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Home   Membership   Education   Events   Resources   External Affairs      March 25, 2014



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Pay-if-paid clauses: An attempt to shift the risk of nonpayment
By Nate Budde
Pay-when-paid and pay-if-paid clauses are pretty common in the construction industry. So what do they actually do, how effective are they, and how did they come about? This article will attempt to provide some answers to those questions. But before pay-when-paid and pay-if-paid clauses are discussed specifically, the background of the issue giving rise to these clauses should be discussed. Getting paid is hard, and getting paid in the construction industry is even harder than in most others. There are a lot of reasons for this, and pay-when-paid and pay-if-paid clauses are only the tip of the iceberg.
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Risk leaders go beyond resilience management
Baseline Magazine
In the world of risk management, the continuing increase in volatility, uncertainty, complexity and ambiguity has given rise to a new acronym — VUCA — and the increased recognition that new and previously unconsidered risks are emerging all the time. Cyber-crime is a prime example: Essentially unheard of 20 years ago, it now presents threats to large corporations and governments, as well as individual citizens. Similarly, the shift to contract manufacturing can create new exposures to reputational and operational risks as companies extend their supply chains and become more dependent on external parties for processes that used to happen inside the company.
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A critical perspective: Counting the costs, and benefits, for business continuity
Continuity Central
Why would a company invest in something that does not provide a contribution to revenue and that is meant to protect the company against something that hopefully never happens? This question is quite understandable from a business perspective and therefore justified as a basic question. Those who cannot give a plausible answer to this question will fall at the first hurdle. This issue is fundamental to our profession and at the same time underrepresented in the BCM literature. Even the Good Practice Guide 2013 does not see the task of selling BCM as a central task of a BC manager; but in reality the sale and presentation of the business continuity topic are critical for our success.
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Social media: What is the policy where you work?
Social Justice Solutions
Why do you need a social media policy? There are two reasons you need a policy: Risk management and ethical practice. How soon do you think it will be before someone records a therapeutic session, a group, a conversation, or a meeting (without your consent) and it ends up on social media? Some states only need consent of one person in the recording. The recording can be removed, but if at any time it goes viral it will never be off the Internet. Malpractice is a broad area. A social media policy is needed to protect the client, the social worker, and the organization.
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Legal marijuana and the workplace: Legally high, legally fired for pot use
WPTV-TV
Workplaces in Washington and Colorado are adjusting to noticeable shifts — some cumbersome, others unexpectedly profitable — since marijuana became legal for adults 21 and older in those states more than a year ago. Courts continue to uphold a company's right to maintain a drug-free workplace, and many of the scores of businesses interviewed by Scripps News in both states say they haven't budged from that stance. Most said they’ve experienced no problems since legalization. For others, however, employee confusion over a company's right to draw a line against marijuana has become a business burden.
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IBM rolls 'Big Data' software to combat big business fraud
Network World
IBM recently introduced software that can be used by business to combat attempted fraud in insurance, financial and health care settings by applying "Big Data" analytical concepts that bring together various data streams to decide whether someone appears to be perpetrating fraud. The server-based software is augmented with an informational service supplied by analysts that IBM calls its "Red Cell" task force who will share security updates related to trends in fraud. The broad areas of concern, according to Craig Hayman, general manager of industry cloud solutions at IBM, is money-laundering, wire fraud, tax fraud and fraud in property insurance and health care.
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Study: Reinsurers open up about risk management targets
Business Insurance
A new study by Guy Carpenter & Co. L.L.C. shows that most reinsurers are managing capital with metric-based frameworks and are publishing more about their risk management targets than had been in the case in previous studies, the reinsurance broker said.

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Safety, risk management groups have concerns about OSHA's proposed reporting rule
EHS Today
The American Society of Safety Engineers and RIMS, the Risk Management Society, are urging OSHA to withdraw its electronic reporting proposed rule, while the American Industrial Hygiene Association stops short of asking the agency to withdraw the proposed rule but does indicate it has concerns about the rule.

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Mindfulness in managing risk
By Dr. David Hillson
Mindfulness has its roots in Eastern religion. It is also used therapeutically to treat a variety of psychological conditions, as well as in coaching to encourage excellence in healthy people. Used properly, mindfulness can also make our risk management more effective.

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5 areas to focus on when vetting your supply base
By Jack Ori
Business managers must make rigorous examination of their supply bases a regular part of their routine. Failure to vet the supply base regularly can lead to unnecessary risks; businesses could end up losing money or running afoul of federal or international trade and business laws. According to Shared Services, failure to vet supply bases costs companies over $1.6 billion per year. With this much at stake, businesses need to be aware not only of what risks and limitations exist in their supply bases, but also what standards to focus on when examining supply bases so that they can minimize such risks.
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Currency risks could grow in emerging markets
The Wall Street Journal
Corporations could be entering a new phase of currency volatility. Emerging-market currencies in countries such as Argentina, India and China could have a bigger impact on earnings in the coming years. "In the very long term there's a good reason to invest in emerging markets, however in the next few years I think we'll see a lot of volatility," said Bilal Hafeez, Deutsche Bank AG's global head of foreign exchange strategy.
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Linking culture to accident reporting
Human Resource Executive Online
Employees whose supervisors consistently enforce safety behaviors and those who are employed in organizations with a pro-safety climate are less likely to engage in accident underreporting, new research from Washington State University shows. "Underreporting was nearly nonexistent when employees had a supervisor with strong safety leadership skills and also were working in an organization with a positive safety climate," says Tahira M. Probst, a professor at Washington State University in Vancouver, Wash., and author of the report.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Dr. Seuss' guide to Twitter for busy executives (Sword and the Script)
Aon CFO: Risk and reinvention (The Wall Street Journal)
Business continuity 101: How to get back to business (Business Solutions Magazine)

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