Categories ArchivesNews and Analysis

One California Utility’s Blackout Strategy Is a Wake-Up Call for Business Resiliency Planning standard

Dante Disparte, founder and chairman of Risk Cooperative, recently co-authored a book entitled Global Risk Agility And Decision Making. The early chapters of the book discuss an issue that many risk managers strive to achieve: Addressing one risk while not creating a new one. The book takes a lesson from the tragic Germanwings disaster: “Ironically, in protecting against a known risk, we can be exposed to entirely new forms of risk … fortified cockpit doors certainly made flying in commercial airplanes safer — or at least created the placebo effect of safety. However, in so doing, what seemed like an incredibly remote risk — being exposed to a suicidal airline pilot — manifested itself with great ease …” Pacific Gas & Electric’s ...

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It’s Long Past The Time for Banks and Insurers to Unfriend Coal. Here’s Why. standard

September 20 through 27 commemorated a historic week around the globe. According to the website GlobalClimateStrike.net, over 150 countries experienced protests supporting climate change initiatives. These protests were effective in keeping climate change at the forefront of our social conscience; now getting businesses on board will further amplify the message of a cleaner planet. The Heat Is On The Intergovernmental Panel on Climate Change (IPCC) is a working group of the United Nations tasked with assessing the science related to climate change. During its latest meeting in September 2019 in Monaco, 100 scientists from 30 countries met to discuss the latest science and effects of climate change on various ecosystems around the world. According to the IPCC report, global warming has already reached ...

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Gun Owners and Personal Liability Insurance: A Vital Tool in the Battle Against Mass Shootings standard

What happens when foreign powers start holding U.S. companies liable for gun deaths suffered by their citizens on U.S. soil? A whole new area and era of risk exposure. Not a week passes where the dreadful toll of gun violence does not rise in the U.S., making it the only advanced economy at war with itself.  According to The Federal Bureau of Investigations (FBI) website, 2018 saw 27 active shooter incidents in the U.S. In the aftermath of these tragedies occurring across 16 states, 85 people were killed (excluding the shooters) and 128 were wounded. Ten of these shootings were considered “mass casualty events”, where three or more lives were claimed during one single incident. 2019 does not seem to ...

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An Amazon Survival Guide Is Needed standard

This article was originally published at Forbes.com in November of 2018. Since then, Amazon has been quietly making moves to solidify its place in the healthcare conversation. From the formal launch of Haven Healthcare last year, to the acquisition of Pillpack online pharmacy in June 2018, and the recently opened Amazon Care health clinic last month, Amazon is poised to disrupt the healthcare industry in big ways. Subscribe to Insights Newsletter After much national fanfare, Amazon, the second firm to join the trillion-dollar club, has announced the new homes of its much sought after HQ2. Not one home, but two, as the search for a single single city has in fact split with Long Island City, New York and Crystal ...

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How to Keep Health Care Coverage Going During the Government Shutdown standard

While this article was originally published in January 2019, the specter of a government shutdown is perpetually on the horizon. In fact, the President just signed a resolution to fund the government until November 21, 2019. The effects of a shutdown are particularly acute for Federal Employees, but the challenges related to healthcare coverage are faced by millions of Americans and their employers every day. Subscribe to Insights Newsletter Midnight Saturday, December 22, 2018 marked the beginning of the longest United States Federal Government shutdown. While there have been 20 previous government shutdowns in our nation’s history, Shutdown 21 is particularly insidious because neither side of the negotiating table has been willing to budge for weeks. At stake are the ...

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Cyber Attacks are Killing Small Businesses; Here’s What They Can Do to Survive standard

Subscribe to Insights Newsletter It happened again. According to the Texas Department of Information Resources, on August 16, 2019 twenty-two Texas towns were simultaneously targeted by a coordinated ransomware attack. While the vast majority of the towns hit were small local governments, this incident sheds light on a popular misconception in today’s society: Cyber thieves only target large enterprises. This unprecedented attack also begs the question, will we see a new trend where smaller firms are extorted in a “bundled package?” Cyber Incidents by the Numbers Aviation disasters and cyber breaches share one common thread — large catastrophic events tend to dominate headlines. According to the National Transportation Safety Board, out of the 350 U.S. aviation fatalities in 2017, none were attributed ...

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California’s New Wildfire Fund Offers a Risk Management Strategy for Other Natural Disasters standard

According to the U.S. Department of Interior, only 10% of wildfires in the U.S. are started by natural causes (lava or lightning). Sadly, the majority of fires are caused by human actions such as arson, campfires, downed power lines, and the burning of rubbish. A 2017 study conducted by the data analytics firm Verisk found that almost 5 million homes in the U.S. were identified at high or extreme risk of wildfire, and approximately 2 million of these homes were in California. The study also found that $5 billion of losses were attributed to wildfires from 2007 – 2017. As summers around the globe become increasingly warmer, fire seasons in the U.S. are expected to be longer and drier. These ...

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RC Quick Takes – Brexit standard

As the October 31st deadline for a Brexit deal draws near, the specter of post-Brexit consequences is becoming more and more real. Recently, a leaked document stoked fears in the UK and around the world after predicting dire ramifications for a no-deal Brexit. But Brexit is not the only election outcome causing turmoil. The global trend toward economic nationalism in recent years is poised to catastrophically impact global economies. The leaked Brexit memo outlined key concerns around food, fuel and medicine shortages, as well as borders requiring added layers of security and procedural oversight leading to extended goods shipment and supply delays. Though the Brexit saga has been ongoing for several years now, it is clear that governments and companies ...

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A Two-Tier Health Care System Could Be Just What the Doctor Ordered standard

Subscribe to Insights Newsletter Health care has dominated each of the 2019 Democratic Primary Debates. The first question posed to the candidates on July 30th in Cleveland focused specifically on a “Medicare for All” plan. The New England Journal of Medicine states that more than two-thirds of Americans feel that reducing health care costs must be a top priority for the federal government. Politicians from both sides of the aisle agree with the sentiments of these Americans, but how to approach this intractable issue is the crux of the matter. There may be a compromise such that a Medicare for All Plan can coexist with the existing U.S. health care system. Background of Medicare Medicare was created in 1965 to help Americans aged ...

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RC Quick Takes – Equifax Breach standard

Equifax is back in the news with regards to its 2017 cyber breach which saw the records of 147 million Americans exposed. This time around however, it’s not Equifax’s cybersecurity that is in question, but rather their overall ability to pay claims. The Equifax breach is an excellent case study for organizations that are still questioning both the value of cyber insurance, and their overall risk exposure to a cyber breach. The costs of the Equifax breach are now nearing a half a billion dollars. This factors in compliance, fines, as well as reputational risks. Of that, the insurance policy covered only $125 million. For a company that solely deals in data as their core service, the organization severely miscalculated its ...

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