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Home   Membership   Education   Events   Resources   External Affairs      May 08, 2014


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Risks with 100 percent probability
By Dr. David Hillson
One of the first things I learned about risk was that every risk has both a probability less than 100 perfect as well as an impact on at least one objective. Some of my risk colleagues talked about risks with 100 percent probability, but I disagreed with them. As I've discovered more about risk, I've realized that my colleagues were right. There are risks with 100 percent probability of occurrence. In other words, they are either happening now or they are certain to happen in future.
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Mental Health Week: Taking action in the workplace
Benefits Canada
May 5 marked the start of Mental Health Week in Canada, which is designed to encourage people to learn, talk, reflect and engage with others on all issues relating to mental health. These discussions are increasingly taking place in the workplace, where the focus is on acknowledging, supporting and accommodating employees who experience mental health challenges. Organizations should be motivated to do what they can to reduce workplace mental health risks.
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Where there is risk, there is risk management
Yahoo News
The U.S. cannabis industry grew 64 percent in 2013 and is expected to reach $2.34 billion in size by the end of 2014, according to ArcView Market Research. With additional states expected to legalize the drug over the next five years, the same group projects that the industry could balloon to $10.2 billion in size by 2018. These rapid growth rates have made the industry increasingly attractive to investors. Many aim to capitalize on the compliance side of businesses by providing healthcare risk management and compliance services.
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Risks remain but economy on track for 'solid growth'
Forbes
The U.S. economy remains on track to see "solid growth" but it is not without risks, said Federal Reserve Chair Janet Yellen in a recent testimony before the U.S. Congress Joint Economic Committee. In opening statements, Yellen said although real growth domestic product is estimated to have paused in the first quarter, "I see that pause as mostly reflecting transitory factors, including the effects of the unusually cold and snowy winter weather." She added that looking forward, she is expecting the U.S. economy to grow at a faster pace than it did last year.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Experts: Threat knowledge is key to cyber security (ComputerWeekly)
More than money? (Human Resources Executive)
Is your business ready for disaster? (Forbes)
Marine safety and shipping: Emerging risks in the pipeline (PropertyCasualty360)

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Regulation becomes top risk for businesses
Money Management
Regulatory and legislative change has become the biggest threat to Australian businesses, with the cost burden gathering pace before companies have time to adjust, a risk survey has revealed. After ranking third on Aon's Australian Risk ladder last year, regulation became the most prominent concern in 2013-2014, ahead of economic conditions and people risk, the survey of 380 businesses showed. The elevation of regulatory risk reflects the quick and often severe impact changes have had on businesses' bottom lines.
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How social media has hugely influenced corporate governance
Management Today
VideoBriefIs social media an opportunity or a risk for businesses? A bit of both, said attendees at a recent Management Today corporate governance roundtable. The likes of Twitter and Facebook can help as much with internal communication as it can with external, allowing leaders to communicate their goals directly to employees, rather than allowing them to filter down through the ranks of management.
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Are you ignoring 50 percent of the risks to your business?
Forbes
Considering the wealth of information available today on risk assessments, business continuity and disaster recovery, why do organizations still struggle with risk management? There are, without doubt, multiple reasons, however, the one key area of weakness is failure to leverage real-time risk intelligence. Typically, risks are divided into four quadrants: strategic, financial, operational, and hazardous. Businesses tend to be very good at the former two, but what about the other two quadrants?
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7 mistakes to avoid when choosing your business advisers
By David B. Mandell, JD, MBA, and Jason M. O'Dell, MS, CWM
Savvy business owners typically rely on a team of advisers for assistance in running and growing their business. It is critical that business owners take seriously their process for hiring and evaluating advisers and look for second opinions where warranted.

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New RIMS report: 'Transitioning to Enterprise Risk Management'
Continuity Central
Building an enterprise risk management capability and culture can directly correlate to stronger financial results and even greater potential for organizational success – according to RIMS new executive report titled, "Transitioning to Enterprise Risk Management."

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Risk managers mull how to talk to a CFO
CFO Magazine
Weighted average cost of capital. Return on equity. Earnings before interest, taxes, depreciation and amortization. These metrics and more floated at the annual Risk and Insurance Management Society conference as suggestions for ways that corporate risk managers can raise their concerns so as to grab the attention of the CFO.

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When politics make the supply chain risky
EBN
We all know that political and country stability are part of the standard supply chain risk profile. We read about it, we talk about it, but what does it really look like? Let's consider some of the high-profile stories in the news recently. A top headline maker in news media outlets across the globe is Russia. Regardless of what your personal political views may be, events such as the invasion and annexation Crimea and the military activity in eastern Ukraine are prime examples of political and country risk coming to life. In this case, the actions being taken by these governments — both the U.S. and Russian — are having a direct impact on supply chains in the technology sector and beyond.
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FDA seeks help for food safety compliance
The Packer
Saying it is unable to single-handedly oversee compliance of the Food Safety Modernization Act, the Food and Drug Administration is emphasizing voluntary compliance and other measures. Through the Food Safety Modernization Act Operational Strategy document, the FDA says public health will be improved through prevention, voluntary compliance, risk-based oversight and expanded cooperation in the food safety community, according to a news release.
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What is your company's crisis plan?
Business 2 Community
Reaction in the face of a crisis can make or break any company's reputation. Sadly, in the past few months, the world has witnessed several organizations fail very publicly at communicating effectively during tough situations. A crisis can be defined differently by different companies. They tend to be either incident or issue driven. No matter how the crisis happens, the good news is an increasing number of board directors are keen to giving more attention to crisis management according to PwC's 2013 Annual Corporate Directors Survey.
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