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We need more glass half-full risk managers

We need more glass half-full risk managers | Risk  Management | Scoop.it

We should have more risk managers being positive, innovative, and proactive in their assessments and information for management. With more glass half-full people, we would see that risk managers are seen as being strategic enablers to the business.

So, how do risk managers focus on being glass half-full?

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Risk  Management
Essential reading & interesting articles on Risk Management & Insurance Management
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Atlas Insurance PCC Malta | Protected Cells

Atlas Insurance PCC Malta | Protected Cells | Risk  Management | Scoop.it
Atlas Insurance PCC in Malta gives foreign promoters the opportunity to own their own EU insurance or risk financing captive vehicle avoiding fronting requirements. Protected cells typically require less capital & cost than standalone companies.
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Supply chain: what companies should do to ensure their suppliers deliver

Supply chain: what companies should do to ensure their suppliers deliver | Risk  Management | Scoop.it

As supply chains grow in complexity and businesses become increasingly interdependent, firms need to be more proactive in managing the risks along the chain

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Risky business: why sparks must fly to innovate

Risky business: why sparks must fly to innovate | Risk  Management | Scoop.it

Greg Orme, author of The Spark, explains why failure, chaos and the courage to take creative leaps are far more rewarding than playing safe.

 

Smart leaders love business creativity. It has produced every breakthrough since the dawn of time. From the Model T Ford and Facebook to the smartphone, everything began with a spark of creativity. That spark changes the rules of the game while increasing profit. 

Business creativity delivers 100% of revenues from innovative new products, and all the cost savings and quality improvements from more effective processes. But despite the evidence of the commercial power of creativity and innovation, many companies are risk-averse and uncreative.

The risk of failing to foster a creative business culture is significant, yet business creativity is often overlooked because the pitfalls seem to lie somewhere over the horizon. But sooner or later, the economic reality of ‘creative destruction’ annihilates those businesses that fail to adapt fast enough and instead stay wedded to the safe familiarity of old ways. Business creativity is the only response to a commercial world of accelerating change. It helps firms avoid ‘Kodak moments’. Kodak invented digital camera technology, but then refused to cannibalise its lucrative film-based business model. The company went bankrupt in 2012 – suicide by complacency. 

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The biggest corporate blunders of recent years – and how to prevent them in the future

The biggest corporate blunders of recent years – and how to prevent them in the future | Risk  Management | Scoop.it
From Tesco’s ill-fated expansion into the US, to Nokia’s and Blackberry’s failures to move into the smartphone market, André Spicer, of Cass Business School, explains how executives can guard against five common business errors
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EU antitrust rules : a right to a compensation for citizens

The new Directive on antitrust damages actions, which has been signed into law on 26 November 2014, acknowledges a right to compensation for anyone who has suffered harm caused by a cartel.

A few jurisdictions, in Germany, United Kingdom and the Netherlands, have been familiar for many years with private litigation connected to cartel damages. For many jurisdictions, however, this will constitute a new layer of possible liability applicable to cartel participants, in addition to the possible fines and sanctions imposed by national competition authorities.

Nevertheless, the Directive is protecting leniency programmes, the possibility of full or partial immunity granted by national competition authorities for a cartel participant who is providing information about the cartel. A claimant will not be able to obtain a court order for access to documents related to companies cooperating with the competition authority. This constitutes a powerful incentive for companies to choose the cooperation and the settlement options.

The status of whistle blower is now beneficial for two reasons: possible immunity and reduced fines from the competition authorities, and the chance to avoid civil litigation and damage claims from individuals in courts.

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How can businesses protect their confidential information?

How can businesses protect their confidential information? | Risk  Management | Scoop.it

A company’s trade secrets are one of its key assets and global organisations need to keep it secure and limit their exposure to legal risks, as DLA Piper explains

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Class actions kick off in France but little impact expected on insurance coverages

Class actions kick off in France but little impact expected on insurance coverages | Risk  Management | Scoop.it

Class actions have arrived in France, with the first case hitting the courts a few hours after a law introducing the concept came into force yesterday. But the new law should create little if any problem for corporate insurance programmes, brokers say.

Despite the terrifying examples provided by the US, experts believe that class action legislation is set to have much less of an impact in France. The law defines restricted conditions under which class actions can be launched and indemnification payments will cover only the actual losses suffered by consumers.

As a result, current liability policies and legal protection policies should be enough to cover the risks created by the law, said Christophe Pardessus, Head of Claims in Continental Europe at Marsh.


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What is the best way to protect business reputation?

What is the best way to protect business reputation? | Risk  Management | Scoop.it
Hill Dickinson partner Magnus Boyd explains why companies should care about negative or inaccurate stories about them and why protecting data is so essential
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How multinationals are managing Forex risks

High levels of volatility in today’s foreign exchange markets is spreading concern among C-suite executives. 

An organisation’s balance sheet is continually threatened by foreign currency exchange rate (Forex) fluctuations and, as businesses continue to capitalise on the growth in emerging and developing economies, their exposures increase. Follow the link for examples of how this risk is being managed.

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What risk managers need to do in the fight against cyber crime – in five steps

About 40% of cyber claims arise from hacking and network intrusion, says Zurich’s Tim Stapleton. Follow the link where he gives a step-by-step account on mitigating the risk.

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Russian Roulette with Security Breaches

Russian Roulette with Security Breaches | Risk  Management | Scoop.it
Many organizations aren't taking data security seriously, despite the fact that hackers continue to breach relatively secure systems at large corporations, subjecting those companies to reputational harm and loss of consumer trust. Some have recovered just fine, but smaller businesses don't bounce back as quickly. The fact is, a breach will happen to your company, too, sooner or later.
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Operational Risk: Key Risk Indicators (KRIs)

Operational Risk: Key Risk Indicators (KRIs) | Risk  Management | Scoop.it

Key Risk Indicators (KRIs) are an important tool within risk management and are used to enhance the monitoring and mitigation of risks and facilitate risk reporting. Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Operational KRIs are measures that enable the risk managers to identify potential losses before they happen; the metrics act as indicators of changes in the risk profile of a firm.

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ELD Round Table Discussion - FERMA Seminar

Carl Leeman gives feedback on the Environmental Liability Directive risk managers round table discussion from the FERMA 2014 Seminar

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Avoid Data Leaks: Make Content Sharing Safe and Compliant

Avoid Data Leaks: Make Content Sharing Safe and Compliant | Risk  Management | Scoop.it

The frequency and risk of data breaches compels companies to look at their network infrastructure and security processes and take appropriate actions to guard against inadvertent data leaks.

An often overlooked area vulnerable to unintentional data leaks is the use of free, online file-sharing and syncing solutions.  While most employees never consider using a non-corporate-sponsored email system, those same employees would readily collaborate through a free file-sharing tool, because it is easier to use than what is available from their employer.  

Another risky situation arises when a group collaborates by sharing documents and files over email.  Version control quickly spins out of control as the volume of email exchanges skyrockets due to the complexity and volume of the edits and to the number of people involved.  Project groups then turn to free, ad hoc file-sharing and collaboration services, which can lead to serious data leakage problems as content is copied onto unsecure public cloud servers.

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Is your business ready for new Data Protection Regulation?

Is your business ready for new Data Protection Regulation? | Risk  Management | Scoop.it
A number of laws relate to the protection of data. In the EU, the main data protection laws derive from EU Directive 95/46/EC. However, the regime is being upgraded, with a draft General Data Protection Regulation currently proceeding through the European legislative process.

This article examines the directive in so far as it relates to international data transfers in the private sector and how this is likely to change following the introduction of the regulation.
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Captive audience?

Captive audience? | Risk  Management | Scoop.it

In many companies, being a risk manager can feel like a pretty thankless task. You work hard, know more about the company than anyone else, have excellent relationships with most of your colleagues, but when you meet with senior management you still sometimes feel that you’re treated indifferently.  In some companies, the risk management department is even considered to be a drain on resources.  

As long as risk management is seen as an unwelcome expense and a burden to an organisation, it’s going to be difficult for the risk manager to get the attention he deserves from others in the group.  Although things have improved markedly over the past 20 years, revenue-producing divisions – such as sales and marketing – may still be seen to be more important than risk management, to the detriment of the overall risk management process.

One way to help address the imbalance is to link the work that the risk management department does to some sort of cost-of-risk financial measure so that others can clearly see the financial benefits of risk management.  There is no better way of achieving this than by your company having its own captive insurance company. A captive can be the window, or the showpiece, of the risk management department. A well-organised and managed captive that is underpinned by a robust risk management process will make profits.  Those profits represent tangible proof that risk management can save the parent company money and be a profit centre in its own right.

The alternative forms of risk financing, such as captive insurance, now available in the market are numerous. Long gone are the days when only very large publicly-quoted companies could justify having their own captives. There is now any amount of self-financing facilities available to mid-sized organisations.

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Malta Domicile's Regulatory Innovation

Malta Domicile's Regulatory Innovation | Risk  Management | Scoop.it

The MFSA will continue to be proactive in further developing the financial sector, while keeping in mind its duty to do so in a prudent and sustainable way, says Angele Grech, MFSA Authorisations Unit Director.

We are living in a world where change has become the norm. Consumer needs change, financial products are developed and financial markets continuously evolve and innovate. As financial markets adjust, so too must the regulatory systems which oversee them. Regulation must interface with innovation in a mutual and dynamic relationship in order to enhance the positive regulatory effects on innovation.

This is reflective of the approach of the Malta Financial Services Authority (MFSA), which has been progressively developing as a single financial services regulator since before Malta joined the EU in 2004 and adopted the euro as a currency in 2008.
As regulators, we appreciate and value the importance of communication and dialogue with stakeholders and this has consistently underpinned our approach in adapting new regulation to keep pace with market developments. Throughout, we have sought to balance innovation with sound institutional development through sustainable regulation. The process is ongoing.
The establishment of a regulatory regime for protected cell companies (PCCs) [in 2004] was a milestone in the development of Malta’s insurance sector. Indeed, Malta is the only full EU member state to offer PCC legislation. 
Going forward, we will continue to be proactive in further developing the financial sector bearing in mind our duty to continue to ensure that this is done in a prudent and sustainable way. We will continue to find an appropriate balance between preserving safety and soundness of the system and allowing financial institutions and markets the flexibility to perform their intended functions through fostering sustainable business growth. This is the opportunity of regulatory innovation.

 

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Captive Round Table Discussion - FERMA Seminar

Edwin Meyer reports on the isk managers Captive Round Table Discussion from the last FERMA Seminar

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Do You Have a Cybersecurity Problem?

Do You Have a Cybersecurity Problem? | Risk  Management | Scoop.it
If you believe cybersecurity risks are entirely the purview of the IT department, you're not alone. But you're also mistaken. Compliance has to partner with IT in conducting risk assessments, addressing threats and implementing solutions to keep the organization both on the technological forefront and protected as much as possible from data breaches.
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What Risk Managers need to know about Climate Change, according to Danish meteorologist/climate expert

What Risk Managers need to know about Climate Change, according to Danish meteorologist/climate expert | Risk  Management | Scoop.it

Climate change and global warming remain long-term concerns by risk managers. In this short clip, WRIN.tv speaks with Jesper Theilgaard, noted Danish meteorologist and climate expert, who was the keynote speaker at the Annual FERMA Seminar; about the most important things risk managers need to understand about climate change

According to Mr. Theilgaard, “First of all, you have to accept that climate change is happening… don’t look at it as doomsday… and whenever you have a risk – you also have opportunities…”

Mr. Theilgaard says different countries have different climate changes; different business areas have different risks. It is important to look focus on climate change in relation to what you and your business are doing. Otherwise, “there is a risk that you are making too much effort where you don’t have to...”

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Dream nightmare - The risk of over-performance

Dream nightmare - The risk of over-performance | Risk  Management | Scoop.it

When white goods and floor-care specialist Hoover was sitting on surplus stock in 1992, it struck upon a novel way to get rid of it. Anyone purchasing more than £100 worth of products would receive free airline tickets. The company had gambled on the public being put off by the small print – but it vastly underestimated demand and the tenacity of consumers.

After 600,000 purchases, a consumer pressure group was formed to force the firm to honour the promotion. After six years of legal wrangling, Hoover was left with a bill for £48m – and three senior executives were ushered out of the door.

With many risk discussions focusing on negative scenarios, this episode is a reminder of the risk of over-performance – unexpected surges in demand for a service, product or offer.

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Information security reality – bad habits revealed

One in four employees admit breaking security policies to work remotely and the vast majority aren’t concerned about losing confidential business data.

Poor security and impugned responsibility are putting business data at risk for those working remotely, according to new research from data storage and information security company Imation. Workers are taking confidential information away from the office, often without the knowledge of their employer, and losing unsecured and unencrypted business data in places such as pubs, trains and hotels.

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Scientists find a way to make fracking less horrible for the environment

Scientists find a way to make fracking less horrible for the environment | Risk  Management | Scoop.it

Using fracking (hydraulic fracturing) to get oil or gas may fulfill energy needs, but it has a nasty impact on the environment. Among other things, it leaves behind extremely salty water. However, scientists at both MIT and the King Fahd University of Petroleum and Minerals have found technology that could soften the blow. 

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Cyber Round Table Discussion - FERMA Seminar

Chris McGloin gives feedback on the Digital Risk and Opportunities Round Table Discussion from the FERMA 2014 Seminar

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"Climate Crunch" : Scenarios for the global economic environment

"Climate Crunch" : Scenarios for the global economic environment. The recently published Global Risks 2014 report of the World Economic Forum identifies environmental risks as highest in terms of impact and likelihood. Those risks include both natural disasters, such as earthquakes and geomagnetic storms, and man-made risks such as 
collapsing ecosystems, freshwater shortages, nuclear accidents and failure to mitigate or adapt to climate change. Failure of climate change mitigation and adaptation is the fifth top risk concern according to 
multi-stakeholders communities. 

Climate change is evidence proven and this paper doesn’t intend to explore the causes. However, one can state that climate change is a systemic problem – it is one that touches all the others. As such by its systemic nature, it can cause breakdowns of entire systems and not only a component part.

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Cyber Essentials

Cyber Essentials | Risk  Management | Scoop.it

Cyber Essentials is a new Government-backed and industry supported scheme to guide businesses in protecting themselves against cyber threats.

Cyber Essentials documents are FREE to download and any organisation can use the guidance to implement essential security controls.

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