Category Archives: Governance, Risk & Compliance

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Key Takeaways from the White House Summit on Cybersecurity

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Stanford University, Feb. 13, 2015

It was an honor to attend the White House Summit on Cybersecurity and Consumer Protection and I applaud President Obama’s efforts to bring together an impressive group of leaders across a broad range of industries, government and law enforcement officials, and consumer and privacy advocates to discuss cybersecurity. This is an issue that affects us all and clearly has no borders.

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While there were several core themes discussed throughout the day, three key takeaways are of particular interest to private industry:

Public-Private Collaboration is Critical
The overarching theme presented by the White House was how to boost the collaboration between companies and agencies in order to combat hackers. The announcement in the days preceding the Summit of the new Cyber Threat Intelligence Integration Center (CTIIC) was just a first step. As a further validation of the importance and urgency on behalf of the White House surrounding the issue at hand, at the Summit President Obama signed an Executive Order directing the creation of Information Sharing and Analysis Organizations (ISAOs) which will enable companies and the government to share classified cyber threat information. Only with an ongoing sharing of threat information between the government, including the Department of Homeland Security and the Federal Bureau of Investigation, and companies across industry groups, will we be successful.

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With much of the order voluntary, companies across all industries are also being asked to step up to the table now to not only share threat information but to establish best practices within their organizations in order to protect their constituencies in the future. This too is critical, since the maintenance of best practices is closely tied to a company’s ability to get cyber insurance.

Understanding Vulnerabilities is Key to Improving Best Practices
While the need to focus on the security systems operating behind consumer payment systems in order to make it harder for hackers to steal information is absolutely critical, and Apple CEO Tim Cook was quite persuasive on this point, to stop at payment systems alone would not solve cyber hacks. In order to enhance consumer protections online, single factor authentication, or the password as the primary form of security, is a dated practice that should be replaced with more secure technologies.

Companies also need to be mindful that criminals can breach a business’ defenses in any number of ways – directly through company networks and also indirectly through the network of vendors and third party service providers. What is needed is a fuller understanding of all the possible threats, malicious actors and the broad range of tactics those actors will employ. Across all industries, companies are facing a highly complex and constantly evolving threat environment with new attackers and attack methods to be wary of in order to protect their partners, clients and customers.

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What Comes Next is Even More Meaningful
While it is essential for the United States to take a leadership role on this important issue, with guidelines and processes for internal consumption, we cannot merely look inward. We are living and working in an increasingly interconnected and globalized environment, and that environment also includes criminal elements. Cyber threats from foreign countries, such as Russia, China and North Korea, keep growing. Sharing information alone won’t stop them. The next steps from our government in protecting our nation’s business must be even more meaningful. We urge cooperation with international law enforcement agencies to help protect companies from foreign-based threats and to help make significant progress in this area.

Tenn. Legislators Introduce Workers Comp Option Bill

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A bill that would give companies in Tennessee a free market alternative to state-mandated workers compensation insurance was introduced yesterday by Sen. Mark Green (R-Clarksville), a physician and vice-chair of the Senate Commerce and Labor Committee, and Rep. Jeremy Durham (R-Franklin), House Majority Whip.

The Tennessee Option draws from the best practices of Texas nonsubscription and the Oklahoma Option, according to the Association for Responsible Alternatives to Workers’ Compensation (ARAWC). The Option is designed to provide Tennessee employers an alternative for funding and responding to occupational injuries while still protecting employees and their families. The key components are employee accountability, medical management, employee-employer engagement, and free-market competition.

“The core focus of the Tennessee Option is to help injured employees get back to work faster,” Sen. Green said in a statement. “Making that happen requires good benefits, strong communication, and will lead to higher employee satisfaction. An Option will also give job creators a way to save more than 50% on workers’ comp costs, so they can invest in growth and more employees.”

ARAWC spokesman, Brent Buchanan told the Monitor that the bill has been in the works for about six months and the next step is a committee hearing. Because of its strong sponsorship, there is a good chance it will pass this legislative session, he said.

Janine Kral, president of ARAWC and vice president of risk management at Nordstrom said in a statement, “The Tennessee Option is a local effort driven by the bill sponsors with the support of Tennessee employers and associations. ARAWC will serve as a resource to this local group that is focused on providing a free-market alternative to workers’ compensation insurance.”

Oklahoma passed Option legislation in 2013. Texas has allowed alternative injury benefit programs for more than 100 years, ARAWC said, adding that Texas employers using the Option have saved billions of dollars while increasing return-to-work rates.

According to ARAWC:

Private employers can elect the Tennessee Option. Current Tennessee law allows cities, counties and school districts to opt out of the workers compensation system and several have elected to do so. Tennessee law already exempts employers with less than five employees from the requirement to provide workers compensation insurance. The Tennessee Option legislation will not amend those current exemptions. The Option will not be available to construction or coal mining companies due to their unique industry requirements.

By removing various third parties from between the true stakeholders – employees and employers – the Tennessee Option will encourage more collaboration between the parties. At least a mandated level of benefits must be paid. Many Option employers will pay higher wage replacement benefits than workers’ compensation. The employer must prove that financial security is available to pay the benefits, and a guaranty fund will be established. Stringent appeal rights are included in the Option to provide employees due process. Due to disclosure requirements, employees in an Option will be more aware of their injury benefits and the processes for procuring them. And more employee accountability will lead to better medical outcomes, which is good for all parties.

 

Creating a Meaningful Code of Conduct

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Codes of conduct have gone from a “nice-to-have” item to a corporate standard and even legal requirement for many businesses. Unfortunately, when creating their codes many companies focus solely on satisfying the legal requirements.

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Consequently, their codes are bogged down with complex legal jargon and company rules. These codes fail to make a meaningful connection between the organization’s objectives and its ethics and compliance management, and as a result, remain largely ineffective.

However, leading firms see the code of conduct as an opportunity to communicate and drive company values and expectations. They view the code as a tool for promoting a more ethical company culture. But making a truly effective and engaging code of conduct is easier said than done. Below are some best practices for creating a more meaningful code.

Content and Readability

No one wants to read a list of “thou shalt nots.” Instead, center your code’s content around issues employees face on a day-to-day basis and the organization’s values. Try presenting information by high-level topics or behaviors instead of by law. Also keep in mind that the code should relay high-level principles, not detailed operational guidelines.

Similarly, ditch the legal jargon and write in a clear, concise language that employees will understand. The tone should reflect your organizational culture and employee demographics. Remember that the code is there to help employees make the right ethical decisions, so make sure there are no grey areas.

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Presentation and Accessibility

Although strong and clear-cut content is essential, the code’s presentation and accessibility are equally so. Interesting, eye-catching design can dramatically improve your code’s usability and retention. Try using a mix of various design techniques like call-out boxes to highlight essential information, pull-quotes for added emphasis, and company-specific question and answer sections that ensure employees know how to apply the code’s guidance.

If you haven’t already, transform the print version of your code into an interactive, digital version. Incorporate multimedia, interactive elements such as video, quizzes, games, etc. directly into your digital code. These elements not only break up written content, but they also help bring concepts to life and promote retention. Consider requiring employees to complete these activities as a way to blur the lines between your code and training. Additionally, many digital programs can easily capture and analyze user data, which can assist in measuring and proving your code’s effectiveness.

It is also easier for users to search for topics in a digital version than it is a print version. Make access to other compliance resources just as easy by inserting one-click links to more detailed company policies, reporting tools and contact information. Going digital also makes it possible for employees to access your code of conduct from anywhere at any time. Provide employees with a direct link to the code from the company intranet.

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If a considerable amount of the company workforce travels often or works on tablet devices, you may want to consider creating a mobile-friendly version of the code.

Be mindful of local laws and cultures that may vary in your areas of operation. If your organization is international, be sure to provide a localized version of the code that is in the native language, sensitive of cultural differences and reflects country-specific information, legislation and regulations. Sometimes company practices and standards of behavior may be inconsistent with practices of that local culture. In these cases, additional explanations may be needed for proper guidance.

Soliciting Feedback and Certification

Adding code certification tracking gives an added layer of due diligence, allowing an organization to verify the receipt and review of the code by every employee. Afterwards, gather feedback to find out what aspects or areas of the code resonated with them and what areas could be improved or clarified. Identify common questions employees still have and address them in the next update.

Making changes based off employee comments will help make your code as effective and engaging as possible. However, it is also important to periodically update your code of conduct to reflect changes in the work environment and regulation requirements.

Companies that create a code of conduct only to satisfy a legal requirement will not gain much value. However, those that take the time to create an engaging code that drives company values and expectations will reap the benefits.

What Proposed Changes to U.K. Counter-Terror Laws Mean for Your K&R Policy

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With insurers facing increased scrutiny over indemnity payments from the U.K. government, there could be consequences for companies who regularly put their employees into harm’s way.

When she announced plans for new laws in the Counter Terrorism and Security Bill, Home Secretary Theresa May cited UN estimates that ransom payments have raised up to £28 million ($42 million) for militant group ISIS in the past 12 months.

Observers often ask if the existence of kidnap and ransom (K&R) insurance itself encourages kidnapping for ransom. But for corporate risk managers, the debate is immaterial. They must protect employees and ensure that jobs in danger zones remain attractive to new recruits.

May’s bill amendments, which will be inserted into the Terrorism Act 2000 if passed, do present a potential challenge to the established order and highlight the pivotal role of response consultants (AKA hostage negotiators).

How does K&R actually work?

K&R insurance typically covers against losses related to kidnap incidents, particularly ransoms, lost earnings and the costs for an outsourced expert agency whose job is to handle the case and advise the policyholder on the negotiations. However, the indemnification is only paid out to the policyholders retrospectively, after the hostage situation is over. With such an approach, insurers on the one hand prevent ransom payments spiraling out of control and, on the other hand, remain in the grey area of section 17 of the Terrorism Act 2000.

The new amendments

Under May’s new section 17A, it is now clear that the insurer commits an offense if “it knows or has reasonable cause to suspect” that payments will be handed over in response to a demand made for the benefit of a proscribed organization.

The question for their response consultants will therefore be how much notice they can give their assureds as to whom they are dealing with. Historically, negotiations for release could be made without resorting to identifying the culprit, but now the insurer will have to make sure that they are not engaging with a terrorist on Whitehall’s blacklist.

As of Nov. 28, 2014, there were 74 international terrorist organizations listed under the Terrorism Act 2000. However, a large number of organizations associated with kidnappings are not on the list, which, with a few exceptions, focuses on organizations from Northern Ireland and those operating in the MENASA Region (Middle East, North Africa and South Asia). Of course, kidnappings have increased in the Middle East in recent years, but most kidnappings worldwide are still taking place in Central and South America and Central and Southern Africa. Although the new law only targets proscribed organizations from the MENASA region, insurers have to remain attentive since the home secretary may add organizations to the list at any time.

One thing which hopefully will remain protected are the fees and costs that hostage negotiators charge; this is a critical part of the industry’s service to a market believed to include at least 80% of the Fortune 500 as its clientele.

K&R still valid

From a company’s perspective, K&R is certainly still a valid class of business. There should not be any effect on pricing as the underlying risk has not changed.

However, if your policy is led by insurers domiciled in the U.K., those insurers may be less likely to indemnify kidnappings where the culprits may be loosely associated with a proscribed group. Equivalent insurers in other territories may be less restrained, so some insureds may elect to have their business placed outside the U.K., particularly if they have workers who are frequently operating in the MENASA region.

It is important to understand that corporations are also not allowed to fund payments. From a risk management perspective, where companies do wish to ensure they are able to lawfully pay ransom demands to release their employees, they need to consider in which jurisdictions they should be located so as to lawfully pay ransoms. On a practical level, they need to review with their response companies what protocols they use to identify or qualify the identity of kidnappers who allege, possibly incorrectly, that they are affiliated to terror groups.

The proposed offence aimed at insurers provides:

17A Insurance against payments made in response to terrorist demands

(1) The insurer under an insurance contract commits an offence if –

(A) the insurer makes a payment under the contract or purportedly under it,

(B) the payment is made in respect of any money or other property that has been or is to be, handed over in response to a demand made wholly or partly for the purposes of terrorism, and

(C) the insurer or the person authorising the payment on the insurer’s behalf knows or has reasonably cause to suspect that the money or other property has been, or is to be, handed over in response to such a demand.

This article was originally posted at Airmic.com