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Home   Membership   Education   Events   Resources   External Affairs      June 24, 2014


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Risk managers are spending their time on the wrong things
eBiz
There is always a lot of buzz about "risk appetite statements" and "risk tolerance." In theory, these sound like a natural launching point for ERM Programs - how can risk managers manage risks without a known goal of what they should be managing towards? However, the problem with risk appetite is that it is not actionable, thus organizations see very little impact from having perfectly established risk appetite statements that far too many risk managers spend months developing. As a result, senior management begins to question the value the ERM program is delivering in the early stages.
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Implementing 'time to recovery' to mitigate supply chain risk
Spend Matters
There is a question that you need to ask your suppliers that will help both you and your supplier reduce risk and improve performance. The question is "What is the expected time to recovery if the site from which my part is supplied goes down?" Time to recovery is defined as the time it takes for a supply chain node to fully recover after a disruption. The reason you need to know that is to be able to plan for completely unexpected events. These could be weather related, machine breakdowns, or other reasons that will shut down a plant so it is not able to function for an extended period. The time to recovery may be close to zero if the supplier has another plant that can take over, preferably in another region, enough inventory to enable survival through the break, or other backup plans. But in order to mitigate your risk, you need to know what these are and make sure there are no problems with second and third tier suppliers as well.
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Flows return to emerging markets
The Wall Street Journal
A fresh wave of investment inflows is taking the pressure off some emerging-market governments that had started to tackle economic overhauls. As investors fled from developing markets around this time last year, in anticipation that U.S. interest rates would climb when the Federal Reserve reined in its stimulus measures, central banks in Turkey, Brazil, India, Indonesia and South Africa raised rates to stanch capital flight and many nations promised tough economic measures to restore confidence.
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FDA issues draft guidances for industry on social media, Internet communications about medical products
U.S. Food and Drug Administration
Ongoing changes in technology transform medical products – and the ways that both patients and health care providers learn about those products. Regardless of the Internet source used to communicate about medical products, the public health is best served by clear, accurate, truthful and non-misleading information about them. That's why the U.S. Food and Drug Administration has proposed two draft guidances for the industry with recommendations to help manufacturers and their representatives accurately communicate online about prescription drugs and medical devices.
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Justices side with investors in securities fraud case
USA Today
The Supreme Court recently refused to throw out a quarter century-old precedent that allows investors to file class action lawsuits for securities fraud based on their reliance on market prices. But the court, in a classic compromise that attracted a unanimous verdict, said companies must be given a new opportunity to rebut investors' argument that a stock's price hid evidence of securities fraud.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    TSA to extend 'risk-based security' system to screening luggage (Los Angeles Times)
Panel: Risk managers must help board members keep proper risk focus (Business Insurance)
Can you legally require workers, applicants to speak English? (HR Morning)
US economic recovery looks distant as growth stalls (The New York Times)

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Get ready to rumble
Human Resource Executive Online
Over the last five years, top employment lawyers such as Elise Bloom are spending a lot more time helping prepare human resource leaders for one of the least appealing aspects of their job: a grilling in a deposition room from lawyers for the U.S. Equal Employment Opportunity Commission. Bloom, a member of the executive committee at New York-based Proskauer and former co-chair of its labor-and-employment law department, says she tells every HR leader the same thing — that the best way to prepare for a couple of days of arduous EEOC questions is "to always be honest with yourself, and your lawyer."
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What sovereign wealth funds think now
The Wall Street Journal
Sovereign wealth funds–charged with preserving the accumulated fortunes of their home nations–are well known for their opaque, tightly-guarded investment decisions. Shining a light behind their closed doors isn't easy. But U.K. asset manager Invesco has attempted to provide a glimpse at what these behemoth funds are thinking, and has compiled a second-annual survey of 52 sovereign investors.
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5 barriers restricting risk management progress
Journal of Accountancy
Organizations continue to be aware of the risks in their midst, yet barriers remain for implementing enterprise risk management initiatives. More than half (57 percent) of companies acknowledge that the volume and complexity of risks has increased "mostly" or "extensively" in the past five years, but the number of mature ERM programs appears to be leveling off, according to a survey conducted by the ERM Initiative at North Carolina State University for the AICPA.

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How can reputation risk be managed?
By Dr. David Hillson
How can reputation be integrated within an enterprise risk management framework? This is not possible, because reputation is both a behavioral and consequential risk, so you never know what might cause it until it is too late. Reputation is not easy to value or protect, and many insurers will not underwrite reputation risk. It is, however, possible to reduce reputation risk at least partially. But first we need to recognize seven facets of reputation.

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Recording conversations in the workplace
Reston Now
Legal inquiries regarding the use of voice recorders in the workplace have increased in recent years with the use of smartphones. Many software applications (apps) designed for smartphones make the process of recording others easier than ever and unknown to the party being recorded. However, there are serious legal issues involved in the recording of others that should be considered before doing so.

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What does the obesity epidemic mean for workplace safety?
Safety.BLR.com
It's no secret that the American workforce is becoming heavier. With over a third of the American population now classified as obese, have you considered the impact of your workers' expanding waistlines on workplace safety? Keep reading for key issues to consider.
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Honesty is the best policy when a business' reputation is at risk
Tallahassee Democrat
A business' reputation affects its success in many ways. Employees want to work for a company that has a great reputation, just as people want to buy from one. The best companies understand their reputations are among their most valuable assets. In 1982, Johnson & Johnson removed all Tylenol products from shelves when it discovered its containers had been tampered with. The short-term losses were vast, both in terms of lost profits and packaging redesigns. Long term, Johnson & Johnson remains one of the most respected companies around.
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Global economy: Oil price risks put inflation back in focus
Gulf Business
Iraq will be foremost in investors' minds this week as oil price risk has returned to markets, complicating the task for central banks whose policies are beginning to diverge for the first time since the global financial crisis. Oil prices neared nine-month highs late this past week, touching $115 a barrel, and the rapid advance of militants in Iraq, the second-largest OPEC producer, is destabilizing oil markets. That has implications for inflation in the United States and Europe, as well as Asia's export-oriented economies that are large net importers of oil.
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