Category Archives: Risk Management

Immediate Vault Immediate Access

RIMS Kicks Off RISKWORLD 2022 Honoring Top Risk Professionals

Posted on by

SAN FRANCISCO—At today’s RISKWORLD 2022 opening ceremony and awards luncheon, RIMS recognized top risk management and insurance professionals with the society’s annual awards.

This year’s Risk Manager of the Year is Courtney Davis Curtis, assistant vice president of risk management and resilience planning for the University of Chicago. As reported in the cover story of the 2022 RIMS Awards Edition of Risk Management, Curtis oversees a small risk management team at UChicago that is responsible for insurance programs covering a wide array of risks, claims management and alternative risk financing and captive operations. In addition to weathering the pandemic and a couple of significant property losses in 2021, Curtis also co-led the sourcing and adoption of a new enterprise risk management framework. Additionally, she has made significant contributions to the broader risk community, serving as this year’s president of the University Risk Management and Insurance Association (URMIA), where she has instituted a new diversity, equity and inclusion (DEI) initiative for risk professionals in the education sector.

“Courtney Davis Curtis’ risk management philosophy is spot on,” said RIMS President Patrick Sterling.

buy zofran online greendalept.com/wp-content/uploads/2023/10/zofran.html no prescription pharmacy

“Risk professionals must make it their priority to deliver solutions and create pathways for strategic initiatives to move forward.
buy apixaban online greendalept.com/wp-content/uploads/2023/10/apixaban.html no prescription pharmacy

Not only is Courtney’s tremendous success at the University of Chicago inspiring but her commitment to giving back to the global risk management community and sharing her experiences to advance this profession is beyond admirable. It is RIMS honor to present Courtney with the 2022 Risk Manager of the Year Award.”

Risk management legend and former RIMS President Lance Ewing earned the society’s most prestigious award, the Harry and Dorothy Goodell Award. Ewing, vice president of enterprise risk management and operations for the San Manuel Band of Mission Indians, was honored for furthering the risk management discipline through outstanding service and achievement.

buy anafranil online greendalept.com/wp-content/uploads/2023/10/anafranil.html no prescription pharmacy

In recognition of outstanding programs implemented within her organization, the newest inductee into the Risk Management Honor Roll is Jana Utter, vice president of enterprise risk management for Centene Corporation.

“Collaboration is critical to risk management success and it is apparent that Jana Utter’s ability to bridge gaps across her company has created opportunities to build a strong, cross-functional program that accentuates risk management’s value at Centene,” Sterling said. “Through her volunteer work serving on RIMS committees, this society has benefited directly from her expertise and we could not be more proud than to induct Janna into RIMS Risk Management Honor Roll.”

The society also honored excellence among its chapters, which have been particularly pivotal for engaging the risk community with professional development and networking opportunities amid the pandemic. Lori Seidenberg, director and global head of real assets insurance risk management for BlackRock, Inc., and the current president of RIMS New York Chapter, received the Ron Judd “Heart of RIMS” Award for outstanding performance in furthering the risk profession through the society’s chapters. Several chapters were also recognized for offering exceptional resources, programming and professional opportunities for local members, including RIMS Chicago, RIMS Nevada, RIMS Upstate New York and RIMS Washington. The Atlanta chapter was named RIMS Chapter of the Year, an honor accepted by Tamieka Weeks, Atlanta chapter president and manager of insurance risk for Southwire Company.

Among rising risk professionals, the RIMS Rising Star Award went to Charles Vu, enterprise risk supervisor for California’s State Compensation Insurance Fund, who was honored as an up-and-coming leader in the risk management community for “demonstrating exceptional initiative, volunteerism, professional development, achievement and leadership potential.”

For more information on this year’s award winners and their experiences in risk management, RIMS members can also check out the April 2022 RIMS Awards Edition of Risk Management, available as a digital issue here and a special print issue for those attending RISKWORLD.

Using Ergonomics to Ease Employees’ Return to the Office

Posted on by

Strategies for returning employees to offices continue to evolve due to the emergence of new COVID-19 variants and changes in government regulations. While some workers may feel excitement and a renewed sense of focus, there is also notable hesitancy to be physically working side-by-side and accepting changes in the physical workspaces to which employees are returning. Many employees may be coming back to the office from less-than-ideal workstation setups at home, which could have been a source of pain and discomfort. On the other hand, new workstations or office layout changes can also create physical problems if these spaces are modified solely for COVID-related safety without considering healthy ergonomic conditions as well.

Employers may benefit from being proactive and planning for flexibility in the work space design to accommodate sudden changes. When designing and managing the new work environment and planning for flexibility to change layout and design as the pandemic continues to evolve, a concerted effort on ergonomics can help ease employees’ reintegration back into the office. This can help maintain a high level of work productivity and may even help with employee retention by creating positive workplace experiences and demonstrating care for workers.

Managing the new work environment

In recent months, the layout of many office spaces has likely changed to increase safety measures. Some companies are now moving to an open work model—commonly known as space sharing—where employees no longer have an assigned desk that can be customized to their needs. Other companies may be opting for layouts with greater separation between work desks, which can result in new ergonomic challenges such as reduction in the size of work area, increased reaching and awkward postures.

Feedback is important. Employers need to listen to how employees are feeling, what concerns they have, and what they physically need in the office to be set up for success. Ongoing, frequent communication is necessary to maintain trust and help employees feel at ease with changes in their work conditions. To proactively address any concerns, business leaders can utilize tools such as employee surveys and returning-to-office packages. Surveys are vital to gauge a sense of employee readiness and hesitations while also showing employees that their managers are listening to their concerns. Capturing employee feedback also helps employers prepare for potential setbacks.

Ergonomics training programs and self-help checklists can be successful tools to ease the return to office and help employees experience less physical discomfort as well as improve employee productivity, profitability and, ultimately, even job satisfaction. Ergonomics training should be customized to address the concerns employees may face upon return to the office environment. The training and checklists should provide guidance on solutions and adjustments that employees can implement in their workspaces to achieve maximum comfort and avoid the risk of injury.

Retaining employees

In November 2021, a record 4.5 million workers quit their jobs, and the Great Resignation has showed little signs of stopping in 2022, with January resignations falling just shy of that record at 4.3 million. It is clear that stress related to the COVID-19 pandemic has been one of the key factors contributing to the labor shortage. Business leaders have found that a portion of the workforce may not feel safe or find it necessary to return to the office. There are many facets of such sentiments that employers must consider, and while ergonomics are not necessarily the driving concern for workers, employers can help move the needle by improving conditions for employees in as many ways as possible. Ergonomics initiatives and investing in the office environment offer ways to help improve employee morale and reduce discomfort and physical stressors that lead to injuries.

Implementing wellness routines can also help keep employees physically and mentally healthy. Business leaders should encourage workers to maintain healthy lifestyles, take regular breaks, and take days off to spend time with friends and family. Lastly, early intervention is key when addressing problems in the workplace. Leaders must provide clear resources for employees who have concerns. If employees have no direction on what to do when they have concerns, they are more likely to become dissatisfied and leave the workplace.  

The COVID-19 pandemic has forced businesses to alter operations, and as the landscape continues to change, employee retention and workplace concerns could become even more at risk. When bringing employees back to the office, companies may experience more success if they implement and sustain their ergonomics programs, maintain ongoing communication, and create a workplace where employees’ well-being is clearly valued.

Cyberrisk Management Tips for Businesses Amid the Russia-Ukraine War

Posted on by

A wide range of risks are trickling down from Russia’s assault on Ukraine, from sanctions compliance to supply chain disruption to business interruption. Cyberrisk has also drawn considerable concern and the threat landscape continues to evolve rapidly, though the details of increased cyberattack activity are not yet fully known and may be largely unfolding below the surface right now. Attacks attributed to Russia have been launched against a range of targets in Ukraine, including new destructive malware campaigns, targeted information-gathering against a range of civilian and government targets, and attacks on critical infrastructure.

Concerns about escalating cyber activity around the crisis are a vivid reminder of the importance of knowing your threat model and adjusting your risk management priorities accordingly. According to experts ranging from independent cybersecurity professionals to officials at the Cybersecurity and Infrastructure Security Agency (CISA), organizations at greatest risk right now include critical infrastructure, banks and other financial services firms, and of course key service providers in Ukraine or Russia.

Spill-over to other businesses is more likely with cyber conflict, however, particularly given Russia is one of the most advanced and aggressive nation-state cyber threat actors—remember the crippling global attack known as NotPetya that upended supply chains in 2017 resulted from a Russian cyberattack on Ukraine. That is not to say that there is necessarily cause for panic, simply that the effects of cyber conflict can be unexpected, widespread and potentially severe.

At this point, for most companies that are not in a high-risk position as a direct result of the war, the best course of action for risk professionals is to focus on ensuring your company has an updated and detailed incident response plan on hand and distributing it to relevant members of the organization, reviewing and potentially strengthening your general cybersecurity posture, and reminding employees about cyber hygiene.

For example, given the tragic events and breaking developments around the conflict, many may be glued to news or social media. Unfortunately malicious actors are known to take advantage of such situations by posting phishing links on social media with alleged news updates or email scams that purport to collect charity donations. Remind employees about these perils and offer refreshers on how to spot phishing scams and the need to exercise caution with links in emails or on social media.

“In addition to taking a fresh look at plans and other policies within an organization’s cybersecurity risk framework, businesses should consider a few common-sense tips to prepare for a potential cyber incident,” advised Annmarie Giblin, partner at Hinshaw & Culbertson and leader of the firm’s data privacy and cybersecurity practice. Giblin recommended risk professionals take the following steps to boost cyberrisk management efforts right now:

  1. Print out a hard copy of any necessary polices and plans, like the cyber incident response plan, the business’ cyber insurance policy and a contact list for the organization, so you have them available in the event you cannot access your system and need to communicate with employees through alternative methods.
  2. Remind your employees about common cyber scams and reiterate that there will be no retaliation for reporting a cybersecurity mistake, such as clicking on a bad link.
  3. Have key members of the executive team and incident response team set up a secure but alternate method of communication, such as sharing phone numbers or creating a different off system email address to communicate in the event the business’ systems are not available or not trusted.
  4. Keep track of the latest threats and get the research over to your IT team so they can update your firewall, and/or contact the business’ security services provider and make sure they are aware of and addressing these new malware strains.
  5. Evaluate and if possible, test your business continuity plans. Organizations should be asking themselves, “What does the work day look like without access to the business’ systems?” and “How can we still work without any technology support?”

Cyber insurance firm Coalition has put together a guide to basic cybersecurity measures to help organizations—policyholders and otherwise—proactively manage cyberrisk and reduce the likelihood of a cybersecurity incident. The guide provides 10 key steps to help improve cyberrisk management, highlighting the basics of each mitigation measure, tips on how to implement, and even some vendor suggestions for credible options, if desired. Coalition notes this may be particularly helpful for small and mid-sized businesses that do not necessarily have dedicated in-house information security experts, but it could also be worth a look for any risk professional who wants an overview of mitigations that should be in place or ways to fill those gaps. Check it out here: https://info.coalitioninc.com/rs/566-KWJ-784/images/DLC-2020-12-2021-Coalition-Cybersecurity-Guide.pdf

For more resources on cyberrisk management best practices, cyber incident response, cyber insurance considerations, and more, check out Risk Management Magazine’s extensive cyber coverage here. Some of the highlights below can help address key concerns that you—or your board—may have right now, and offer actionable strategies to strengthen your cyberrisk readiness and boost employee cyber hygiene:

Managing Sanctions Risk from Russia’s War on Ukraine

Posted on by

Since Russia began attacking Ukraine on February 24, thousands of people have been killed and over a million people have had to flee their homes, presenting one of the largest refugee crises Europe has ever experienced. In addition to the tragic human losses, the Russian invasion of Ukraine has triggered wide-ranging economic impacts. Among them, the European Union, United Kingdom, United States, Canada, Japan and others have enacted sweeping financial sanctions on Russia in an effort to pressure President Vladimir Putin to end the conflict. These sanctions have targeted Russia’s financial system and its international financial connections by restricting transactions between Russian banks and those in other countries, most notably through the SWIFT global financial network.

The economic impacts of these sanctions will likely affect many industries around the world, whether organizations deal with Russia directly or indirectly through third countries. In a briefing yesterday, global risk consultancy Control Risks discussed some of the risk management considerations and steps companies need to take as the sanctions landscape continues to evolve. According to panelist Henry Smith, partner and head of business intelligence and due diligence in EMEA at Control Risks, there are five key areas risk professionals should focus on to address the risk facing their companies as a result of these sanctions:

  1. What are your nexuses to Russia (including outside Russia)? Organizations need to look at their touchpoints with Russia, including investors and shareholders, lenders and banks, direct and indirect clients, contractual counterparties, and goods and services sourced directly or indirectly from Russia.
  2. Which sanctions apply to your organization?
    online pharmacy azithromycin with best prices today in the USA

    The applicability of sanctions will vary based on your sector, the nationality of the people within the organization, and the currencies you use. It is helpful to note that, currently, there is greater consensus among various sanctions regimes so you may not have to parse through conflicting degrees of severity—consistent sanctions against Russia are being imposed, at least across most Western countries.
  3. What risks are you exposed to? Conduct a risk assessment around which sanctions you are exposed to and whether there are any business activities, relationships or practices you need to end or change in some way. This involves regularly screening Russian counterparties against sanctions lists and undertaking detailed analysis of higher-risk relationships.
  4. How do you respond? Review the implications of any decisions on employees and on contractual obligations, both with direct and third-party clients. Consider any impact winding down activities in one area may have on other business areas. Be sure to engage with regulators, enforcement agencies, banks and insurers for guidance.
    online pharmacy periactin with best prices today in the USA

  5. What do you do as sanctions regimes evolve? Sanctions will change in response to security and political developments over the coming weeks and months, so it is important to stay informed of any communications from authorities.
    online pharmacy reglan with best prices today in the USA

    Review and read guidance from regulators, enforcement agencies, banks and insurers, and benchmark with industry peers to make sure you can still operate effectively.

Overall, when deciding whether to continue doing business with Russia, companies will need to consider both reputational and ESG-based perspectives as well as practical issues around your ability to do business, such as maintaining the working capital required to continue operations and ensuring that goods and services can still move through the supply chain.

Experts expect that the Russia-Ukraine crisis will have a long-term impact on the global economy and many effects of these sanctions may not be felt for weeks or months. Companies will need to remain vigilant in order to stay ahead of the risks.