This message contains images. If you don't see images, click here to view.
Advertise in this news brief.

Text Version    RSS    Unsubscribe    Archive    Media Kit |   RIMS Marketplace:      

Home   Membership   Education   Events   Resources   External Affairs      July 31, 2014

Specialty Property and Casualty Programs and Products


RIMS: Total cost of risk for businesses rose 2 percent in 2013
Insurance Journal
The average total cost of risk (TCOR) for businesses rose two percent from $10.70 per $1,000 of revenue in 2012 to $10.90 per $1,000 of revenue in 2013. It is the third year in a row the cost trend has been up, according to the latest RIMS Benchmark Survey produced by Advisen and the Risk and Insurance Management Society.
   Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

Improving airport security and immigration pain points with a risk-based approach, automation and more choice
Future Travel Experience
The airport security and immigration checkpoints are often cited by passengers as being the biggest obstacles to a smooth airport experience, and with new regulations being introduced earlier this month concerning the additional screening of electronic devices, any plans to streamline the security process seem to have been put on hold. However, despite the many regulations and complexities, examples of airports that are trying to make things easier and more comfortable for passengers at the two biggest pain points in the travel process are still apparent.
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article


Expert says risk management is prerequisite for business success
Channels TV
In Nigeria, there's the risk of infrastructure challenges, change in government policies just to mention a few. The CEO of Deon Consulting Services, Tom Olumoya, was recently the guest on Business Morning and ‎said most businesses do not factor these risks into their planning and so ignore the possibility of being able to manage the situation and protect their investments. According to him, developing an effective risk and compliance management framework helps an organization to take advantage of business opportunities as well as increase their competitive strength.
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

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.

New York ● Los Angles ● 212.425.9200 ● ●

Risk management, farm policy critical during farm economy slump
The business of raising corn, soybeans, and wheat isn't what it was a couple of years ago. Now that the well-foreshadowed profit downturn for grain farmers has arrived, attention has turned to ways to keep it from gouging your bottom line too much. Ag lenders in a big chunk of the nation's midsection say the best ways to do that is lay out specific risk management goals for the short-term, take care of them, and take advantage of the time now to familiarize yourself with the new farm program and ways it could affect you and your farm's bottom line — both positively and negatively — moving into the more distant future, according to a report from AgriBank, a Farm Credit System bank covering 15 states in the Midwest and Plains.
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

Counting the cost of cyber crime
FTSE Global Markets
The U.S. Office of the Comptroller of the Currency has again singled out cyber threats as a leading operational risk for U.S. financial institutions. The OCC notes in its just-released Semi-annual Risk Perspective for 2014 that banking institutions continue to be among the preferred targets for cyber-attacks, and that recent attacks against the retail industry have only reinforced why banking institutions need to be diligent about cybersecurity. Last year marked the first time the OCC named cyber-attacks as being among the financial industry's top operational risks.
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

QBE Visionary

Gain new perspective with QBE. We see risk differently from other insurance companies. We understand it better. And where others avoid it, we embrace it.
Advertise here!

To find out how to feature your company in the RIMS eNewsletter and other advertising opportunities, Contact Geoffrey Forneret at 469.420.2629.

NLRB confirms workers' right to organize your firm, department by department
HR Morning
A seemingly minor decision from the National Labor Relations Board (NLRB) could have some major repercussions for companies nationwide. The case involves a Macy's store in Saugus, Massachusetts, in which a group of salespeople — 41 employees in the cosmetics and fragrances department — made efforts to unionize. The company objected, saying that if the store workers were to form a union it would have to include all the workers in the store, or at the very least all the employees in sales positions. A three-member panel of the NLRB decided that because the 41 salespeople worked in separate departments and had virtually no overlap with the other departments in the store, the group could be regarded as a bargaining unit — and therefore eligible to form a union.
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

  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.

The 'risky business' of supply chains
When some of us hear the words risky business, we might think of Tom Cruise's infamous movie (tube socks sliding across the floor and all). But there is risky business to think about with supply chains too, and it's a subject that supply chain leaders aren't talking about enough these days. Managing risks and recovery is a critical element of your supply chain planning.
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

US economy bounces back in second quarter
U.S. economic growth accelerated more than expected in the second quarter and the decline in output in the prior period was less steep than previously reported, bolstering views for a stronger performance in the last six months of the year. Gross domestic product expanded at a 4.0 percent annual rate as activity picked up broadly after shrinking at a revised 2.1 percent pace in the first quarter, according to the Commerce Department.

Share on FacebookTwitterShare on LinkedinE-mail article
read more
Dashboards can help CFOs manage risk
Not so long ago, risk was one of several portfolios entrusted to a mid-level executive. Various related activities were often relegated to the back office. Today, risk has moved its way into the C-suite and boardroom. That means CFOs, who also own risk management broadly, need to expand their tool kits to include risk-sensing tools, dashboards and other appropriate technologies. They also need to work seamlessly with chief risk officers, business units and strategic planners.

Share on FacebookTwitterShare on LinkedinE-mail article
read more
Taking the strategic view of cyber security
Students of the military arts, at a fairly early stage in their education, run into the anecdote about Frederick the Great being shown a defensive plan that involved the entire army being lined up along the Prussian border. "What's that meant to do?" the great general asked scornfully. "Prevent smuggling?" The lecturer will then explain that the point is, of course, that you can't base a workable defensive strategy simply on a border defense that you assume will never be breached. You have to assume a breach and prepare plans for mitigation and counterattacks. The cybersecurity profession, too, has made this transition. Every company is exposed to cybercriminals, and those who let their guard down will find themselves compromised.

Share on FacebookTwitterShare on LinkedinE-mail article
read more

Reputational risk drives social media processes
WallStreet & Technology
In a recent study, reputational risk exceeded compliance as the top concern for financial services organizations with respect to social media. Though compliance drives so many decisions in financial services, that's entirely not so with social media. Instead, reputational risk is a greater concern, according to a recent survey of audit professionals. According to the 2014 Internal Audit Capabilities and Needs Survey by Protiviti, a global business consultancy owned by Robert Half International, financial services respondents identified brand/reputational damage as the greatest risk posed by social media. Compliance came in a distant second, with data security ranking third.
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

  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.

GAO: EPA should address emerging risks from fracking
Bloomberg BNA
The Environmental Protection Agency should review emerging risks related to safeguards for hydraulic fracturing wells used for oil and gas production, according to a report released July 28 by the Government Accountability Office. Overall, safeguards in place at the wells — known as class II wells — are effective in preventing contamination of underground water sources and very little has occurred, EPA and state officials told the GAO. Current safeguards require well operators, among other things, to meet technical standards for constructing, operating, testing and monitoring injection wells. However, such safeguards don't address emerging underground risks, such as seismic activity and overly high pressure in geologic formations that lead to surface outbreaks of fluids, according to the report.
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

The 4 Rs of crisis management
Business 2 Community
Brooke Ballard writes, "Social media & online notifications are so much fun. As someone who manages several online brands and accounts, I love getting those little dings from Sprout Social, watching my mobile light up, or seeing the red numbers on Facebook go sky high. That is, until I'm pushed into crisis management mode. You know, like when someone leaves a scathing review about your product, one of your employees, or the way you conduct your Facebook page. That's why anyone who manages online properties should know the four Rs of crisis management!"
Share this article:   Share on FacebookTwitterShare on LinkedinE-mail article

Missed last week's issue? See which articles your colleagues read most.

    Why your brain plays down risk (Inc.)
Big banks: Too big to trust? (CNBC)
Employers blame economy for workers' lawsuits (Human Resource Executive Online)
3 ways businesses can manage social media risk (PropertyCasualty360)

Don't be left behind. Click here to see what else you missed.

Colby Horton, Vice President of Publishing, 469.420.2601
Download media kit

Lisa Smith, Senior Content Editor, 469.420.2644 
Contribute news

Be sure to add us to your address book or safe sender list so our emails get to your inbox. Learn how.

This edition of the RiskWire was sent to ##Email##. To unsubscribe, click here. Did someone forward this edition to you? Visit to learn how you can sign-up to receive RiskWire.
Recent issues
July 29, 2014
July 24, 2014
July 22, 2014
July 17, 2014

50 Minthorn Blvd., Suite 800, Thornhill, ON, L3T 7X8