Category Archives: Risk Management

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RIMS ERM 2018: Earning the ‘Mandate’ and a ‘Seat at the Table’

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MONTREAL – More than 300 risk management professionals and students attended the 2018 RIMS ERM Conference on Monday and Tuesday in an effort to gain insight from, and network with, the industry’s enterprise risk management leaders. Wisdom, data, and motivation within the ERM space were on tap during all the sessions and workshops.

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On October 29, Martin Vilsoe, partner of the Implement Consulting Group, opened the two-day event by highlighting the importance of ERM’s worldwide capabilities and how to operationalize the best ERM practices. Vilsoe said that risk managers need to “earn the mandate” to work with ERM, and focused on the idea that risks can equal opportunities.

He said that ultimately the risk manager’s job when implementing an ERM framework is to “enable brave decisions” and to maintain an organization’s best direction. With a visual aid of a freighter and individual boats in an ocean, he rhetorically asked: “Is your framework similar to a supertanker or 15-speed boats going in separate directions?”

He also spoke to the importance of risk management’s value to an organization without the sole reliance on analytics.

“Risk management’s purpose is to show value. If it is about value, then we better bring it,” he said. “We don’t always communicate that. There’s a big difference between calculating and measuring value versus communicating value. You can do it without having complete proof – you shouldn’t lie to people, but you should tell them you’re doing something great for the organization.

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”

He encouraged the audience to consider their current roles as a consultant – and the importance of “winning customers” in this alternate role. This involves some sales prowess, he said, and the ability to tell a core story or narrative that describes what you do to engage with stakeholders. Build a core story around the ERM program and send different messages to different stakeholders around your core story.

“I don’t see enough of this in risk management programs because of the idea that it is ‘too big,’ or ‘I can’t communicate it,’” he said. “You can do it. We have to move past that mentality.

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“The misconceptions is that risk management is about IT systems. And if you’re thinking as a risk consultant, be aware that putting stuff in systems will not help you manage your risks. Your ability to facilitate awareness, promote decisions and execute them, will.”

Day 2

Dovetailing on the idea that risks can become opportunities, October 30 opened with “Advancing Risk Management: Having A Seat At The Table,” presented by Laura Cisi, the Clorox Company’s vice president of global risk management, and Soraya Wright, founder and CEO of SMW Risk Management Consulting LLC.

In a fireside chat-style setting, the duo used Clorox – a 105-year-old company – as a case study to demonstrate the effectiveness of its ERM initiatives.

A 25-year veteran of the risk management industry, Cisi has been with Clorox for the past four years and said her ERM initiatives evolved from being viewed as the “insurance department” to a “strategic business partner,” with Wright’s collaboration with Cisi’s team to take the company on its ERM journey.

The duo said its ERM framework was built on routines, which provide “an outline that enabled us to use [it] to use as a tool,” for decision-making and assessing its critical risks as well, such as embracing a change in its formula during the manufacturing process.

“We decided to convert from chlorine to high-strength bleach,” Cisi said. “That risk bubbled up through our ERM committee and the actions that needed to be taken, and the methodology behind that came up through ERM.”

ERM was also a key influence when assessing the decision in 2014 to close Clorox Venezuela and cease operations in the country. “‘Should we be the first to exit?’” was the question on stakeholders’ minds for a long time before they discontinued operations, Cisi said. The company was required to sell more than two-thirds of its products at prices frozen by the Venezuelan government. As a result, Clorox Venezuela had been selling its products at a loss, causing ongoing operating losses despite attempts to reach a pragmatic solution with the country’s government. “Looking back, it was a good decision.”

Ultimately, the risk manager’s seat is one of many at a table occupied by executives, stakeholders and the C-suite. Cisi and Wright advocated not for being the loudest one there – but for bringing sound ideas and options. And perhaps coincidentally, Cisi and Wright’s approach seem to be putting Vilsoe’s mantras of engagement and alignment into practice.

“I think every day we get to demonstrate ERM, and not something we just do annually. For example, the ways we engage with product development and business development – we used to be thought of as compliance… and a department that said ‘no,’ Cisi said. “To shift that conversation to create more open engagements where you say ‘I’m your partner and it’s my job to identify these risks. Ultimately, it’s your business decision as to whether or not you go forward with them.”

It was then, she continued, that the risk management department was being consulted on the potential for new products by executives and other groups.

“That was when the conversation shifted from risks to opportunities,” Cisi said, adding, “and that was something they could relate to.”

RIMS members can access the live, uncut audio from “A Seat At The Table” via RIMScast.

An all-access RIMScast episode featuring conference speakers is available here.

Former NSA Director Talks Cybersecurity, Insurance at Advisen Conference

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NEW YORK—Advisen’s Cyber Risk Insights Conference, held during Cyber Week, featured risk management professionals and more than 18 panels and sessions on Oct. 25. The keynote was delivered by Adm.

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Michael S. Rogers, former Navy commander of U.S. Cyber Command and Director of the National Security Agency (NSA), under the administrations of  Presidents Obama and Trump. Rogers discussed rising cyber threats and offered advice to providers and consumers as they assess their cyber insurance policies.

“For insurers, you need to be prepared, because the list of actors is growing and the threat is growing,” Rogers said. “Don’t build on a strategy [where you believe] things are getting better.”

He also put a particular spotlight on the fact that there is no universally accepted guideline for cyber threats when considering acts of war. Cyber, he said, differs from traditional triggers because there’s typically no physical injury or loss of life.

“You have these wholly different international views, because nation-states in western democracies do not have ownership of the web,” he said. “They do not control their citizens and control the flow of data,” as opposed to countries with greater control of information.

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“Because you have these broad, polar views it’s been difficult at times, on an international level, to get a consensus on what a framework be like to set a cybersecurity standard,” which Rogers added, could help define how a cyber attack might be considered an act of warfare.

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He proposed an approach that could start nations on a path to a universally accepted guideline: “Can get we get a smaller subset of issues to coalesce around a core group of principles, start small, and build from there? I think we’ll have success that way.”

Rogers noted that he is a proponent and believes incentivization may be the key to keeping businesses safer and maintaining lower premiums, using features of the automotive industry as an example.

“Automatic brakes and safer vehicles, for example, were an incentive for the buyer and the seller,” he said. “Production and consumption were all incentivized to make better decisions. I don’t know if it will work [with cyber insurance]. It’s all about risk.”

Rogers’ insight dovetailed along with the new information from the eighth annual Advisen cyber survey that Zurich Insurance released at the opening of the conference.

The percentage of companies that purchase cyber insurance, either via stand-alone policies or endorsements, has increased 40 points since 2011. This year’s results show a 10% increase from 2017, the largest year-over-year increase since its inception.

“Cyberrisks continue to change and businesses continue to look for ways to protect themselves from those risks,” said Paul Horgan, head of North America Commercial Insurance for Zurich North America. “These survey results provide a critical snapshot of the attitudes, concerns and actions of risk managers. It is our responsibility to respond to their needs and concerns with innovative services and solutions.”

Survey results show the two most influential factors driving cyber insurance purchases in the past year:

  • regulatory changes such as the European Union’s (EU) General Data Protection Regulation (GDPR), and
  • business continuity risks such as the Dyn distributed denial of servicer (DDoS) attack, WannaCry and NotPetya events. These caused significant losses to businesses around the world, shutting down network systems and in many cases slowing or actually halting business operations.

The Advisen data reflects a stark contrast to the feedback from last year’s survey, which found that just 10% of respondents identified business interruption as the primary reason for purchasing cyber insurance and that purchase growth had gone stagnant after a steady six-year increase from 35% to 65%.

These factors were two of the top emerging cyberrisks identified by Risk Management magazine in early 2018.

Data Breaches Taking Slightly Longer To Detect, Study Finds

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Despite rising global awareness of data breaches in various industries, organizations experienced an increase in the number of days to identify a data breach over the last fiscal year. According to a new study conducted by the Ponemon Institute and published by IBM, it takes an average of 197 days for a company to identify a breach – up six days from 2017 – and an average of 69 days to contain it (which also showed a three-day increase from 2017).

“We attribute the increase in days to the growth in the use of IoT devices, extensive use of mobile platforms, increased migration to the cloud and compliance failures,” study authors said in 2018 Cost of Data Breach Study: Impact of Business Continuity Management.

This year’s study included 2,634 employees from 477 companies in 17 industries in 13 countries and two regions. The study found that the average total cost of a data breach in 2018 is .

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86 million; $1.45 million is attributable to the most-costly component, which is lost business cost. The least expensive component is data breach notification at The least expensive component is data breach notification at $0.16 million.

Ponemon also included a framework for measuring the cost of mega breaches, which are breaches involving at least 1 million compromised records. There is also a special analysis of the cost to recover from a data breach.

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Some notable findings include:

  • The average cost per compromised record at the surveyed organizations was $148 in fiscal year 2018, up from $141 in 2017 but down from $158 in 2016.
  • The larger the data breach, the less likely the organization will have another breach in the next 24 months.
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  • Healthcare organizations took an average of 55 days to detect a breach, but 1,037 days to contain it.

To download IBM’s survey, click here.

Hurricane Michael Death Toll Reaches 29 As Water Risks Emerge

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With experts estimating weeks-at-least before normalcy can return to Florida’s Panhandle coast, Hurricane Michael—a category 4 storm which destroyed thousands of houses in Florida and Georgia—has so far caused at least 29 deaths and numerous injuries in four states. Upon its touchdown on Oct. 10, Michael became one of the strongest ever to hit the U.S. mainland with wind speeds of up to 155 miles per hour. Reports indicate that dozens of people are still missing in the U.S. and up to 35 people remain unaccounted for in hard-hit Mexico Beach.

Boston-based Karen Clark & Company, a risk-modeling firm, estimated that Hurricane Michael caused about $8 billion in insured losses. It includes the privately insured wind and storm surge damage to residential, commercial and industrial properties and automobiles. The figure excludes losses covered by the National Flood Insurance Program.

Brian Wooley, vice president of operations for Interstate Restoration, a Texas-based emergency response and general restoration contractor, said the damage outcomes appear similar to major storms that occurred over the last two hurricane seasons.

“With Michael, we have seen far more wind-related damage as opposed to the kind of flooding damage that we saw with Hurricane Florence last month and Hurricane Harvey last year,” Wooley said. “Numerous businesses were completely wiped out and some were left only with standing walls, but no roofs; leaving all of their contents and structures exposed to the environment…they will have to completely rebuild and restock. As devastating as Hurricane Katrina was, Michael caused more widescale wind-related damage. And even with forceful Hurricane Irma, it didn’t destroy entire communities like Michael was able to do.”

More than 158,000 power customers didn’t have electricity yesterday, demonstrating that progress is being made, as 237,000 were reported Monday without power in the southeast as a result. This is a problem exacerbated by the stifling heat, with the hardest-hit areas receiving air-dropped food and water to survive.  The State of Florida said 3 million ready-to-eat meals, 2 million gallons of water and 2 million pounds of ice are being distributed in storm-impacted areas.

Wooley said that many businesses have proven resilient but others are recovering “in a limping manner.”

“Other projects will take months, and still others might take as long as a year-and-a-half depending on the severity of damage, insurance process complexities,” he said.

Environmental Risks

Another risk that residents and businesses in Florida and Mexico will have to contend with is that of grey water, which contains significant chemical, biological, or physical elements.

“[Grey water] may quickly become hazardous to human exposure as microbes and other contaminants begin to grow to dangerous levels when water has been standing in excess of 48 to 72 hours,” Wooley said. “These types of contaminants typically require a special remediation process and careful handling to safeguard against serious health dangers. This issue of harmful algae is an example of why people should be sure to hire a trusted restoration company with extensive experience dealing with these types of storm situations.”

Emergency Orders and Policyholder Protections

On Oct. 14, Florida Gov. Rick Scott directed Florida’s insurance commissioner to take every action authorized pursuant to Executive Order 18-276 to provide additional protections to support recovery efforts in the areas of the state impacted by Hurricane Michael. Gov. Scott and other state legislators made it clear that the expectation for Florida’s insurance companies is to expeditiously respond to policyholders’ needs and to treat families fairly. The quick response of insurance companies is critical to the recovery of Florida families following Hurricane Michael.

Gov. Scott said: “Hurricane Michael absolutely devastated Florida’s northern Gulf Coast and Panhandle and the recovery of every family impacted by this storm is our top priority. Today… we are mobilizing even more resources and staff to provide additional protections for consumers. Our state will never tolerate anyone taking advantage of the families recovering from this storm.”

Gov. Scott directed additional protections for Florida policyholders in the impacted area:

  1. Provide an additional 90 days to policyholders to supply required information to their insurance company. Many Floridians were displaced during this dangerous storm, and providing additional time to submit information to insurance companies gives them needed flexibility.
  2. Require all non-renewals or cancellations issued to policyholders in the days leading up to Hurricane Michael be rescinded for 90 days. This gives policyholders 90 days to either renew their insurance policy, or find a new policy; and
  3. Freeze any and all efforts to increase rates on policyholders for 90 days. Due to the devastating effects of Hurricane Michael, Floridians should be focused on getting back to their normal lives without their insurance premiums being increased.

During the weekend before landfall, Gov. Scott declared a state of emergency for several counties from the Gulf Coast to Navarre on the Panhandle to the Suwanee River.