Author Archives: Emily Holbrook

About Emily Holbrook

Emily Holbrook is a former editor of the Risk Management Monitor and Risk Management magazine. You can read more of her writing at EmilyHolbrook.com.
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Countdown to RIMS ’13

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In just two days, the RIMS 2013 Annual Conference & Exhibition will kick off in Los Angeles. Each year this event plays host to inspiring keynote speeches, educational sessions and countless opportunities for networking. And this year is no different — just better.

Some of the highlights of RIMS ’13 include:

  • Keynote speaker Simon Sinek, the author of Start with Why: How Great Leaders Inspire Everyone to Take Action and Ted Talk alumni.
  • Howie Mandel, who will give the crowd a few laughs during the conference finale Wednesday, April 24th at 2:15pm
  • The RIMS Thought Leader Theater, which will deliver more than 20 fast-paced, 25-minute topical presentations not offered at any other time during the conference
  • The RIMS Smart Bar, which will provide a place for attendees to learn about the latest hints and tips for engaging with the global risk community through social media
  • A series of 60-minute “power hours” offering educational sessions designed specifically for the adult learner
And of course, the staff of Risk Management will be on hand to deliver post after post — writing about the various sessions, events and people we will meet. So tune in here and through the various RIMS social media apps to keep up with the RIMS 2013 Annual Conference & Exhibition.
Here we go!

Munich Re: Scientifically Proving Climate Change Affects Thunderstorm Losses

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“It has been possible for the first time to scientifically prove that climatic changes have already influenced U.S. thunderstorm losses.”

That’s the statement Munich Re put forth this week when it issued a report stating the correlation between climate change and severe thunderstorm losses in the United States, findings that were based on a 1970-2009 study produced by Munich Re and the German Aerospace Center.

The study examined hail, tornado, thundersquall and heavy rainfall losses throughout the United States, finding that the increase from thunderstorm losses remained, even after adjustments to take into account socio-economi changes.

“It is therefore clear that the change in losses during the period in question is largely driven by changes in climatological boundary conditions,” said Eberhard Faust, from Munich Re’s Geo Risks Research and co-author of the study. “In particular, the potential energy required in the atmosphere for the formation of severe thunderstorms has increased in the course of time.

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This report comes after a record-setting 2011, a year in which thunderstorms and tornadoes caused more than $25 billion in insured losses with 553 direct fatalities., according to the Insurance Information Institute.

The graph below illustrates U.S. thunderstorm loss trends from 1980 to 2012.

As Dr. Peter Röder, member of Munich Re’s board of management points out, “This scientific study shows, on the one hand, that some regions already need to adapt to changing weather risks. This concerns the insurance industry as risk carrier, first and foremost, but also those in the private and public spheres responsible for deciding on prevention measures.

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The Risks of Social Media: Internal Audit

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Internal audit has never been easy, but modern business practices are challenging IA professionals even further. Social media, fraud risk and data analysis tools are areas in need of attention and, in some cases, improvement.

The 2013 Internal Audit Capabilities and Needs Survey, released by Protiviti, show that 43% of respondents have no social media policy within their organization. Among those with a policy, many fail to address even the most basic issues, such as information security and approved use of social media applications.

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What’s most alarming, however, is that more than half (51%) of organizations do not address social media risk as a part of their risk assessment process — 45% indicate they have no plans to do so in the coming year’s audit plans. Of those that do address the topic, 84% rated their organization’s social media risk-assessment capability as “not effective” or “moderately effective.”

“The survey findings are surprising in that they show how many businesses are either inadequately prepared or altogether inactive in putting effective processes and policies in place around social media,” said Brian Christensen, executive vice president, global internal audit, at Protiviti. “From a risk management perspective, this poses significant potential problems for businesses that can range from reputational risk to IT infrastructure risk as a result of unchecked exposures to customer, vendor and company information.

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Other findings related to internal audit include:

  • Continuous auditing was the top priority in terms of audit process knowledge in 2011 and 2012, but dropped down to #18 in the 2013 rankings.
  • For audit process knowledge, auditing IT – new technologies was the third-highest “needs-improvement” priority, and scored significantly lower than any other area evaluated with regard to existing competency.
  • Concerns among chief audit executives were generally aligned with the broader sampling of respondents.
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    However, they did rank audit process knowledge around Computer-assisted Audit Techniques (CAATs) as a higher priority for improvement, compared to the overall ranking.

In 2013, we can no longer view social media as a “new” risk. Businesses must prepare for the worst, whether it’s an attack on a company’s reputation via Facebook or a rogue employee stealing an organization’s Twitter account password, social media risk can manifest itself in many ways. There is only one way for companies to deal with it, however.

Be prepared.

Solar Storms — A Real Risk

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A recent report from Lloyd’s of London broker Aon Benfield says that we are in for some extreme solar weather for the remainder of 2013, which could lead to business interruptions and large insurance claims. This peak in activity comes in accordance with the sun’s 11-year cycle.

The report states:

Massive ground currents resulting from geomagnetic storms can flow through electricity distribution networks, resulting in large scale blackouts and permanent damage to transformers. Enhanced X-ray and powerful ultraviolet solar radiation during a solar flare can impact on radio propagation and telecommunications systems, blocking global communications. Solar radiation can even cause a satellite’s orbit to decay, while static electrical discharges interfere with GPS services creating problems for aircraft at high latitudes.

Researchers state that if a solar storm similar to that which occurred in 1921 happened today, it would cost upwards of $2 trillion, with recovery taking up to 10 years for the U.S. alone. The infamous solar storm of 1921 caused “the entire signal and switching system of the New York Central Railroad below 125th Street to be put out of operation, followed by a fire in the control tower at 57th Street and Park Avenue.” Interference was also reported throughout most of Europe.

Though it’s impossible for scientists to predict exactly when or where the next solar storm happen, what they do know is that with more sunspots come more stoms. And the fall of 2013 is when the Sun is set to reach the crest of its 11-year sunspot cycle.

“Well-rehearsed contingency planning for a wide range of potential natural and man-made disasters is always going to be worthwhile for any business,” says Aon Benfield analyst Ryan Springall within the report. “The crucial issue for many businesses and households in the case of geomagnetic storms is likely to be loss of electrical power, possibly for an extended period.”

The study also points out that insurers could be liable for unforeseen losses as a result of a solar windstorm — anything from machinery breakdown to D&O. If scientists are right, this coming fall will be a hotbed of solar activity. It would be prudent to develop a broad-based business interruption plan and alter your insurance to cover such a rare event.