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Home   Membership   Education   Events   Resources   External Affairs      March 6, 2014



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Modelling in risk management: Beyond regulatory compliance
The Nation
Prudent risk management is of paramount importance during times of economic slowdown. Banks may need to review their risk-management processes and procedures to ensure they are effective. One element of risk management relates to use of models. Models can be powerful tools in assessing risk, determining the value of assets and liabilities and improving decision support. In terms of risk management, they are also used for identifying, measuring, monitoring and mitigating risks.
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How product types — should — dictate inventory stock-out reactions
Business 2 Community
Let's talk about stock-outs for a little bit here. Firstly, all research points to a retail stock out as loss of revenue and deterioration of brand image. Stock-outs for manufacturers can lead to an advantage for competitors; this effect is especially true for grocery based manufacturers. In fact researchers have discussed the actual loss of revenue and value involving inventory stock-outs. A retailer can lose 10 percent of average sales (Gruen et al, 2002), and shareholder values have been known to depreciate by over 10 percent (Wu et al, 2013).
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Cartoon: The climate contrarian guide to managing risk
The Guardian
Climate change is fundamentally a risk management problem. Whether or not you agree with the 97 percent expert consensus on human-caused global warming, there is an undeniable risk that the consensus is correct and that we're causing dangerously rapid climate change. Frequently, climate contrarians argue against taking action to mitigate that risk by claiming the uncertainties are too large. One of the most visible figures to make this argument is climate scientist Judith Curry, who said in 2013, "I can't say myself that [doing nothing] isn't the best solution." This argument represents a failure to grasp the principles of basic risk management, as illustrated in the following cartoon.
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Fed official: US economic risks from Ukraine seem manageable
Fox Business
A top Federal Reserve official recently said he is closely following the crisis in Ukraine for potential effects on U.S. economic growth and volatility in commodity prices, but said that so far he sees no undue risks. "It's something I'm watching really carefully for potential implications for growth," Jeffrey Lacker, president of the Richmond Fed, told the Council of Economic Education. "We obviously worry first about the disruptions of the commodity markets ... and volatile commodity prices."
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Avoid foreign exchange risks when exporting
Real Business
Expanding overseas is a great way to grow a business, however it is important that small business owners think clearly about the steps that they need to take to ensure the move is as profitable and risk-free as possible. Busy researching the new marketplace and arranging foreign suppliers and customers, it's easy for small business owners to forget the issues that may arise when it comes to making and accepting foreign payments.
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Looking for similar articles? Search here, keyword(s): Exporting risks.


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Sustainability, catastrophic risk: What business leaders can learn from BP
Triple Pundit
Catastrophic risk can end corporate life. These risks are unanticipated losses or damage that cripple an organization and often lead to a survival mode. BP systematically underestimated physical risks, costing the company $20 billion and the CEO his job. What is the connection between sustainability and catastrophic risk? The core concept is understanding, analyzing and managing high-consequence events (that may be of low probability) in the presence of irreducible uncertainty. These uncertainties can be about the types of events or about modes of the failure chain. But the largest uncertainty is one internal to the firm and to its leaders.
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Beware of the plumber? Third-party contractors pose business security risk
Fox Small Business
Smaller companies, in particular, face risks when bringing on third-party vendors and consultants, said Chris Meidinger, senior sales engineer at email security provider Agari. One reason these companies face these risks is that they're not as equipped to enforce security policies on those third parties. "Larger companies are in a position to enforce stringent, expert-developed security policies on vendors," said Meidinger.
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Understanding why employees steal ... and how to stop it
Fox Small Business
Many small businesses have a serious problem on their hands: employees with sticky fingers. A recent study by University of Cincinnati doctoral student Jay Kennedy revealed that 64 percent of small businesses have lost items to employee theft.

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Risk management key to successful volunteer program
Pro Bono Australia
There's no doubt volunteering can be a wonderful win-win – a hugely productive workforce for organizations, and for the individual the opportunity to contribute, socialize and gain valuable skills. But in Australia today, organizations that engage volunteers can't afford to be casual.

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Studying workers' compensation subscription: An opportunity to respect workers
Construction Citizen
Texas is currently the only state in the nation that does not require workers' compensation coverage for private employers, including construction companies. In fact, since 1913, Texas employers have been allowed to opt out of workers' compensation coverage.

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Electronic seafood traceability in a world of risk and uncertainty
Food Safety Magazine
Seafood is the most traded food in the world, and such distinction brings both challenge and opportunity, as recently witnessed in the U.S. Gulf of Mexico. The seafood industry is open to significant risk and uncertainty with its complex supply chain in which multiple shipments become one finished product and extensive transformation and aggregation occur through numerous handoffs between harvest and consumption. As information surrounding such complexity grows exponentially, the ability to access, manage, and share such information is critical to mitigating risk, whether at the supplier, buyer or consumer level.
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Social scoring: How is a business like a sausage factory?
Forbes
Sausage factories and enterprises have a lot in common. Both take standard ingredients and add value, transforming them into an end product, more profitable than the parts. And both work in opaque ways, raising questions about the palatability of what goes on behind those walls. But that's no longer good enough: This is the age of radical transparency. Social media has become a ubiquitous channel of communication and marketing. Businesses that ignore it risk losing market share.
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Mentoring to remedy workplace bullying of millennials
Harvard Business Review
The Society for Human Resource Management defines workplace bullying as, "repeated inappropriate behavior, either direct or indirect, whether verbal, physical or otherwise, conducted by one or more persons against another or others, at the place of work and/or in the course of employment." The hard truth is that bullying, in and out of the workplace, is subjective. Some behaviors have malicious intentions, while in other cases, they are meant to be constructive criticism. What can be agreed upon is that the younger generation of workers, the millennials, typically have much lower tolerance levels for bullying (and the perception of bullying) likely due to being raised in educational systems with "zero-tolerance" policies. What is HR to do?
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    4 top sustainability reporting trends for 2014 (GreenBiz)
Markowitz attacks hedge fund diversification claims (Risk)
Reputation recovery: What next after the crisis subsides? (The Holmes Report)
How badly is the weather hurting the economy? (CBS News)

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