In the ‘new normal’, companies of all sizes have prioritized operational resiliency, yet succession planning remains a large gap for many small- to mid-size business. Below is a summary. Additional details are outlined in the full article, published by Risk & Insurance. Read Full Article Growing companies often purchase additional insurance coverages to better mitigate risks exposure, including that of its board and directors. Yet an often-overlooked component can leave companies vulnerable to financial ruin: the buy-sell agreement. Key takeaways: Employees Depend on the Resiliency of Small Businesses | Less than half of SMEs have succession plans in place, making difficult ownership transitions even more so. In the U.S. there are 6 million privately held firms with multiple employees ...
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How can employers support the paradigm shift in how employees feel about work, while maintaining standards of service and productivity? Below is a summary. Additional details are outlined in the full article, published by Risk & Insurance. Read Full Article The Great Resignation, where roughly 33 million Americans have left their jobs in the past year, has caused employers to change how they structure the work environment to improve employee satisfaction in their work and life. Key takeaways: Work from Home | Even as WFH has become the norm, some employees are opting to live an international lifestyle while working remotely. Employers who embrace flexible schedules and telework will be more competitive in this job market. Empowerment is ...
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Risk Cooperative CEO, Andres Franzetti, recently joined JP Ruiz from Dataprise to discuss maintaining business continuity and reducing key person dependency risk.
Key Person Dependency Risk or KPDR is the risk that occurs when an organization relies on a few individuals for continued business operations due to their proven knowledge or skill. These individuals may be in leadership positions, but they could just as easily serve in any department, such as IT or HR.
Workforce Turnover Exacerbates Existing KPDR Vulnerabilities
When organizations don’t properly manage their KPDR, their business continuity plans are at risk from workforce turnover. In 2021, more than 47 million employees voluntarily left their jobs for a variety of reasons, including improved work/life balance, company culture, and compensation.
“The Great ...
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This latest 360° Cyber Risk Survey report provides the most current benchmarked data, informed analysis, and actionable best practices to help middle-market organizations, senior leaders, and boards of directors obtain a better understanding of the operational and financial impacts of cyber risks and a roadmap toward better operational resiliency.
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As the world closes the chapter on the second year of the pandemic, the risks created by the novel coronavirus continue to impact humanity. Our 2022 predictions include four key challenges. Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk. Subscribe to Insights As of early December, the World Health Organization (WHO) reported that over 5.2 million deaths were attributed to COVID-19 since the start of the pandemic in 2020. Approximately 45% of this death toll can be attributed to The Americas Region, comprising North, Central, and South America. The United States holds the dubious distinction of leading all countries globally with over 783,000 deaths, while Brazil is in second place with ...
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When cyber attacks on hospitals threaten effective medical care, which party is responsible for patients’ outcomes? Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk. Subscribe to Insights As the number of cyber breaches continues to skyrocket, impacting companies of all sizes and across industries, hospitals – providing mission-critical medical care and with access to protected health information (PHI) – have proven to be a prized target. In 2019 an unthinkable incident occurred that still sends shockwaves through the medical community. Springhill Medical Center, located in Alabama, suffered a ransomware attack that rendered critical medical equipment useless. As a direct result of networks and monitoring equipment being offline, a baby born in ...
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Risk Cooperative CEO, Andres Franzetti, recently joined Steve Lewis from Dataprise to discuss the current cyber risk landscape, how to prepare for a cyber attack, and ways to go beyond compliance for true cyber resiliency.
In the wake of headline-grabbing attacks like SolarWinds, Colonial Pipeline and Kaseya, cybersecurity is a top concern for businesses of all sizes. And the costs for recovery are rising. "The risks are intensifying at a really alarming rate," says Dataprise CEO, Steve Lewis. With both state-sponsored hackers and garden-variety criminals experiencing great success targeting firms with ransomware and other cybersecurity threats, the risk landscape is quite serious.
Frequent Cyber Attacks Are Impacting the Cyber Insurance Markets
According to Andres Franzetti, Co-founder and CEO of Risk Cooperative, "A ...
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As the U.S. economy returns to normal, businesses turn to upskilling their workforce to navigate the challenges of the post-COVID world.
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Companies are facing modern business challenges spurred by the COVID-19 pandemic as organizations are forced to adapt to an accelerated shift to e-commerce. The surging demand for digital services has led to a shortage of available computer analysts and engineers, driving companies to pursue an alternative option to hiring new employees: retraining existing staff.
Retailers Respond to Digital Demands
The retail industry has seen artificial intelligence play an immense role as consumers increasingly prefer to shop online. However, a tight labor market ...
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Hospitals weathered massive financial hits in 2020 and it's likely that COVID-19 will impact the industry throughout 2021.
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The hospital industry faced a massive financial crisis in 2020 caused by the COVID-19 pandemic, as systems struggled with low patient volumes and massive hits to financial resources and liquidity. The pandemic will likely continue to have a substantial impact on the hospital industry throughout 2021, from increased hospital consolidation to a volatile payer mix and a surge in telehealth.
Mergers Likely to Increase for the Greater Good
Healthcare experienced a significant movement toward hospital consolidation prior to the pandemic, and this trend is likely ...
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An abundance of injuries in Amazon warehouses may damage more than just the e-commerce behemoth’s reputation.
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The hazardous working environments within its warehouses could begin to hurt the company’s bottom line as well.
Amazon’s Fulfillment Centers are Deemed Unfulfilling
According to the Seattle Times, Washington state’s labor agency reported that workers in Amazon’s highly automated warehouses are injured at a higher rate than people working in other types of storage facilities. In December, the labor agency announced a new fulfillment center classification for warehouse employees to calculate workers’ compensation insurance rates.
Previously, the State Department of Labor & Industries has grouped Amazon fulfillment ...
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