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Home   Membership   Education   Events   Resources   External Affairs      July 17, 2014

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Risk management throughout the vendor relationship lifecycle
New guidance from the Office of the Comptroller of the Currency and the Federal Reserve makes it clear that supervised institutions must be vigilant throughout every stage of the relationship with a third party. For third parties, many of which are not subject to direct supervision by the prudential regulators or are transitioning to supervision from the Consumer Financial Protection Bureau, the change is substantial: They must meet the regulatory standards applicable to their bank partners, rather than let their stand-alone activities define their compliance obligations.
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OSHA Chief: Inequality in America is about workplace hazards, too
NBC News
Inequality and poverty have taken center stage in American politics in the years since the recession. Fast food workers have raised the profile of low-wage work, cities and states around the country are raising the minimum wage, and elected officials in both parties have made the struggles of poor Americans core political issues. But David Michaels, Ph.D., M.P.H., who leads the Occupational Safety and Health Administration under the Obama administration, says that workplace inequality is more than just wages. In an interview, Michaels, who is responsible for enforcing federal laws to protect workers from illness and injury, says the regulatory structures he oversees aren’t sufficient to protect vulnerable workers from harm.
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The ripening case for managed services in risk management
WallStreet & Technology
Risk management will not escape the trend towards managed service solutions. Managed services are commonly defined as a broad range of third-party business and IT services including business process as a service (BPaaS), business process outsourcing (BPO), cloud services, and hosting. Across financial services, the resounding industry theme is increased consumption of managed services over the next 12 to 18 months as a way to address budget pressures caused by the cost of regulatory compliance. Since there is no way to outsource the core responsibilities for managing risk, what managed services opportunities are available to the risk management community?
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SaaS delivered web-based claims management platform

Robust claims platform driven by a user configurable unlimited hierarchy and business rules that puts best practices into action.

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Information risk management lessons
Continuity Central
Naivety and misplaced trust are a dangerous combination in business. Nowhere is this more clearly seen than when it comes to managing information risk. A recent study reveals that 87 percent of companies across Europe do not believe that their employees take information with them when they leave. For 81 percent this confidence stems from the introduction of robust measures that include asking employees to sign non-disclosure agreements, blocking access to company IT networks upon departure, ensuring data cannot be copied onto discs or USB keys, and escorting those in high risk positions from the building the moment they hand in their resignation.
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Moving beyond traditional supply chain management
Companies have two main options when it comes to supply chain management strategies: single vendor or multi-vendor. Is one better than the other? Not necessarily, but one might work better for one business than another. According to recent reports, it's crucial for organizations to take numerous factors into account before making a decision. Furthermore, the same strategy might not work for all businesses. The heterogeneity of the supply-chain ecosystem means that different concerns are in play for different players. There are, however, concerns that are central to all players.
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QBE Unrivaled

Separate yourself from the competition with a company rated A Excellent by A.M. Best in the XV financial size category and A+ by S&P.
The Kingstree Group New Website -Community
The Kingstree Group believes in the importance of giving back to the community through both financial support and volunteerism. Click for more information!

Emerging market bonds: Are yields high enough?
It is the wise investor who looks not only at markets offering opportunity but also at markets at risk. There is no sure-fire way of identifying markets that may be at pricing risk. Some have observed variables that tend to indicate, based on historical relationships, markets that may be offering opportunities for outsized returns, as well as markets that may be at risk. During times when overall valuation levels (for the main-line stock and bond markets) have become stretched by historical terms, it normally pays to seek markets that appear overvalued and avoid those overvaluations.
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  Experienced Insurance Counsel
MMM is a full service law firm with a strong national presence in insurance, corporate and regulatory matters. Our attorneys are experienced in all matters related to the industry from the creation of insurance companies and captives to liquidation of entities. We also represent an array of insurers/reinsurers in complex litigation and arbitration matters.

Climate change business risk and opportunity
The irony of many reactions to national and international responses to climate change is that such reactions are very often deeply misinformed and, likely for this reason, tend to emphasize the negatives and the risks associated with the climate change response. The fact is that the climate change response offers as many opportunities as it does risks and it is the balance of risk and opportunity that must be achieved, both to provide a response that is in accordance with current science and which will serve national and international economic interest into the future.
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Risky business
Human Resource Executive Online
Legal experts have one main thing to say to employers considering using social platforms such as Facebook, Twitter or Instagram as an initial job-candidate screening tool: Don't do it. Two employment lawyers who regularly counsel employers say using social media as a first-cut screening tool could not only end up in litigation, but could also result in losing out on a potentially talented worker.

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What NOT to do when employees run to EEOC
HR Morning
When you suspect employees may run to the Equal Employment Opportunity Commission (EEOC), you don't want to take a page out of this company's playbook. When three former employees of Corinthian Colleges went to the EEOC with complaints that Corinthian had discriminated against them on the basis of their race, it wasn't what Corinthian did that got the employer in trouble, it's what it didn't do.

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Stress testing for risk management
By Dr. David Hillson
Stress testing originated in engineering to check that structures such as bridges, roads, tunnels and buildings would carry the expected load without collapsing. From these beginnings, stress testing has spread to other areas. Specifically in the risk field, the concept of stress testing also forms part of business continuity and disaster recovery, where business continuity plans are tested in advance to ensure they will work if a real disaster arises.

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The art of predicting business risks: Why non-experts do it better
Fortune Magazine
As GM recalls millions of faulty vehicles, it's hard not to wonder if the outcome would have been different if its product design team tasked to design ignition switches had involved more non-engineers in the early 2000s? Might they have been able to better predict the social impact and reputational risks associated with technological risks? Is it possible that a different risk group – inspired by broad-minded generalists – could have prevented the recall of more than 28 million vehicles over the last six months at a cost in excess of $1.7 billion? More broadly, who is best positioned to assess a company's risks?
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  Online MBA Risk Management

Attention risk management professionals! Earn your MBA with an emphasis in Risk Management from CUW Online. This is a fully online program designed to maximize flexibility for working professional. Concordia University Wisconsin has been providing high quality education since 1881.

2015: The year of the digital risk officer
Mobile Enterprise
By 2020, 60 percent of digital businesses will suffer major service failures due to the inability of the IT security team to manage digital risk in new technology and use cases. IT, operational technology (OT), the Internet of Things (IoT) and physical security technologies will have interdependencies that require a risk-based approach to governance and management. Digital risk management is the next evolution in enterprise risk and security for digital businesses that are expanding the scope of technologies requiring protection.
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New job discrimination guidelines may help many pregnant workers
The Associated Press via ABC News
New federal guidelines on job discrimination against pregnant workers could have a big impact on the workplace and in the courtroom. The expanded rules adopted by the bipartisan Equal Employment Opportunity Commission make clear that any form of workplace discrimination or harassment against pregnant workers by employers is a form of sex discrimination — and illegal. The guidelines spell out for the first time how the Americans With Disabilities Act applies to pregnant workers. And they emphasize that any discrimination against female workers based on past or prospective future pregnancies is also illegal.
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Missed last week's issue? See which articles your colleagues read most.

    Applying best practice risk management in IT projects (Computing)
3 workplace issues where the US trails the rest of the globe (U.S. News & World Report)
The coming end of corporate charity: How companies should prepare (Forbes)
Corporate ethics: Why companies should beware of internal fraud (The Economic Times)

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Colby Horton, Vice President of Publishing, 469.420.2601
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