Revisit Risk Response Plans in Light of Emerging Threats

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There’s a lot going on in the world and the risks are changing and evolving rapidly, making it difficult for many companies to adjust and manage the risks they face effectively. Some risks that barely registered a decade ago now pose serious challenges to many businesses. There are novel technological risks with new threats constantly arising in the cyber world, economic and market volatility, terrorism, regulatory and legal challenges, supply chain vulnerability and political uncertainty. These risks can all be real for any business and it’s important that you and your manager sit down and try to identify the potential…
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Business Interruption Claims Grow in Number and Cost

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As the world becomes more interconnected and natural disasters increase in frequency, more firms are dealing with costlier and costlier business interruption losses. Business interruptions were the top risk to organizations cited by risk managers surveyed in the report, “Global Claims Review 2015: Business Interruption In Focus,” from Allianz Global Corporate & Specialty. The study looked at more than 1,800 business interruption claims and found that they resulted in average losses that were greater than the actual property damage. The report, which looked at claims trends between 2010 and 2014, found that the average cost for a business interruption insurance…
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Think like a risk manager to reduce your insurance costs

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All large corporations and national businesses have someone in charge of risk management, if not a whole department. But hiring a risk specialist or dedicating a number of employees to that kind of work is typically too expensive for most small and mid-sized companies. So, this risk mitigation typically is left to the business owner or the duties are spread among senior managers. One way that you can reduce the risk to your finances is to purchase appropriate insurance coverage, which can sometimes be expensive. However, if you focus on managing your company’s risks, you can do more than solely…
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