We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Most industries approach acquisitions and due diligence with special considerations related to risk and mitigation. Acquisitions among healthcare facilities and practices are no exception.
Do you save-up your frequent-flier miles in anticipation of your next business trip, family vacation, or points’ spending spree? What if the next time you logged into your account, you found the points balance displaying a big, round zero?
The stepped-up enforcement of the Foreign Corrupt Practices Act (FCPA) has introduced a number of middle market companies to the vagaries of the language in the Act. It was written to cast a very wide net and intended to be a looming force over U.S. companies that do business in foreign markets.
As Cyber Risk continues to evolve, it is becoming very evident that while it is spread over a variety of industries, the types of Cyber Risks are specific to each industry and play a major role in their level of exposure. The healthcare sector in particular, is targeted most heavily by hackers and malicious campaigns due to the private nature and black market value of the data. Personally Identifiable Information (PII) and Personal Health Information (PHI) contain data in which a bad actor can easily steal someone’s identity, open false accounts, perform fraudulent transactions, or hack/gain access to bank and other types of private accounts.
Fake bank accounts, food-borne illnesses, smartphones catching fire, cyber breaches. These are just a handful of recent events that have played out in the news and flooded social media, exponentially effecting conversations, comments and opinions, and most importantly, reputation and revenue. One thing that all of these seemingly different events have in common is that each one can be classified as a crisis, and require a thoughtful and carefully orchestrated response.
When looking for coverage for Foreign Corrupt Practices Act (FCPA) costs, the Directors and Officers (D&O) Policy is often the first stop. It appears to be the policy most applicable, because it defends against complaints of wrongdoing. However, to get significant protection from FCPA costs a D&O policy has to be significantly modified. Just by the moniker, Directors and Officers Policy, you know that the coverage is intended to be limited to a collection of individuals running the entity, not the entity itself. The first modification to look for is “Side C” coverage or the equivalent language indicating that the entity will be covered in the case of FCPA matters.
Found a promising acquisition? Vet the risk. Make sure your due diligence includes evaluating these key areas:
In Part 1 of this post, I noted that ransomware events are occurring much more frequently; as many as 4,000 a day since January 1st of 2016. We took a look at some preventative measures that may protect your company and its network/data against a ransomware event.
You’ve done your due diligence and obtained insurance policies for your business. But, often times that’s not enough to ensure you’ve got the right coverage in place to best protect your people, your business, and ultimately, your bottom line. Our Managing Principal, Al Sica, offers excellent guidance to both business owners and individuals in his article “Insurance Coverage Purchase Strategies.”
With the deadline for filing form 5500 literally around the corner (July 31), fees and expenses associated with 401(k) are critical issues for plan sponsors. One of the most important things a plan sponsor can do is to benchmark their plan fees against the ones in comparable plans, to mitigate their risk for lawsuits or sanctions. According to the July 20, 2016 article in Bloomberg BNA “New York Accused of Profiting Off Workers’ 401(k)“, New York Life has been sued by employees who claim that one of the company’s in-house mutual funds carried needlessly high fees that eroded their retirement savings.
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: [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
