Sleep-at-Night Assurance: Integrating Enterprise Risk Management and Project Management
Sleep-at-Night Assurance: Integrating Enterprise Risk Management and Project Management
The ALS Group
October 13, 2016
We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Sleep-at-Night Assurance: Integrating Enterprise Risk Management and Project Management
October is National Cyber Security Awareness Month, an annual campaign to raise awareness about cyber security, with 2016 marking its 13th year. If you’ve been following our posts, then you know that we place a great deal of importance on cyber security and strategic planning to mitigate cyber risk every month of the year. However, given the special occasion, now is the perfect time to rethink and enhance your personal and company security measures.
Nine out of the 10 largest bankruptcies in the first half of 2016 were energy companies, according to investment insights publication The Turnaround Letter. Eight of those were oil and gas companies, specifically. Such widespread failures throw not just assets but whole segments of operations up for grabs. As the buyers assimilate these operations, it is no surprise that the acquisitions change the risk profiles of the new owners.
It doesn’t take a cyber risk expert to realize that the retail industry is a prime target for hackers, and that some of retail’s most iconic brands have made front-page, breaking news when it comes to millions of lost or stolen data records. Primary Cardholder Information (PCI) is extremely valuable amongst those on the “Darknet,” once described by PC Magazine as “the hidden, anonymous underbelly of the searchable Web.” Since larger retailers handle these records in the hundreds of thousands to millions, hackers are looking for any entry point into their networks to extract credit card and customer account data.
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.
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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