Monthly Archives: April 2010

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The 9 Hallmarks of Successful ERM

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As anyone who has ever tried knows, implementing an ERM program is easier said than done. And getting one to yield any quantifiable results is even tougher.

It is not surprising, then, that more than a third of risk professionals recently surveyed by Aon categorized their ERM programs as “initial/lacking and basic.” For those folks, however, Aon has some advice.

Here are the nine hallmarks of any successful ERM program.

  1. Board-level commitment to ERM as a critical framework for successful decision making and driving value
  2. Dedicated risk executive in a senior-level position, driving and facilitating the ERM process
  3. ERM culture that encourages full engagement and accountability at all levels of the organization
  4. Engagement of stakeholders in risk management strategy development and policy setting
  5. Transparency of risk communication
  6. Integration of financial and operational risk information into decision making
  7. Use of sophisticated quantification methods to understand risk and demonstrate added value through risk management
  8. Identification of new and emerging risks using internal data as well as information from external providers
  9. A move from focusing on risk avoidance and mitigation to leveraging risk and risk management options that extract value

How does your program stack up?

State Farm Enters the Toyota Fiasco

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The hits just keep on coming for Toyota.

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On the heels of a $16 million government fine and the potential for billions of dollars in loses after pending litigation shakes out, State Farm has asked Toyota to pay them back for any claims related to the unintended acceleration fiasco. Other insurers, including Allstate, are expected to follow suit and Mark Bunim, an attorney with the mediation firm Closed Case, says these subrogation demands could eventually end up costing Toyota up to $30 million. But the ultimate determination will take some time.

“Someone has to go through each and every auto claim, and then try to make a determination if it involved unwarranted acceleration,” Bunim says. “It could take months.”

This is not the first time State Farm has been at the forefront of action regarding Toyota. Back in 2007, State Farm warned the automaker and the NHTSA about an increase in unintended acceleration reports involving Toyota vehicles. While this warning adds further fuel to the argument that both Toyota and regulators were asleep at the switch, Department of Transportation Secretary Ray LaHood pointed out on his blog that the NHTSA was looking into the problem as early as 2003.

The point is that our safety officials have been looking at this issue from all angles for quite some time.

So the idea that NHTSA is in the business of ignoring information–valuable or otherwise–from automobile insurers, safety organizations, or consumers is just plain wrong.

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Of course, this still doesn’t answer why it took them six years to act. Perhaps they were just being diligent.

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Five Tips for Preventing Workplace Injuries

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Jeffrey Quinn of New Jersey Today wrote a piece the other day featuring five tips for preventing workplace injuries. Four of them focus on driving, weather, protective gear and worksite tidiness, and Quinn’s advice in those areas is great — and quick to read.

But the one major takeaway here is this:

Report Dangers – Reporting unsafe situations is one way you can improve the safety of your worksite.  For example, if you come across a chemical spill and cannot identify the substance, do not touch or move it. Barricade the area and report the spill. Your worksite should have a spill response plan that includes emergency phone numbers, evacuation procedures, containment instructions and proper cleanup processes.

Additionally, keep all working and walking surfaces free of spills and debris.

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Spilled coffee in a stairwell or an electrical cord stretched across a walkway can lead to slips, trips and falls. Be proactive and report the danger. Watch where you are walking and exercise care given the conditions.

These days, apathy seemingly reigns supreme. In this economy, people are over-worked, under-resourced and, often, over-educated for their jobs with no short-term hope of career advancement. So they are loathe to go the extra mile to do things that help the common good as long as it doesn’t negatively affect them.

And this goes down to the level of someone seeing a spilled coffee, stepping over it and then simply continuing on with their day. It would be very easy for the worker to tell someone.

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But often they don’t. It wasn’t an issue for them and it’s not their job to mop the floor, so the guy just shakes his head, bemoans the person who has failed to clean it up and goes back to his desk.

Here’s the part in the post where you could use some advice on how to help overcome that apathy.

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Unfortunately, I have no idea.

Let us know how you do it.

America’s Most Trustworthy Companies

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For the fourth straight year, Forbes has unveiled its list of America’s 100 Most Trustworthy Companies and, as Reactions pointed out, three property/casualty insurers not only made the cut, but received perfect scores: Montpelier Re, Greenlight Capital and National Interstate.

The other insurance firms in the top 100 were: Chubb, Arch, Renaissance Re, Transatlantic, FPIC, Safety Insurance Group, EMC and Navigators. Here is the full list, which includes Bed, Bath & Beyond, Hess and Lowe’s in the “large cap” division.

For the rankings, Forbes partners with Audit Integrity, and in the write up, they were quick to kick another insurance giant while it is down in an attempt to show how their past predictions have proven true.

Audit Integrity looks beyond the raw data on companies’ income statements and balance sheets to assess the true quality of corporate accounting and management practices. As early as August 2005, Audit Integrity’s proprietary rating system signaled potential problems at Lehman Brothers. In December of 2005 it gave American International Group a significant downgrade.

Awww. Poor AIG. Always getting made fun of for helping tank the economy.

They also note some of the rationale behind the list, which is directly in line with a core tenant of risk mitigation: avoid negative events.

Audit Integrity’s evaluation penalizes companies for unusual or excessive executive compensation, high levels of management turnover, substantial insider trading relative to their corporate peers or high levels of short-term executive compensation, which encourages management to focus on short-term results. Good housekeeping practices leave companies better prepared to handle an economic downturn, especially one as severe as right now. The absence of negative events counts, as much as the existence of positive events, in getting businesses on the list. “These companies have made it through our screening process and shown consistent high quality,” Zwingli says. “Healthy individuals are often that way because they don’t engage in unhealthy behavior. These companies are the same way.”

What’s the saying?

“All news is good news.”

Yeah, I don’t think that is true for companies. And apparently, neither do Audit Integrity and Forbes.

In related news, Greenwich Associates recently released its “Excellence Awards for Middle Market Insurance Brokerage.”