Planning & Management Nuggets
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Risk Management Unlocks Future Business Growth
Risk management is now seen as a key contributor to a company's source of competitive advantage, with companies putting risk managers under increasing pressure to show measurable returns on investment in this area, according to ACE European Group (ACE).
The majority (97 percent) of senior executives and risk professionals surveyed for the latest global risk briefing report, conducted by the Economist Intelligence Unit (EIU) and sponsored by ACE, said that good risk management is an important source of competitive advantage. There is a growing consensus that risk management is now expected to be more than just a tool to protect a company from losses.
(http://www.strategicrisk.co.uk/story.asp?sectioncode=23&storycode=363058&c=2)
Agility and Resilience Growing in Importance
Seven out of 10 executives say their organizations experienced disruptive change during the last year. And more than 80 percent say that the pace of change is speeding up in organizations all over the world. That's according to Agility and Resilience, a survey commissioned by the American Management Association and conducted by the Human Resource Institute. The organizations offer up their perspectives on how organizations can become more agile and resilient to overcome the challenges they face in a new report.
(http://www.amanet.org/research/index.htm)
Poll Shows Many Unready for Public Health Crisis
A recent survey sponsored by the American Public Health Association (APHA) indicates that about one-third of Americans have made no preparations for a public health emergency and nearly 90 percent have prepared less than they think they should.
Among the survey's key findings:
Thirty-two percent of the public have taken no special steps to prepare for a public health emergency that could leave them short of food, water or medication.
An 87 percent majority said they knew they had not done enough and could do more to prepare for a public health emergency.
Forty percent of respondents said they had taken steps to prepare in the past, such as after the 9/11 terrorist attacks, but had since let their plans lapse.
More than one-quarter (27 percent) said they were prepared for an emergency, but only about half of them (14 percent) had the three-day supply of food, water and medication currently recommended by the American Red Cross for general disaster planning.
Close to half - 46 percent - of respondents had not assembled a disaster supply kit.
Georges C. Benjamin, MD, executive director of the APHA, says the survey findings show public health officials have a long way to go to prepare the nation for public health emergencies.
(http://www.contingencyplanning.com/news/30.aspx)
Mississippi Flood Repeat Could Cost $160 Billion Today
A repeat of the 1927 Great Mississippi Flood - the largest flood disaster in US history - could cost up to $160 billion in economic damages if it were to happen today, according to Risk Management Solutions (RMS).
A recent study by RMS shows that in a repeat of this flood today, the losses would be between $130 and $160 billion. Almost two-thirds of this total would be a result of residential damage, with another third from damage to commercial and industrial properties.
(http://www.continuitycentral.com/news03268.htm)
World's Largest Unclassified Database of Terror Attacks Now Live Online
The world's largest unclassified database of terrorism attacks is now available online for general use by researchers, policy-makers, media and the general public - an important tool that researchers say may aid in the development of more effective responses to terrorism. The 'Global Terrorism Database' was developed by START, the National Consortium for the Study of Terrorism and Responses to Terrorism based at the University of Maryland, with funding from the US Department of Homeland Security.
(http://www.start.umd.edu/data/gtd/)
CDC Reports on the Mental Health of People in Tsunami Affected Thailand
Two Centers for Disease Control and Prevention (CDC)-led studies were published in the Journal of the American Medical Association dealing with the effects of the December 2004 South Asia tsunami on people in affected areas of Southern Thailand. These studies make contributions to the field of post-disaster epidemiology and intervention. CDC says the findings of these two studies will help it better direct, strengthen and evaluate mental health needs and interventions when responding to future disasters.
Defining the Characteristics of a Probably Maximum Loss Study
From the International Risk Management Institute
Probable maximum loss (PML) studies have long been a staple in the insurance, real estate and financial industries for quantifying the risk due to extreme hazards and the resulting financial losses. But a new article by Nathan C. Gould says the use of PML studies that provide probabilistic methods of estimating natural hazards and the magnitude of the resulting estimated losses have combined to alter the nature of the PML that is used today.
(http://www.irmi.com/Expert/Articles/2007/Gould03.aspx)
When Risks Marry and Multiply
From the International Risk Management Institute
Currency devaluation. Natural disaster. Coup d'etat. Influenza pandemic. What do such these seemingly unrelated items have in common? They are all relatively rare occurrences that have increasingly received the attention of risk managers who understand that low-probability/high-impact risks - within and outside their walls - must be identified and addressed. Mark Layton and David Hodgson report.
(http://www.irmi.com/Expert/Articles/2007/Deloitte06.aspx)
Balancing Risk Probability and Vulnerability
From the International Risk Management Institute
Credit worthiness and life expectancy are examples of well-understood risks whose probabilities can be quantified and whose ability to create loss can be modeled. On the other hand, "acts of God" and the machinations of business competitors will, in many instances, defy probability analysis and standard forms of risk assessment because they are often atypical events whose causes are the function of circumstances beyond both the awareness and control of those responsible for an organization's risk management. In this article, Mark Layton and Steven Ross look at these new types of risk to find a balance between probability and vulnerability.
(http://www.irmi.com/Expert/Articles/2007/Deloitte05b.aspx)
Privacy and Security Litigation and Enforcement: Growing Risks for Businesses?
From the International Risk Management Institute
Over the past two years, there has been a dramatic increase in the volume of activity relating to the privacy and security of personally identifiable information (PII). In this article, Gary Clayton examines how high-profile cases such as BJ's Wholesale Club, T.J. Maxx, DirecTV, ChoicePoint and CardSystems Solutions have led to an increase in actions by both the Federal Trade Commission (FTC) and private litigation. But with all of the headlines, new state and federal laws and regulations, and the increased enforcement, Clayton asks: Why hasn't there been more litigation to date?
(http://www.irmi.com/Expert/Articles/2007/Clayton05.aspx)
Follow the Money: The Insurance Industry and the PATRIOT Act
From Risk Management magazine
With the advent of new insurance products with investment potential, the US government expanded application of the Bank Secrecy Act's anti-money laundering requirements to insurance companies. Though the initial insurance industry concern following September 11 was the financial risk posed by policies insuring the people and property who were direct victims of those attacks and ways to minimize future risks of that magnitude, enactment of the USA PATRIOT Act made insurance companies-as well as their agents and brokers-a vital part of the fight against terrorism. Wendy J. Keefer reports.
Risk Management: It's Not Rocket Science... It's Much More Complicated
From Risk Management magazine
The affluent world is drowning in risk assessments. Almost everyone now has a "duty of care" to formally identify all possible risks to themselves, or that they might impose on others, and to demonstrate that they have taken all reasonable steps to control them. It is not clear that those imposing this duty of care appreciate the magnitude and difficulty of the task they have set. John Adams explores the new world of risk management in this article.
Coping with Claim Surge
From Risk Management magazine
In this article, Gary Kerney looks at how the extraordinary scale of the Hurricane Katrina disaster punctuates the need for insurers to rethink their approach to claims processing. As baby boomers retire to warmer climates and snowbirds invest in winter homes in catastrophe-prone areas, the volume of claims is skyrocketing.
The Value of Web Claims Systems
From Risk Management magazine
Have you identified the most common cause of injury to your organization's employees? At what point in your company's procedure specifications do these injuries typically occur? Can you, based of historical trending, estimate the number of injuries to the particular body part affected? Risk managers recognize the value of what is being asked and would answer more thoroughly if they could. Bill Rachilla says the problem comes down to two main issues: The difficulty of obtaining the appropriate data and the difficulty of designing formulas within a report writer that can perform ad hoc projection
SPECIAL REPORT: The Most Overlooked Risks
From Risk & Insurance magazine
Asking a lot of "what-ifs" can hurt one's head, but that's all in a day's work for risk managers. Or should be. This special report asks the question: What of the risks no one ever sees, no one ever hears, no one ever touches and of which no one ever conceives?
(http://www.riskandinsurance.com/070501specreport_1.asp)
Surviving the End of the World
From Risk & Insurance magazine
For insurers, one lesson of recent catastrophes is to respect the return periods. But should low-probability, high-severity disasters that might never happen really concern risk management? Matthew Brodsky says the true lesson could be to lay off the probabilities altogether.
(http://www.riskandinsurance.com/070501_toc.asp)
Boardroom BIA: Elevating Our Profession
From the Disaster Recovery Journal
Author James G. Callahan says he frequently hears from BC/DR professionals who are either unable to secure funding or gain support from senior management for their efforts. Year after year, they continue to press on with the same approach and message, hoping that some day something within the organization will change. The problem, he says, is that nothing within the organization will change until we change ourselves.
(http://www.drj.com/articles/win07/)
Responsibilities Outside 'Area of Authority'
From the Disaster Recovery Journal
As a professional business continuity planner, John Glenn says he should be expected to "plan ahead" and be prepared for all contingencies. ... Translation: If he misses the meeting it's his fault.
(http://www.drj.com/articles/win07/
ChicagoFIRST is a Model for Other Cities
From the Disaster Recovery Journal
The development of regional public/private partnerships within the financial sector is the latest example of this collaboration. ChicagoFIRST formed in 2003 as the first such regional partnership, building relationships among its competitor-members and between the members and government at all levels. Brian S. Tishuk reports.
(http://www.drj.com/articles/fall06/)
Current State of Pandemic Disaster Preparedness
From the Disaster Recovery Journal
Pandemics are among the natural disaster threats that have been recently added to the list of serious potential threats to business continuity as well as the health and safety of employees. It is also one of the most ancient risks that humans have endured on planet Earth. This article by Robert C. Chandler, J.D. Wallace and W. Timothy Coombs looks at today's state of pandemic preparedness.
(http://www.drj.com/articles/fall06/)
2006 Pandemic Preparedness Survey Results
From the Disaster Recovery Journal
In an effort to learn more about the current efforts of preparedness planning for pandemic threats authors Robert C. Chandler, J.D. Wallace and W. Timothy Coombs conducted the Pepperdine University/DRJ Avian Flu Preparedness survey late last year.
(http://www.drj.com/articles/fall06/)
Why Real-Time Asset Management is More Than Just A 'Good Idea' for Business Continuity
From Continuity Central
A week might be a long time in politics - but in IT it's an eternity. Everything can change and what was safe, secure and accounted for on Monday can be threatened, compromised or even gone by Friday. People make mistakes and lose things or steal them, they download unlicensed software from the web or their kids install it at the weekend and generally 'company property' is unguarded and out of control. With this in mind, Graeme Pitts-Drake argues that automated asset management is one of the key foundation stones of ensuring business continuity.
Yet, despite the acceptance of and demand for appropriate business continuity plans at board level, most IT managers are still not taking the most basic of precautions to guard their IT inventory and get automated asset management in place.
Assessing your Legal vulnerabilities
From Continuity Central
Businesses face legal risks related to disruptions and disasters: How can these be addressed? Jay N. Rosenblatt, a business lawyer at the law firm Simpson Wigle LLP, has some answers.
(http://www.continuitycentral.com/feature0443.htm)
National Continuity Implementation Plan: Great Idea but Compromising Timescales?
From Continuity Central
David Honour, editor of Continuity Central, weighs in on the National Security and Homeland Security Presidential Directive (the combined National Security Presidential Directive/NSPD 51 and Homeland Security Presidential Directive/HSPD-20) which set in motion measures to implement a National Continuity Policy and to develop a National Continuity Implementation Plan. Why does Honour say the plan is something other countries should look seriously at emulating?
(http://www.continuitycentral.com/feature0464.htm)
The 80 Percent Myth...
From Continuity Central
You don't have to be involved in business continuity long before you come across the profession's very own urban legend: The 80 percent statistic. Mel Gosling has more.
(http://www.continuitycentral.com/feature0440.htm)
Between a Rock and a Hard Place
From Continuity Central
Steve Dance discusses the interplay between BS25999, the British Standard for Business Continuity, and other recent UK legislation. The emergence of BS25999, together with recent legislation, creates some interesting interactions of which business continuity managers need to be aware.
(http://www.continuitycentral.com/feature0416.htm)
The Best Defense
From the Conference Board Review
Writer A.J. Vogl interviews noted homeland security expert Stephen Flynn, who tells Vogl we need to direct our best efforts at home rather than overseas. Flynn argues that the overseas focus has produced a flaccid homeland defense and a decaying infrastructure.
(http://www.conference-board.org/articles/atb_article.cfm?id=385)
State of Readiness
From Security Management Magazine
In this report by Robert Elliott, learn how Arizona is using training exercises to prepare for both natural disasters and the possibility of a terrorist attack.
(http://www.securitymanagement.com/)
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