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The most important employment documents
By D. Albert Brannen
Employment litigation can be expensive and time-consuming. An employer's success or failure in defending itself can turn on the law or the facts. Employers cannot do too much to change the law that applies to any given case. But, experience shows that employers can do a lot to shape the facts and to improve their position in employment litigation. Most of the time, this shaping of the facts depends on the documentation. Moreover, while the particular facts may be different from case to case, the same types of documents are at issue in nearly every employment law case.
Industry Pulse: Which risk management improvement has been the most important?
Previous Industry Pulse: Which type of risk is most important in international business?
Employers beware when asking about workers' health
The Wall Street Journal
Employers are starting to learn — the hard way — about what they can't do under a 2008 law aimed at keeping genetic information from swaying their decisions about hiring and firing. One important thing for them know: Managers better be careful about workplace probing related to employees' health or the health of employees' family.
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'Weathering the storm: How business navigates climate change'
The Energy Collective
More than 800 major weather-related disasters last year led to over $130 billion in losses worldwide. Eleven of those events each resulted in economic losses of $1 billion or more. A new C2ES report, "Weathering the Storm: Building Business Resilience to Climate Change," examines how major global companies are beginning to assess and address the growing business risks associated with increased extreme weather and other impacts of climate change.
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Effectively managing the human element of risk
Executives are increasingly taking risk management more seriously. Firms are waking up to the fact that now, more than ever, risk management has a crucial role to play in the wider strategies of all businesses – not least those in the financial sector. To that end, many boards are beginning to put in place thorough risk related processes and oversight structures in order to detect and correct fraud, safety breaches and operational errors as early as possible.
Focus on resilience needed in US small business sector
U.S. small businesses are particularly at risk from extreme weather and climate change and must take steps to adapt, according to a new report from Small Business Majority and the American Sustainable Business Council. The report, Climate Change Preparedness and the Small Business Sector, concludes: "Because small businesses are distinctly critical to the US economy, and at the same time uniquely vulnerable to damage from extreme weather events, collective actions by the small business community could have an enormous impact on insulating the U.S. economy from climate risk."
Risk managers dealing with rise in total cost of risk
The National Law Review
Keeping insurance costs down is a priority for risk managers, but with the total cost of risk up 5 percent since last year, according to the newly released RIMS Benchmark Survey, this task has become increasingly difficult. A key finding of The 2013 RIMS Benchmark Survey, released this month, was that the average total cost of risk for all companies increased 5 percent, from $10.19 per $1,000 of revenue to $10.70 per $1,000 of revenue the result of hard market conditions.
Storm surge cat bond MetroCat Re increases in size, prices below guidance
The insurance-linked securities markets first ever storm surge catastrophe bond has been extremely well-received by investors with demand helping the deal to increase in size and enabling the sponsor, First Mutual Transportation Assurance Co. to secure the fully-collateralized reinsurance protection at attractive pricing terms. The cat bond, MetroCat Re Ltd. (Series 2013-1), which launched in mid-July and will provide FMTAC, the New York State-licensed captive insurer and subsidiary of the New York Metropolitan Transportation Authority, with a source of storm surge reinsurance protection, was priced this week and is believed to be complete before the end of the month.
10 cyber issues boards and chief legal officers need to know about
Boards of Directors have several fiduciary duties to uphold. Meeting such duties requires addressing cybersecurity and data loss. While this rapidly evolving area has its own unique challenges, boards, as well as the legal officers who advise them, face the same question about how to address cybersecurity, data loss, and data theft as they do any other critical issue — are they acting prudently, reasonably, and responsibly? More and more boards are now asking themselves, and the legal counsel who advise them, these questions and placing cybersecurity and data theft risks at a higher level of priority than even physical disasters.
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Emerging markets' big players feeling pressured by slowdown
The Boston Globe
Not all emerging-market stocks are the same. A wide menu is available, from copper miners in Latin America to natural-gas giants in Russia to casinos in Cambodia. But unfortunately for investors in emerging-market index mutual funds and exchange-traded funds, some managers say the menu is tilted toward the stocks that are less desirable. That's because the indexes are based on market size, so bigger stocks and bigger markets carry more weight. These are also some of the countries and industries feeling the most pressure from a slowdown affecting emerging markets.
Procurement in 2020: Into the risk maelstrom
In the paper, Charting the course: Why procurement must transform itself by 2020, the Deloitte sourcing and procurement team explores the future of procurement and risk management in significant detail. But they spend some good time framing the argument up-front, noting that "uncertainty has become the only certainty common across procurement leaders, and we expect the level of uncertainty to only increase."
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