Category Archives: Risk Management

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3 Key Risk Management Responses to the Coronavirus

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The novel coronavirus 2019-nCoV continues to spread throughout China and other countries, seriously impacting business operations around the world. As governments and companies act to protect their citizens, operations and employees at home and abroad, these actions threaten to produce business interruptions, travel risks and other effects that could be detrimental to business continuity.

On January 30, the World Health Organization (WHO) declared the virus a global emergency, meaning that it is a threat beyond China, after more cases have appeared in other countries around the world.

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According to the New York Times, the WHO has only made such a declaration five times since 2005. The virus has killed more than 400 people (including 2 outside mainland China) and has infected more than 20,000 in more than 25 countries.

In addition to the cancellation of major public events in China (including celebrations of Chinese New Year), many international businesses have curtailed their operations there since the outbreak. According to Bloomberg, this includes Starbucks (which closed more than half of its shops), Toyota (which stopped production), McDonald’s and KFC (which both closed restaurants), and Disney (which closed its resort in Shanghai), among others.

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Some international companies have instructed their employees to work from home to limit exposure as the virus spreads, and Amazon, Microsoft and other tech companies also limited employee travel to and from China.

China has maintained mass quarantines of areas with high number of infections, including Wuhan, the origin of the outbreak, and some other countries are also taking extraordinary steps to limit the virus’s spread. Last week, Russia sealed its entire border with China and cancelled all trains between the countries except for a single train line between Moscow and Beijing. Japan is currently quarantining more than 3,000 people on a ship after a passenger tested positive after departing the ship, while the United Kingdom has advised its citizens to leave China. And the United States issued a proclamation suspending entry for non-citizens who spent 14 or more days in China before attempting to enter the United States.

The Center for Disease Control (CDC) stated that the risk for people in the United States is “considered low at this time,” with elevated risk for individuals who may have increased exposure—such as healthcare workers and others in close contact with patients with the virus. However, companies should still act to protect their operations and employees, especially if operations require international travel and if supply chains depend on Chinese business continuity. Here are three approaches to limit risk from the coronavirus:

1. Take Travel Precautions

The CDC has recommended avoiding all non-essential travel to China, and the U.S. State Department has asked people not to travel to China. If travel is essential, the CDC suggests avoiding contact with sick people, any animals, animal markets or products made from animals. If traveling employees are older, they should take extra precautions, since, “older adults and people with underlying health conditions may be at increased risk.”

2. Develop a Response Plan

Medical and travel security services firm International SOS also recommended that businesses have regularly-updated and evaluated business continuity plans in place to ensure smooth response to incidents like disease outbreaks. The Institute of Risk Management South Africa (IRMSA) recommended preparing a specifically-focused “Pandemic Preparedness Plan” or updating previously prepared plans to reflect current circumstances to ensure business continuity.

IRMSA also suggested creating a group within the company, chaired by a senior staff member, able to make quick executive decisions for the organization in response to any coronavirus-related impact to the business and prepare decision-making processes for future incidents.

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3. Consult Reputable Information Sources

Relying solely on reputable news sources, like government disease control agencies and reliable media, can help when evaluating and taking courses of action to reduce risk. Conspiracy theories about the coronavirus have spread rapidly, including misinformation about its source, how to protect against or treat infections, and the number of people affected. Misinformation has also resulted in discrimination against Chinese-linked businesses and people of Chinese heritage, as well as East Asian people in general. Disseminating clear, reputable information to all employees, especially those traveling, can reduce risk of infection and impact on business operations.

RIMS Risk Forum India 2019: Top Risks and a Special Edition Magazine

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rims risk forum india 2019

MUMBAI—”Why are we here?” asked RIMS CEO Mary Roth, welcoming over 100 risk professionals to the recent RIMS Risk Forum India 2019 in Mumbai. “If you look around this room, I think we all share very similar reasons. Risks are changing. Today’s risks seem more complex, and they hit our organizations faster. Think about our climate: heat waves, droughts, and other extreme weather events we’re experiencing. Data: it’s abundant and rich. Technology: it’s evolving overnight, and so are the related risks and opportunities.

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She added, “Expectations have never been greater for our organizations to quickly adapt and implement emerging technologies, address cyber exposures, brace for political change, and uphold ethical and social standards.”

The day’s sessions delved into critical issues like emerging technology, fraud, regulation, and building a risk culture, drawing upon expertise from panelists ranging from the C-suite to regulators themselves. Another key theme was clear to all in attendance: the rapidly shifting role of risk management in organizations across India, and the opportunities that new risks are presenting here.

top risks india 2019According to the new Marsh and RIMS “Excellence in Risk Management” report State of Risk Management in India 2019, which was unveiled at the forum, many of these issues dominate the risk landscape for organizations operating in the country. Indeed, cyberattacks, extreme weather, and data fraud or theft top the agenda for risk professionals in India this year.

Across 23 industries, a vast majority of senior risk professionals cited cyberrisk as their top concern, with 62% agreeing cyber poses the greatest risk to their organization—nearly four times the number who prioritized the runner up, weather events.

“India, like other countries, has been susceptible to malicious cyber attacks and there is growing awareness among corporates of the need to ensure they have appropriate cybersecurity controls,” said Sanjay Kedia, Country Head and CEO, Marsh India. “Firms need to keep up with the evolution of cyber threats if they are to capitalize on technology-based opportunities.

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This will require organizations to make additional investment to ensure they have adequate protection.

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As the profession matures and expands in the region, risk professionals looking to earn a seat at the table are focusing on their potential to serve as a key strategic partner driving these investments.

“Global business leaders who have engrained risk management into the fabric of the organization’s strategic planning processes have become better equipped to make informed, proactive, and rewarding decisions,” said RIMS CEO Mary Roth.

“India’s risk management community continues to demonstrate its strength, as well as its passion for developing advanced capabilities that support growth and innovation.”

risk management india special edition coverTo that end, these top issues are also covered in greater depth in a recent special issue of Risk Management curated specifically for risk professionals in India. Originally available exclusively for attendees of this year’s RIMS Risk Forum India, Risk Management Special Edition: India is now available for readers worldwide. Check it out today and, if you have any feedback, we would love your input to help inform future international coverage—email your thoughts to HTuttle@rims.org.

Trade Dispute Worries US Companies in China

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As the Trump administration wages an economic battle with China in the form of reciprocating tariffs and other economic measures, it may not be a great time to be an American company operating in China. The US-China Business Council (USCBC), an organization made up of 200 U.

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S. companies that do business with China, released its annual member survey, finding the trade dispute—and the ongoing political tensions underlying it—are a huge concern for these companies and may be adding to worries about doing business in China.

Since the Trump administration declared a tariff on billions of dollars of Chinese exports in June 2018, the United States and China have traded retaliatory economic measures.

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Negotiators from the countries are preparing to meet in October, hoping to break a deadlock, even as each side moves to put pressure on the other’s economy.

Last month, President Trump announced increased tariff rates on Chinese imports, and tweeted that American companies were “hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.” Some U.S. business groups condemned the moves and the president’s rhetoric, including the National Retail Federation. “It’s impossible for businesses to plan for the future in this type of environment,” said David French, the federation’s senior vice president of government affairs. These moves are an outgrowth of continued tensions, both economic and political, between the two countries.

It is no wonder then, that between 2018 and 2019, the percentage of USCBC members who said that their company’s business had been affected by US-China “trade tensions” increased from 73% to 81%. Of the reasons companies reduced or stopped planning investment in China in the past year, 60% of respondents cited “increased costs of uncertainties from US-China tensions.”

Among the real-world results of the trade dispute, USCBC members reported that the biggest impact was “lost sales due to tariffs implemented by China” (49%) and “shifts in suppliers or sourcing due to uncertainty of continued supply” (43%). The majority of the other concerns have to do with uncertainty or stigma attached to U.S. companies in China. Additionally, 26% of respondents projected that their current year revenue from China would decrease, compared to 9% in 2018.

The USCBC reported that “respondent optimism about China market prospects five years from now is at a historic low,” with the country’s stringent regulatory environment posing the largest driver of long-term doubt for U.S. companies. Indeed, the survey showed that, for 2019, 14% had a pessimistic or somewhat pessimistic five-year outlook, while 21% were neutral, an increase of 5% for both since 2018. However, the trade disputes are a major driver of short-term pessimism.

Also, when asked about cyber-related issues with doing business in China, 64% of respondents reported that “U.S.-China political tensions” were their biggest worry. And with good cause: According to cybersecurity firm Crowdstrike’s 2019 Global Threat Report, in the past year, the firm “observed an increasing operational tempo from China-based adversaries, which is only likely to accelerate as Sino-U.S. relations continue to worsen.”

And the impact reaches far broader than just companies that do business in China, like the members of the USCBC. As reported in the Risk Management article “The Business Impact of Trump Tariffs,” because many companies have complex, interconnected international supply chains, the trade dispute has a much broader effect on a wider array of businesses and industries. For example, a tariff on Chinese solar panels does not just hurt Chinese solar panel companies, it hurts U.S. manufacturers that supply parts for those panels, and U.S. companies that rely on components from Chinese manufacturers are affected as well.

RIMS Canada 2019 Encourages Risk Managers to ‘Transform’

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RIMS canada conference 2019

The 2019 RIMS Canada Conference Women in Leadership Panel (Photo: Maryam Morrison)

EDMONTON — The 2019 RIMS Canada Conference got its green light Monday morning when technology and disruption strategist Shawn Kanungo entered the Edmonton Convention Centre in an ELA, an electronic autonomous shuttle being piloted in Canada. “Transform” is this year’s conference theme and, as emcee, Kanungo emphasized the need for attendees to embrace risk in order to improve their organizations. “Experimentation,” he said, “is the gateway drug to true transformation.”

Ahead of the morning’s keynote, the RIMS Canada Council announced its top honors for accomplishment in the risk management field. For the risk professional earning the highest average mark on the three examinations required to attain the Canadian Risk Management (CRM) designation, the Fred H. Bossons Award was awarded to Ronnie Yuen, underwriting assistant at Starr Technical Risks Canada, Inc.

Jim Swanson rims canada conferenceIn recognition of outstanding contributions to the risk management profession, the 40th annual Donald M. Stuart Award went to Jim Swanson, the now-retired director of insurance and risk management for the Province of Manitoba. During his 30 years with the province, Swanson developed insurance and risk management policies for its 12 departments and 39 agencies. An active RIMS member, Swanson held several positions on the RIMS Manitoba Chapter Board of Directors, including chapter president from 1992 to 1994, and chaired the RIMS Canada Conference three times.

Women In Leadership

Even the format of the keynote was transformed this year, with a “Women In Leadership” panel taking the place of a traditional single speaker. Lana Cuthbertson of ATB Financial moderated a discussion of gender equality and diversity, highlighted by the personal experiences of five risk leaders: Lynn Oldfield, president and CEO of AIG Canada; Sarah Robson, president and CEO of Marsh Canada Ltd.

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; Christine Lithgow, CEO of commercial risk solutions at Aon Canada Risk Solutions; Yvonne Steiner, head of property at Zurich; and Gloria Brosius, director of risk management and insurance at Pinnacle Agriculture Distribution, Inc., and 2019 RIMS president.

One key topic was parental leave, for which all panelists voiced their support. Steiner said that taking leave to raise new children can build critical, transferable skills since it is “a time to truly learn empathy and unimaginable patience.”

Some panelists detailed putting their careers on hold for years as they raised their families. It was during the return to the workforce when some had to overcome more direct cynicism and discrimination. For example, after Lithgow’s six-year absence from the profession, she was courted for roles way below her pay grade and experience level.

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“I was being offered junior roles after having been an executive,” Lithgow recalled. “I reminded [interviewers] that it was a baby that dropped from my uterus, not my brain,” she added, receiving the morning’s biggest ovation.

The discussion also explored who comprises the profession in Canada. Oldfield, who is also the outgoing chair of the Insurance Institute of Canada, cited recent research from the organization’s demographics report to demonstrate women’s progress in property and casualty. She said women in Canada now constitute 62% of employees, 52% of management, and 59% of frontline management positions. However, there have been only moderate increases in the past 10 years at the executive leadership level, with 35% in 2017, up from 28% in 2007.

Robson described the pay gap as “another elephant in the room,” with women in full-time positions earning 87 cents of every dollar men earn based on average hourly wage, according to 2018 data from Catalyst.org.

“While I would love to say now is the time to drop the ‘women’ part [of the discussion], I don’t see how we can do that at this stage,” Robson said. “The reality is we need to call out discrepancies and inequalities and highlight the successes in order to promote, challenge and change.

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