Author Archives: Hilary Tuttle

About Hilary Tuttle

Hilary Tuttle is the managing editor of the Risk Management Monitor and Risk Management magazine.
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How to Make the Most Out of 2021’s Virtual Conferences for Rising Risk Professionals and Employers

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Amid a second wave of the COVID-19 pandemic, people around the world are going back into lockdowns or rolling back phased reopenings, and it appears remote work arrangements and virtual events will continue to be the norm for many. Throughout the pandemic and now, moving into 2021, these shifts have prompted serious consideration about what it means to connect at work and how to build and maintain relationships in your professional network without seeing people in person.

As the job market remains in flux from the pandemic, this is a particularly pressing concern for students, early-career professionals, and others who are just establishing themselves in the risk profession. To that end, insurance and risk management student organization Gamma Iota Sigma has composed virtual conference guides for both students and employers to make the most out of the growing number of virtual recruitment and networking events.

According to Grace Grant, the organization’s executive director of chapter operations, Gamma Iota Sigma created the Virtual Conference Guide after roundtable discussions with a range of industry and professional association partners regarding student engagement, recruitment and collaboration amid the pandemic. “Throughout the course of the summer, nearly 30 different groups participated in these discussions where we discussed lessons learned and opportunities we were facing in light of the COVID-19 pandemic,” Grant said. “Because many of our partner organizations also host annual conferences, and everyone was pivoting to a virtual option, it became apparent that both students and employers would benefit from a best practices guide for virtual conference attendance.”

“For an industry that is largely centered around business relationships, the pivot to virtual a conference season presents a challenge, but also opportunities,” said Alyssa Bouchard, vice president of industry engagement at Gamma Iota Sigma. “While virtual engagement can’t always take the place of face-to-face engagement, it does allow for increased access. Virtual conferences have lower registration fees in many cases. They have no associated travel costs or commitments. For some, the lack of business travel or daily commutes in our virtual environment means more time in the day. Collectively, this creates a big opportunity for rising risk professionals to pursue career development opportunities which might not have previously been an option but are now right in front of them—literally. It is a great time for rising risk professionals to participate in industry conferences and events to expand their industry knowledge and networks.”

For rising risk professionals looking to seize those expanded opportunities via virtual conferences and events, click here for the Virtual Conference Guide for Students.

On the day of the event, some of the key tips for students include:

  • Prepare your space. Find a quiet and comfortable space for attending the conference. Make sure you have all necessary technology and information within reach. Set up a neutral and professional background. Be aware of personal items that may show in your screen. Make sure your space is well-illuminated so conference attendees can clearly see your face during video interactions. Have water and a snack nearby so you can refuel when needed!
  • Check your Wi-Fi bandwidth. If possible, sit close to the router. Turn Wifi “off” on unused devices to free up bandwidth. If needed, ask your housemates to refrain from streaming during the event.
  • Dress to impress. Wear head-to-toe professional attire that is reflective of your professional brand and leaves conference attendees with a good impression. Some conference hosts will specify a recommended dress code for the event. If not, wear business professional attire.
  • Minimize distractions.
    • Close other tabs on your computer. Turn off notifications on your phone and other devices so you can focus on the conference.
    • Notify members of your household that you are participating in a virtual conference to better manage potential disruptions.
  • Build your network. Many virtual conferences will host virtual networking lounges, interest groups, chat rooms or other opportunities to meet attendees. Leverage these opportunities!
    • Virtual conferences offer a variety of communication methods to connect with other attendees. If you have meetings scheduled, confirm whether they are text, audio, or video meetings before joining the meeting.
    • Don’t be afraid to reach out and introduce yourself to other conference attendees. Share your elevator pitch when joining new conversations.
    • Be aware of your audience and know whether the chat is one-on-one or a group conversation.
    • If you plan to reconnect after the event, establish the best way to do so before signing off.
  • Keep a list of action items. How will you use the information you’ve acquired at the conference? Keep a list of to-do items for after the event. For example, 1) Submit online application for internship at ABC Insurance Company, 2) Follow up with Sheryl on offer to job shadow, 3) Review XYZ Brokerage’s career brochure, 4) Conduct additional research on product recall insurance.

For companies looking to recruit the next generation of risk professionals, click here for the Virtual Conference Guide for Employers.

For example, on the day of the event, GIS advised employers to:

  • Be proactive. Don’t wait for students and candidates to come to you! Find ways to actively engage conference attendee in the virtual lobby, lounges, and sessions. If a candidate visits your booth, give them a warm welcome.
  • Facilitate informal networking opportunities. Encourage attendees from your company to hang out in the virtual networking lounge, interest groups, or chat rooms when they’re not scheduled to be somewhere else. This will allow them to engage with students and/or potential candidates in a less formal setting.
  • Identify next steps. If speaking with a booth visitor or interviewee, clarify action items following the conference. Do they need to complete a job application? When will they hear back from you about a second-round interview? How can they find more information about your organization and/or opportunities?

After COVID, Cyberrisks Top Agenda for Risk Professionals in India, Marsh and RIMS Report

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For risk professionals in India, the COVID-19 pandemic has underscored the critical need to build business resilience and develop mature yet flexible business continuity plans to address both short- and long-term threats. In the new Marsh and RIMS report Excellence in Risk Management India 2020, Spotlight on Resilience: Risk Management During COVID-19, 63% of risk professionals in India said a new pandemic or continued fallout from COVID-19 was a top risk facing their organization, followed by cyberattacks (56%), data fraud or theft (36%), failure of critical infrastructure (33%), fiscal crises (31%), and extreme weather events (25%).

This mix of top risks illustrates the critical task before risk professionals heading into 2021: ensuring capability and procedures to respond to fast-emerging disasters, while not losing sight of the critical work to boost baseline resilience against foreseeable risks across the enterprise.

“Organizations need to balance their focus between longstanding and emerging risks,” said Sanjay Kedia, country head and CEO of Marsh India. “While there has long been an awareness of weather-related risks, low-frequency risks generally receive less attention. The pandemic has underlined the need for risk managers to keep all perils on their radar.”

Indeed, Marsh and RIMS found risk assessment and modeling are critical gaps for India-based risk professionals to focus on to mature their risk management programs. “As businesses recover from COVID-19, many senior leaders are shifting attention to questions of resilience.

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But, as our survey shows, the use of advanced risk management techniques in India remains limited—for example, more than one-fifth of respondents do not assess or model emerging risks,” the report noted.

This is particularly the case with emerging cyberrisks. Cyberattacks and data loss or theft ranked among the top three threats, and the pandemic escalated the already rising number of cyberthreats to companies in India with the shift to remote work, online business, and ransomware attacks. Indeed, the report noted that the pandemic led to a surge in cyberattacks against Indian companies, with New Delhi among the top 10 most often attacked cities with regard to ransomware in 2020, and more than a third of Indian respondents to a June survey by Microsoft reporting they had fallen prey to a pandemic-related phishing email. Yet only a third of respondents to the Marsh/RIMS report said they model potential cyber loss scenarios, and only 26% plan to do so in the next year. Key cyberrisk management measures and the rate of implementation among Indian companies include:

Whether it is phishing attacks on employees or internet outages interrupting operations in the supply chain, the report notes that the next major event for Indian companies could well be a cyberattack. Focusing on building cyber resilience was one of the report’s four key recommendations, noting “organizations should shift their focus from solely trying to prevent an attack to accepting the inevitability of a cyber event and taking action to mitigate its effect.”

The report’s other top recommendations for risk professionals in India were:

  • Regularly review existing business continuity plans – “Companies should carefully review and refine their business continuity plans. They should ensure their plans enable them to respond effectively to threats that bring short-term pain and long-term and widespread challenges, as is the case with COVID-19.”
  • Embrace the changing working environment – “Lockdowns intended to stem the spread of COVID-19 required many companies to quickly move to remote working, change their business models, and implement new safety measures upon return to the workplace. Other perils, like a natural disaster, could necessitate and precipitate such shifts, even if shorter in duration. Businesses should invest in structures that allow employees to work remotely effectively, efficiently, and safely and should educate employees on new ways of working under changing circumstances.”
  • Remap and remodel your supply chain – “The COVID-19 pandemic emphasizes the need to re-examine supply chains regularly, with special focus on understanding the resilience and reliance of vendors. Companies would benefit from understanding their vendors’ ecosystems; both to provide a clearer view of how they could be affected by different risks and to review contracts to better understand liabilities.
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Moving forward, there is considerable room for risk professionals to be more involved in scenario analysis and strategy

In December, RIMS introduced additional resources specifically for risk professionals in India looking to elevate their risk practice. The report was released around the recent RIMS Virtual Risk Forum India 2020, which brought together hundreds of risk and insurance professionals from across India and around the world. Soon thereafter, the risk management society also announced the official formation of a RIMS India Chapter.

“The exchange of knowledge and experience drives the risk management profession, allowing practitioners to more effectively enhance corporate decision-making, strengthen resiliency and leverage new and exciting opportunities for their organizations,” said Roop Kumar, chief of risk at SBI Life and inaugural president of the India chapter’s board of directors. “RIMS India Chapter will quickly become an exceptional resource for all business leaders. We look forward to delivering cutting-edge risk management insight to support our members as they advance their programs and their careers.”

Other members of the inaugural board of the India chapter include: Keerthana Mainkar, head ERM at Infosys; Amol Padhye, head of market risk at HDFC Bank; Amber Gupta, head legal and corporate secretary at Birla Sunlife Insurance; Anand Shirur, CEO of Digitangle Consulting PVT, Ltd; Steward Doss, associate professor at National Insurance Academy; Monika Mittal, professor at BIMTECH; Shibyanshu Sharma, vice president of risk management at SBI Life; and Yogesh Ghorpade, head of ERM and insurance lead at Thermax Industries.

“RIMS India’s Board of Directors truly represent a cross-section of the country’s risk management community,” said Gopal Krishnan K S, head of RIMS India Operations. “The Society looks forward to learning from their unique experiences and welcoming others to contribute so that, together, we can develop the highest standard of risk management education to address corporate India’s biggest concerns.

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”

Hurricane Laura Leaves Destruction—and Pandemic-Related Recovery Challenges

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Hurricane Laura made landfall in the United States at 1 a.m. on Thursday, hitting Louisiana and Texas as a Category 4 storm with maximum sustained winds of 150 miles per hour and what National Hurricane Center officials called “unsurvivable” storm surge. In such ferocious wind, thousands of homes and businesses were damaged or completely destroyed, hundreds of thousands were left without power and, as of Thursday evening, at least four people had been killed.

While forecasters initially expected the storm to lose intensity before reaching land, it rapidly intensified this week, becoming one of only 10 hurricanes to make landfall in the continental U.S. with winds over 150 mph since modern recordkeeping began in 1851. After windspeeds nearly doubled on Wednesday, officials in Texas and Louisiana ordered several hundred thousand people in the storm’s path to evacuate, but many were either unable to leave or chose not to. Increasingly severe storms in the area in recent years may have left some feeling prepared or resigned to ride out the storm.

Others faced difficulties related to the pandemic. As Risk Management recently reported, many experts have expressed concern that the COVID-19 pandemic could significantly complicate hurricane season this year, increasing the risk to individuals and businesses and making disaster recovery more difficult. Ahead of Laura, NPR reported that emergency shelters had a hard time safely accommodating evacuees without overcrowding and had to direct many to hotels. Pandemic-related job losses may have ruled that option out for some. Mayor Nic Hunter of Lake Charles, which was particularly devastated in the storm, told NPR that he “suspects the coronavirus pandemic and economic hardship are leading many people to take pause.” The outlet also reported that experts are concerned that mass evacuations from the hurricane could lead to new outbreaks in the region.

Now, the recovery process will undoubtedly be impacted by the pandemic as well.

“The global health crisis is going to have a major impact on recovery from any major storm, including Hurricane Laura—the stress of natural disaster becomes more intense when it unfolds against the backdrop of a highly contagious viral outbreak,” John Dickson, president and CEO of flood insurance provider Aon Edge, told Risk Management in the wake of the storm on Thursday.

For example, he said, “If you think back to hurricanes like Katrina (which hit about 15 years ago almost to date) and create a mental image, you see the community banding together to respond in close physical proximity. Similar images emerged from last year’s prolonged flooding along the Missouri River. In those and other events, assembly lines formed to fill and deploy sandbags—a task impossible to do six feet apart.”

Dickson noted that technology increasingly used by insurers (also known as risktech) would be more important than ever in responding to natural disasters this year as emergency response must be balanced with safe social distancing practices.

“Smart phones and basic technology can help homeowners achieve the recommended preparation steps and stay safe during a storm,” he advised. “For example, taking pictures and videos with date and time stamps could minimize the need for on-site inspections and physical proximity to claims adjusters.”

For insurance professionals, he noted, “The insurance industry is thinking through very tactical steps to ensure policies and procedures are in place to protect those who are on the frontlines when a hurricane hits. Drone technology offers the opportunity to take photos remotely, and computer models help better quantify risk and manage work forces.”

For more insight and actionable guidance on risk management for hurricanes and other natural catastrophes, including disaster preparedness, recovery and insurance, check out the following pieces from Risk Management:

Before Disaster Strikes: How to Prepare for Natural Catastrophes
How does an organization ensure it is prepared to minimize losses and recover quickly following a natural disaster? Long before a disaster strikes and property damage occurs, the best response plans begin with careful negotiation and placement of well-defined property coverage. Read more

Key Considerations for Disaster Planning
Meticulous disaster response planning has never been more critical. When developing a plan, it is important to involve key stakeholders and review every step that your business, your network and your vendors must take if a natural catastrophe impedes operations. A strong plan should address these key questions. Read more

Weathering Hurricane Season During the Pandemic
Pandemic-related social distancing guidelines and supply shortages could make it harder for business owners to protect their properties should a storm happen, making it even more important to have an action plan in place. These key considerations can help businesses owners mitigate potential storm risks amid COVID-19. Read more

Understanding Post-Storm Business Interruption Coverage
Whether in the impacted area or beyond, businesses suffering from supply chain disruptions after hurricanes and other storms should look to their property insurance policies for contingent business interruption coverage. Read more

Natural Disaster Planning During COVID-19
As the COVID-19 pandemic continues, government authorities and disaster-response entities are over-extended and may not be able to provide assistance as readily this year. It is more important than ever that companies make backup plans and assess the potential impact of shortfalls in their disaster response protocols. Read more

The Human Element of Disaster Recovery
Crisis and disaster recovery plans offer a critical advantage when catastrophe strikes, helping mitigate the impact on facilities, information systems and equipment. Just as important, however, is considering how a disaster can affect the company’s workforce. Read more

Ensuring Insurance Recovery After a Hurricane Loss
These seven tips can help policyholders resolve disaster insurance claims in the wake of hurricanes and other natural catastrophes. Read more

Driver Safety Tips for Fourth of July Trips and Post-COVID Return to Work Commutes

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Historically, the Fourth of July holiday weekend has presented some of the most dangerous days for drivers in the United States. Indeed, it may be the country’s riskiest holiday of the year. This year, while many may be cancelling their holiday plans and staying home, others may be taking to the roads after months of little travel amid COVID-19 lockdowns.

Looking beyond the long weekend, many drivers are also getting back on the roads as businesses across the country return to work after COVID-19 closures and quarantines, either resuming their old commutes or driving for work.

“Stay-at-home orders resulted in less vehicle traffic but, incidentally, speeding and reckless driving increased dramatically as drivers took advantage of the empty streets,” said Kevin Quinn, vice president of claims and customer experience at Mercury Insurance. “This dangerous behavior puts lives at risk and can result in unnecessary collisions and fatalities. It’s especially dangerous as cities, counties and states reopen and more drivers begin returning to the roads. Drivers need to check themselves and be aware and respectful of the increasing number of vehicles surrounding them.”

He added, “Many drivers are also out of practice—aside from maybe some trips to the grocery store, their longer commute driving skills may be a bit rusty. It’s important to review the rules of the road before setting out on your trip to ensure your safety and that of others.”

As you and your employees get back behind the wheel, Quinn offered these 10 tips to help everyone stay safe over the long weekend and during the return-to-work period for businesses nationwide:

  1. Get reacquainted with your vehicle and driver settings. If your vehicle stayed in park for the majority of stay-at-home orders, it may require some maintenance. Check the oil level and tire pressure to ensure they haven’t decreased before driving. Make sure your seat and mirrors are still positioned optimally for an unobstructed view of the road ahead and remove as many blind spots as possible.
  2. Have a collision avoidance plan. Plan ahead for potential driving emergencies—such as a dog running into the street, another vehicle running a stop sign or a sudden obstruction on the highway—and create a strategy for how to react. Having a collision avoidance plan helps to make you a safer driver and protects motorists around you.
  3. Plan travel time accordingly. If you need to be at the office or an appointment by a specific time, be sure to allow yourself enough time to arrive at your destination without rushing. Account for potential delays like traffic congestion and don’t wait until the last minute to leave your home. Speeding and weaving in and out of traffic lanes to get where you need to be is dangerous and inconsiderate of other drivers.
  4. Remove distractions. According to the National Highway Traffic Safety Administration, most crashes are the result of distracted drivers. Distractions such as using or manipulating your phone, noisy or overly active passengers, eating and multi-tasking will all result in unsafe driving conditions. Reduce or remove these types of distractions while on the road so you can focus on keeping yourself and your passengers safe while driving.
  5. Be aware of other drivers. Driving safety isn’t just about your behavior, but also depends on those around you. Don’t assume they’re being attentive—they may be distracted and not see the stop sign or traffic light ahead of them. Use caution when entering intersections, changing lanes, turning and entering and exiting parking spots.
  6. Remain cognizant of speed. Speed limits are set for a reason, so don’t break them. Driving under the speed limit can be dangerous for others on the road. If your car won’t accelerate to the posted limit, turn on your flashers and safely make your way to the side of the road for service.
  7. Maintain proper following distance. Rear-ending makes up a substantial portion of total injuries sustained in collisions. Following too closely behind a car hinders your ability to come to a full stop on time and it also limits your sight-lines. The rule of thumb is putting at least three seconds of space in between your vehicle and the car in front of you. Use a fixed object—such as a pole or overpass—and count the seconds between when the car in front of you passes it and when you pass it to determine the appropriate following distance.
  8. Stay actively engaged in the task of driving. Most modern vehicles are equipped with advanced driver assistance systems—like lane departure warning and active emergency braking technology—to help drivers avoid collisions, but this technology isn’t a substitute for proper and safe driving practices. Keep your eyes focused on the road ahead, and check mirrors, over your shoulder and use your signal when turning or changing lanes.
  9. Remember to yield to pedestrians. Walkers and joggers may have grown accustomed to fewer cars on the streets, thus, may forget to look both ways before crossing. They also might not be paying the utmost attention to their surroundings, particularly if they’re looking at their phones, but pedestrians do have the right of way, even if jaywalking. Use caution when driving on roads with high foot traffic.
  10. Obey posted traffic signs. Many cities have been repairing roads during the stay-at-home period, when fewer people were driving. Keep an eye out for any temporary traffic signs surrounding transit construction.