those risks as part of the overall strategic plan. There can be a number of reasons for this shortcoming, including not having a dedicated internal risk management department or lack of qualified risk management professionals in the existing talent pool. As a result, companies that fall into the 80 percent need to begin to develop a sound risk management program as the company could be exposed to
There are many challenges a company will face when considering a new business venture. Those challenges multiply exponentially when the business venture is outside the United States. The risks for organizations when doing business abroad can be both significant and many. Having a clear execution plan and due diligence team that is familiar with these types of ventures are an essential hedge against surprises that could impact the company’s strategic goals.
Entertainment insurance provides coverage for the film industry and its producers. It is a large sub-section of the insurance and risk management world with its own unique exposures and coverages. The film industry in the United States is a big business generating $522 billion in revenue in 2013. According to Statista, that number is expected to rise to $632 billion in 2014. As revenue rises, so do film costs, with even “low budget” production costing several million dollars. These high costs bring high exposures! There are tight deadlines, a lot of moving parts and many people performing a variety of roles, both on the set and in the production offices.
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.
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.
Safety in the workplace is something that is often thought of relative to construction sites and manufacturing facilities. However, it is just as important to focus on safety at an office as it is at a construction site. business. Even the smallest details should not be overlooked, as the most insignificant accident could result in financial damage for both the owner individually, and the company as a whole.
Silica risk, resulting in silicosis, is not new and one familiar to many companies as the cutting, sawing, grinding, drilling and crushing of stone, rock, concrete, brick, block, mortar and industrial sand is part of their everyday business. Recently, the federal government announced they will seek to reduce the exposure-monitoring standards that will affect a significant amount of businesses and cost millions in additional compliance.
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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: [email protected]
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 : [email protected]
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