Author Archives: Jared Wade

About Jared Wade

Jared Wade is a freelance writer and former editor of the Risk Management Monitor and senior editor of Risk Management magazine. You can find more of his writing at JaredWade.com.
Игроки всегда ценят удобный и стабильный доступ к играм. Для этого идеально подходит зеркало Вавады, которое позволяет обходить любые ограничения, обеспечивая доступ ко всем бонусам и слотам.

Bath Salt Makers Face Strange Reputational Risk

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I’m willing to bet that “drug-fueled, cannibal zombies causing reputational risk” never came up on any corporate risk management plans. But that’s just the problem that companies that sell bath salts now face.

For those who don’t know what I’m talking about, just Google “bath salts.” Five years ago, the results page would likely return only mentions of the aromatic, colorful crystals designed to accompany you in a nice, warm, soothing, relaxing bath.

Now? Yeah … not so much.

The results I came across on the first page include info from DrugAbuse.gov on an “emerging and dangerous products”; a Washington Post headline heralding a “Zombie Apocalypse,” and an ABC News article titled “Bath Salts: Use of a Dangerous Drug Increasing Across U.S.”

This isn’t exactly the type of search-engine association that Lee Williamson, president of the San Francisco Bath Salt Company, ever expected his company to receive. San Francisco Bath Salts Company sells the bath salts you put in your tub. It has nothing to do with the “bath salts” drug similar to methamphetamine that has been increasingly (and often erroneously) linked to bizarre, violent attacks throughout the United States.

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The frenzy began — literally and figuratively — when a naked, rampaging man reportedly tried to eat the face of a homeless man in Miami. Ever since, the media has continued to hype a series of gruesome and just-plain-strange incidents that have any connection to the drug.

But as Time details, the companies who sell legitimate, harmless bath salts are also being caught up in the depravity.

So now, Williamson and his company are trying to redraw the line between their product and the drug that’s gripped the nation.

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The industry has seen slumping demand since 2009, as consumers have cut down on luxury bath items, Headline News reports. But now that they have to contend with the drug abusers who want to rip faces off, it’s game time.

“I’m sure people are afraid of actual bath salts from the headlines and have not pulled the trigger because they are confused by the headlines, which is a shame because they have the opposite healing effects of this deadly drug with an unfortunate name,” Williamson told HLN.

I’ve heard of a lot of odd “emerging risks” in my day, but I would have to say this is the most unusual. Just goes to show that reputational risk can come from anywhere nowadays.

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Governments Need Enterprise Risk Management

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Tomorrow is World Risk Day. It will be the first ever World Risk Day. But in reality, it’s a moment more than a decade in the making.

Starting with 9/11 in 2001, the world has seemingly become exponentially more risky by the day. From Enron to Katrina to pandemic scares to cyberattacks to the 2008 financial collapse to the BP oil spill to Japan’s earthquake to the ongoing eurozone crisis to JPMorgan’s trading loss, transformative moments and trends have continued to shape and re-shape the way businesses, organizations and governments think about risks they face. (Here is a look back at the last decade of risk.)

In 2012, risks are more interconnected and potentially more devastating than ever before.

For this, breaking down organizational blindspots and miscommunication is more important than ever. Risk management must become a priority across the entire culture. And for this, organizations need enterprise risk management.

While many businesses have recognized this and adopted ERM (or at least ERM principles), government uptake lags. That is unfortunate. Because as the folks who put together World Risk Day note, here are five very good reasons why government agencies need enterprise risk management.

  • Proactive management of risk. Whether its economic meltdowns or global health scares like H1N1, the government faces more widespread, complex risks than any other type of organization. Today’s citizens want a government that not only manages the consequences of risk, but also anticipate and handle issues before they turn catastrophic. Effective risk management policies help to force all decision makers to think and work proactively.
  • Organization-wide visibility. ERM practices provide government agency leaders with visibility into their organization’s entire portfolio of programs. This practice not only improves transparency across departments, but also helps break down silos between each program – greatly improving proactive communication about risks and the sharing of best practices.
  • Budget management. Given large federal budget deficits and an unsustainable long-term fiscal path, program managers for government programs are challenged to anticipate and manage the impacts of budget re-allocations and continuing resolutions. A strategic risk management approach will aid in this challenge and enable organizations to stay on budget under notoriously fluctuating circumstances.
  • Reputation development and protection. Reputation is an intangible indicator of past performance and future success.  For government agencies, a solid reputation is a critical asset. ERM can not only help an organization to identify reputational risks in advance, it can also improve the agencies reputation by improving program delivery timelines, ensuring more accurate bids and stronger customer relationships.
  • Improved reporting for improved decision making. Lack of information, control and time are the major drivers of the risks facing government organizations. An ERM plan, and ideally an ERM technology that goes beyond just spreadsheets, helps to ensure that real-time, data-driven, interactive reports are delivered to all necessary parties.

The Risk of Hacktivism

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According to a Zurich expert, the cost of hacking is now larger than the heroin, cocaine and marijuana markets combined. Best Day offers the following video that explains the threat, especially in terms of how “hacktivists” are attacking corporate interests. “Anybody that doesn’t take it seriously is at risk,” says Larry Collins of Zurich.