Category Archives: Environmental Risk

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RIMS ERM Conference 2021: Lloyd’s Chairman on the Vital Role of Risk Management in Fighting Climate Change

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With climate change quickly becoming one of the most important issues facing the world, Lloyd’s Chairman Bruce Carnegie-Brown stressed the importance of ESG initiatives to address the threat, as well as the vital role of risk managers, in today’s keynote address at the RIMS ERM Conference 2021 in New York City.

As evidenced by the increasing number of weather and climate-related natural disasters in recent years, the stakes couldn’t be higher for organizations and communities around the world, according to Carnegie-Brown. “Disruption, poorly managed, could destabilize our economy,” he said.

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“Delay could destroy our ecosystem.”

Failing to take action on the climate change threat is not a sustainable strategy and will only exacerbate the damage in the future, Carnegie-Brown warned. In the face of these threats, risk managers have an important role to play in helping their organizations embrace ESG and become more resilient. “A business’s risk operations are an essential component of building ESG into the organization—often they are the driving force.

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” he said. “Executives rely on their insight to power their decisions and navigate the pitfalls of new challenges. Like insurance, it enables braver decisions and more courageous action. Communicated effectively, that insight can establish a permanent place at the table for risk management.”

To be most effective, Carnegie-Brown suggested that risk managers play close attention to how they are perceived and how they interact with the rest of the organization. “If risk managers are perceived as being reactive, we need to make sure we are on the front-foot in understanding and assessing these emerging issues,” he said. “If we’re perceived as operating in the shadows, we need to be transparent in our methodology and in our motives. And if we’re perceived as obstructive, we should consider a flexible approach that allows our organizations to act innovatively and with an awareness of the potential risk.”

While it represents a daunting challenge, Carnegie-Brown saw an opportunity for risk managers to demonstrate their value by taking on the difficult task of developing organization-wide plans to address climate change. “Those plans must account for the multifaceted nature of environmental risk, they must employ the best of our skills and technologies to communicate the risk to our stakeholders, and they must be built to facilitate and orderly and urgent transition,” he said.

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“Achieving this will allow us to carve out a pioneering role for risk management in the fight against climate change, while helping our organizations to become more inviting to investors, more attractive to prospective employees, and more likely to last sustainably in the decades to come.”

Hurricane Risk Management: Key Considerations Before and After Storms Strike

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On Sunday, August 29, Hurricane Ida made landfall in Louisiana as a Category 4 storm with winds of 150 miles per hour, making it one of the most powerful storms to ever hit the United States. Striking on the same date that Hurricane Katrina devastated the region 16 years ago, Ida caused significant wind damage, storm surge and flooding in Louisiana and Mississippi and has left 1 million homes and businesses without power, including the entire city of New Orleans. Ida has now weakened to a tropical storm and will continue to cut through the south before making its way across much of the East Coast, bringing significant risks of wind, rain and inland flooding throughout this week.

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The storm marks another overactive hurricane season officially underway in the United States, prompting business leaders and property owners to ensure they are adequately prepared from an insurance and risk management perspective.

Some key recommendations to consider before and after any hurricane include:

Preventative Measures

First, establish a plan that includes clearly defined roles and responsibilities for preventative measures to protect your building, employees or tenants in the event of a hurricane. This plan should include everything from the identified incident response team and the established internal and external communication protocols to the selected offsite workspace and disaster recovery plan.

It is also critical to have a predetermined contact list for key service vendors, suppliers and contractors—and to build relationships with those individuals in advance. When a storm of any magnitude hits, multiple businesses will likely be affected, so establishing a vendor rapport beforehand allows you to pre-negotiate rates and availability guarantees, helping to save time and money after a disaster.

From a property perspective, ensure that your buildings and structures are adequately protected to mitigate potential damage. Precautionary steps like boarding up buildings, covering windows and landscaping, and fastening anything that could blow away or fall may seem like small considerations, but can significantly reduce damage and losses.

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Additionally, back up important paperwork and IT services to avoid losing valuable assets. Severe weather often causes power outages and other service disruptions that may last longer than anticipated, and key files like property records and facility plans should be safely stored and easily accessible in the event of a hurricane.

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Not only is this important for overall business operations, but it is also easier to adjust claims when you can show that you recently backed up files.

Read the Fine Print

When it comes to your insurance policies, it is critical to verify that your coverage includes appropriate, up-to-date limits and deductibles.

This includes determining if you have adequate insurance based on your location and its respective risk for floods or windstorms. In addition, you should review your policy’s sublimits, which set coverage limits for certain scenarios, so you know what to expect if damage occurs. For example, windstorm, flood and named storms all have different limits based on the typical severity of the type of storm.

Do not wait until the hurricane is coming to evaluate or modify coverage, as this is like trying to insure a burning building, and insurance carriers will be bombarded with requests. Perform these evaluations and changes proactively so you can remain calm knowing the appropriate coverage is in place for any potential threat.

If a hurricane does hit close to home, business owners can typically tap into business interruption insurance and extra expense limits for any losses that occur due to suspended operations resulting from the storm. This also applies to property owners who may need to move tenants to a different location while the property is being fixed—a process that could take several months depending on the severity of the hurricane and the associated damage—and are therefore not incurring rent.

Now What?

If a hurricane impacts your business, implement your disaster recovery plan. Then, as soon as it is deemed safe to re-enter the property, document all damage in detail with written descriptions, as well as photos and/or videos. At this time, take a full inventory of damaged materials, as this will be important throughout the claims process, and save any pieces that could help with restoration down the line. Most claims require you to immediately notify the carrier of damage and provide the documented “proof of loss” within a specific time frame. Before doing so, reach out to your insurance broker who can help guide you through this process.

Another best practice is addressing any damage in a timely manner to avoid any issues that could worsen with time or additional weather events. Taking immediate action, such as covering an exposed roof, securing doors and windows, removing water, and drying out any affected areas, can lessen the potential impact of further deterioration and keep those in the vicinity safe from harm. For more dangerous and technical issues, like getting the electric system back up and running, consult a qualified professional.

While hurricanes can certainly be daunting, there are ways to prepare in advance to make sure you are not caught off guard or without a plan. Be sure to assess your risk and execute the appropriate steps to protect your business, property and employees. Most importantly, lean on your insurance broker and other qualified vendors with any questions or concerns.

Supply Chain Stability and COVID-19 Vaccine Delivery

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As COVID-19 vaccines are rolled out around the world, effective risk management coupled with predictive analytics can help ensure supply chain stability to quickly and safely deliver them. Pharmaceutical companies and stakeholders around the world are scaling their vaccine roll-out, and concerns are emerging around logistical challenges of how to manage quick global distribution. One thing is clear: the entire supply chain’s stability needs to be monitored carefully, as a single fracture can have catastrophic effects on distribution of this time-sensitive vaccine.

Pfizer has designed an innovative logistical method to control vaccine distribution from manufacturing to local cold-storage facility. Much has been written about vaccine producers’ heroic efforts to secure upstream components such as glass vials, stoppers, and crucial vaccine ingredients, as well as the distribution packaging, including dry ice capacity, specially manufactured cold-boxes for vials, airfreight logistics and more. But very little has been reported on the downstream, or on-the-ground distribution of the vaccines around the world. As the vaccine touches down in states across the United States and countries around the world, the real distribution challenges begin.

As in every industry, risk originates in many places along the supply chain. Geopolitical risk, fraud, and third-party financial risk all must be understood if the vaccine is to reach the greatest number of people in the shortest amount of time. While some believe responsibility for distribution lies solely with individual localities, they are forgetting that the entire supply chain and logistics industry has a moral imperative to ensure that the vaccine is properly and fairly distributed.

Even with the best planning, plenty can go wrong, including:

Geopolitical Risk: If history has taught us anything, it is that some in power will manipulate the distribution of life-saving relief to their political advantage. Examples include the United Kingdom’s blockades of food to Ireland and India, Sierra Leone military juntas interfering with United Nations food relief, and Somali intelligence officers kidnapping the World Food Program’s local chief, among others. Closer to home, President Donald Trump tried to manipulate the distribution of PPE away from states that did not support his politics. Once life-saving vaccines arrive in local facilities, it will be a monumental task to distribute them fairly, and in a manner that does not give more power to local officials who seek to use them to further entrench corruption.

Financial Risk: Many organizations can stumble while rolling out distribution programs. Without proper chains of custody, fast financing, and quick due-diligence on third-party logistics suppliers, even the most well-oiled machines could fail to deliver the vaccine in a successful manner. The scale of vaccine demand is massive. Shortages are already present for raw inputs, and for critical infrastructure components. To meet these unique challenges, access to fair financing and payments should be guaranteed to all participants in the supply chain (i.e. no 90-day contracts for truck drivers who are moving the vaccines.)

Geolocation: Risks like natural and manmade disasters, lack of last-mile distribution, and poor infrastructure can all cause a single point of failure. The technology exists to ensure that vaccines are sent to the most geographically ideal local distribution hubs, and predictive forecasting should be employed to ensure the most timely deliveries.

Since risk can originate anywhere along the supply chain, everyone involved in the logistical aspect of vaccine storage and distribution needs to assess the existing systems to calculate and correlate risk. Leveraging technology is the best way to gain visibility. Rather than rely on gut instincts to determine supplier and partner risk, those in charge should use data to make decisions and consider implementing automated intelligence technology to actively predict and correlate how a change in geopolitical risk will affect the financial health of suppliers. Proactive planning is not only crucial for continuing rollout of vaccines for the current pandemic, it is also paramount in being prepared for the next pandemic.