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Aon recently released a report that outlined the top three risks identified by the retail industry. The report found that these top three risks were also in the list of top ten risks that the retail industry was the least prepared to face.
These risks are of concern to the retail industry because of three characteristics; their complexity, their difficulty to control, and their enterprise-wise effect and scope.
Many insurance adjusters and third party administrators (TPAs) provide claims systems as part of their services. While this is undoubtedly convenient, you may be leaving a lot on the table in terms of flexibility, independence, and data ownership. This post outlines some reasons why your organizations should consider seeking out an external claims system as opposed to relying solely on your adjuster’s or TPA’s built-in system.
Time will tell if the Gulf of Mexico oil spill will kill BP or just severely cripple it, but whatever the case I’ll bet they didn’t see it coming! Will you?
It looks like this spill will be (if it isn’t already) the biggest man-made disaster ever. The extent of the spill, the scope of damage and the resulting impacts on the environment, marine life, economies, and people remains to be seen, but catastrophic sums it up.
BP and all of the other world’s oil companies plan for spills. They build complex risk models, examine alternative worst case scenarios, look at maximum probable losses, and they are generally very good at measuring and managing risk.
But what if the worst case scenario that you imagined turns out to be wrong?
A risk map is built by plotting the frequency of a risk on the y-axis of the chart and the severity on the x-axis. Frequency is how likely the risk is or how often you think it will occur; severity is how much of an impact it would have if it did happen. The higher a risk ranks for these qualities, the more threatening it is to your organization.
Last week we discussed the importance of risk mapsand why every risk-conscious organization should begin using them (check out our post on how risk mapping allows you to gain insight, use valuable resources efficiently, and improve mitigation). Now, we’re giving you four tips on how to build the map itself.
A company’s reputation is its biggest asset! Successful companies have always guarded their reputations at all costs. Corporate communications have always been very structured and deliberate and the messaging meticulously controlled by dedicated professional spokespersons.
That was before blogging, Twitter, Facebook and all the other new social media that gives all of your employees and customers a soapbox and a bullhorn with a global audience!
