About Caroline McDonald

Caroline McDonald is a writer and former senior editor of the Risk Management Monitor and Risk Management magazine.
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Establishing Company Gift-Giving Guidelines

With increased regulatory oversight around the globe, companies’ external and internal gift-giving are under scrutiny. With the holiday season upon us, it is up to organizations, no matter what the size, to clearly state policies and leave no question about what is and what is not allowed. Establishing monetary limits for gifts given and received is also a good idea.

According to a report by Thomson Reuters:

While bribery and corruption charges are widespread, it’s important to note that bribery is not synonymous with gift-giving. When it comes to gift-giving, businesses cannot offer, promise or give anything of value, directly or indirectly, to a foreign official for the purpose of obtaining or retaining business. Corporate gifts need to be carefully evaluated to ensure they do not appear to violate these prohibitions.

Internal gifting policies vary from company to company, and while there is no one-size-fits-all approach, it is extremely important that organizations have policies in place and that employees are aware of what those policies are. No matter how well-intentioned a gift, the potential exists that it falls outside of the appropriate boundaries.

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Organizations need to be clear about what types of gifts are acceptable and what are not.

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Both employers and employees should also be aware of what constitutes a bribe and what types of bribes to watch out for.

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Regulatory bodies are holding companies accountable, and depending on the countries involved, regulatory fines can range from prison terms to millions of dollars in fines.

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Earthquake Spike in Oklahoma Linked to Fracking

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A magnitude 5.0 earthquake that rocked Cushing, Oklahoma, on Nov. 6 damaged part of the city’s downtown district, but left no major damage to bridges or highways.

Early reports indicate the damage is not insignificant. A 16-block area in the hard-hit downtown has been sectioned off because of the danger posed by unstable structures and broken glass. No serious injuries or fatalities have been reported, however.

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Power in Cushing was out for less than an hour following the quake, and several gas leaks were taken care of.

The city, which has a population of 7,900, is noted as the world’s largest oil storage terminal and has experienced 19 earthquakes in just the past week, raising safety concerns. As of last week, the town’s tank farms held 58.5 million barrels of crude oil, according to the U.S. Energy Information Administration. The number of earthquakes in the area has also risen exponentially.

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During the first half of this year, 618 temblors of M2.8 or greater have shaken Oklahoma.

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Swiss Re noted in its September 2016 report The Link Between Hydrofracking, Wastewater Injection and Earthquakes: Key Issues for Re/insurers:

Since 2008 the number of magnitude 3.0 earthquakes per year has grown from roughly 2 per year to an average of nearly 3 per day. This now makes Oklahoma the most seismically active of the lower forty-eight states. It’s highly likely that this dramatic rise in earthquake occurrence is largely a consequence of human actions. Along with the increase in seismicity, Oklahoma has seen a growth in its oil and natural gas operations since 2008, specifically hydraulic fracturing (often referred to as “hydrofracking” or “fracking”) and the disposal of wastewater via deep well injection.

A number of states that have increased wastewater injection activity have seen increases in the number of induced earthquakes, the study said, but the reason for such a large increase in Oklahoma is still unclear. Because of the large amount of crude oil storage in the Cushing area, strong shaking is worrisome and has led some to proclaim that induced earthquakes are a national security threat.

According to AIR-Worldwide, it is not clear whether the occurrences of the small and intermediate size earthquakes being seen, and the stress changes from wastewater disposal could trigger larger and more damaging earthquakes. As a precaution, the Oklahoma Corporation Commission ordered four new Arbuckle disposal wells to be shut and 10 to reduce their volume by 25%. In Osage County, 32 wells will have reduced volume.

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Experts believe limiting injection volumes is helpful because of the link between high-volume injection and earthquakes, but Swiss Re’s report concluded that while, most companies participate in the suggested reductions following a detected earthquake, economic pressure to continue wastewater injection often prevails. “Changing regulations, and how the oil and gas industry respond, remain the biggest contributor to uncertainty of how the risk will change in the future,” Swiss Re said.

October Commercial Composite Rate Minus 2%

For the first time this year, the composite rate—which includes all lines of commercial insurance—has decreased compared to the previous month. Octoberbarometer rates were down 2% compared to down 1% in June, July, August and September, according to MarketScout.

“Insureds and brokers should carefully examine the rates for coverage and/or industry classifications that are germane to their placements,” Richard Kerr, CEO of MarketScout, said in a statement.

By coverage classification, two large placement segments, commercial property and general liability, were down 2% in October compared to flat in September. Business owners’ policies were down 1% compared to flat in September, while commercial auto rates moderated from up 3% to up 2%. Among other lines, fiduciary, D&O, business interruption and surety were flat.
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By account size, medium accounts ($25,001 to $250,000 premium) adjusted from down 1% in September to down 2% in October.
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The industry classification for contractors and service companies was down 2% in October compared to down 1% in September. Energy adjusted to down 1% in October compared to flat in September, MarketScout reported.
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Asian Piracy and Crime Incidents Drop 65%

The number of piracy and armed robbery incidents in Asia from January to September 2016 decreased by 65% compared to the same period in 2015. A total of 59 incidents were reported during the period, including three piracy and 56 armed robbery incidents, according to the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP).

ReCAAP emphasized that the decrease in the overall number of incidents was most evident in the Straits of Malacca and Singapore. Other improvements were reported at ports and anchorages in Bangladesh and Vietnam. In these regions, there were only two incidents from January to September 2016, compared to 96 incidents in the same period last year.

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About 73% of the incidents occurred on board ships while at ports and anchorages, and 27% on ships while underway.

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There was also a decrease in hijacking of ships for oil cargo theft during the nine-month period—only two such incidents occurred, compared to 12 incidents in 2015.
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Although the total number of incidents has decreased, there is no room for complacency, ReCAAP emphasized. Measures must be implemented to prevent recurrence of incidents involving the abduction of crew in the Sulu Sea and hijacking ships to steal oil cargo. Crews need to be vigilant while underway and maintain watch at ports and anchorages. In addition, authorities should implement port security measures and maintain regular surveillance.

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