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Aerospace Market Premiums Continue to Fall

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Favorable loss records and low claims in the aerospace industry has led to steadily falling premiums of about 5% for the past eight years and jumping to 8% in 2014, according a report by Aon Risk Solutions.

Aon’s Aerospace Insurance Market Report 2015 found that the industry’s improved risk profile is the result of enhancements in technology and security as well as better working practices. Claims have averaged about $200 million, while annual premium is more than $700 million, which could suggest “that despite the price of lead premium falling for eight consecutive years, there is still a long way for the sector to fall,” Aon said, noting that the reality is that the premium level reflects the potential for massive, exceptionally complicated claims. “As a result, while the price of premium could continue to decline gradually in the absence of major claims, the soft market conditions are unlikely to accelerate.”

While an improved risk profile plays an important role, another major factor is that the insurance industry “has become a haven for global investment capital, offering enhanced returns in comparison with other financial markets,” according to the study. This has increased capacity in the market and created competition that has driven down prices. “This could mean that current levels of competition in the market for aerospace business will decline and the pace of reduction in the aerospace insurance markets will slow. There is little evidence that this process is taking place at this stage, but it is a factor that could change during the next couple of years,” the study said.

According to Aon:

What Employers Can Expect from the SCOTUS Decision on Same-Sex Marriage

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On June 26, 2015, the U.S. Supreme Court issued its long-awaited decision in Obergefell, et al. v. Hodges, Director, Ohio Department Of Health; Tanco, et al. v. Haslam, Governor Of Tennesee, et al.; DeBoer, et al. v. Snyder, Governor of Michigan, et al.; and Bourke, et al. v. Bershear, Governor of Kentucky, and ruled five to four that the equal protection guarantee provided by the 14th Amendment to opposite-sex marriages extends to same-sex marriages. The SCOTUS opinion, authored by Justice Kennedy, holds that “same-sex couples may exercise the fundamental right to marry in all States [and] that there is no lawful basis for a State to refuse to recognize a lawful same-sex marriage performed in another State on the ground of its same-sex character.”

With same-sex couples now having the same rights as opposite-sex couples, how will the decision affect employers and what can employers expect as an outcome?

More Lawsuits?

With the new decision, much of what employers provide and are mandated to provide to employees, such as those rights granted by the Family and Medical Leave Act (FMLA) and other employee benefits, may change to include same-sex couples. Although the U.S. Department of Labor modified its definition of “spouse” in the FMLA back in March 2015, employers must verify they are granting all eligible employees in same-sex marriages their FMLA rights. Speaking of the U.S. Department of Labor, we expect that there will be guidance from it soon.

Employers can also expect more lawsuits under Title VII of the Civil Rights Act of 1964. Although Obergefell, Tanco, DeBoer, and Bourke are not employment cases, the Supreme Court’s decision implicates employment laws. Claims of transgender, sexual orientation, and/or gender discrimination may increase as gender identity and expression continue to be a topic of discussion. Likewise, discrimination based on marital status may give rise to lawsuits in certain states under state anti-discrimination laws.

Health and Welfare Plans Update

One of the biggest impacts the U.S. Supreme Court decision will have on employment is on employee benefits. Medical insurance coverage and taxes will change, so employers should be prepared to accommodate such changes in its policies and contracts. We expect the Internal Revenue Service will provide guidance soon.

Employee Handbook and Company Policies Update

Employers are also well-served to update their employee handbooks to reflect and extend the rights given to the opposite-sex spouses to same-sex spouses to minimize litigation risks. Employers must also revised its enrollment processes, such as updating its consent and eligibility forms, to ensure that they comply with the new rule.

We will continue to update you on the impact of the decision on employee benefits in greater detail soon.

This article previously appeared on the Seyfarth Shaw website.

Measuring Risk: Why We Need Standards for Continuous Monitoring & Assessment

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Continuous monitoring on its own is great for the detection and remediation of security events that may lead to breaches. But when it comes to allowing us to measure and compare the effectiveness of our security programs, there are many ways that simply monitoring falls short. Most significantly, it does not allow us to answer the question of whether not we are more or less secure than we were yesterday, last week or last year.

This is a question that we all have grappled with in the security community, and more recently, in the board room. No matter how many new tools you install, settings you adjust, or events you remediate, there are few ways to objectively determine your security posture and that of your vendors and third parties. How do you know if the changes and decisions you have made have positively impacted your security posture if there is no way to measure your effectiveness over time?

In recent years, solutions have emerged in the market which bring to light new potential from continuous monitoring and enable organizations to not only identify and remediate security issues, but also answer questions about security performance and effectiveness. Through the analysis of historical data, performance rating solutions allow organizations to quickly and objectively compare their effectiveness over time as well as to their industry and peers. The ratings are generated through the continuous collection of security data, including events, user behaviors and configurations, and updated on a daily basis. Higher ratings indicate better security performance, and users receive alerts when ratings change significantly. The ease with which these ratings can be accessed means organizations can leverage performance ratings in a number of ways that go far beyond threat detection.

For example, using ratings in vendor selection can help organizations choose and negotiate with secure partners from the beginning of business relationships. They have access to information that can show how performance over time has varied, as well as if there have been prior security incidents or breaches worthy of further investigation. Using ratings for vendor management encourages all parties to be proactive and transparent in their security practices, thus helping to improve overall performance.

There are other third party transactions where continuous security performance ratings can help, such as in underwriting and negotiating cyber insurance premiums as well as making strategic M&A decisions. Performance ratings provide context that is lacking from other assessment methods, as ratings are based on evidence of security outcomes and the criteria for both assessment and rating is congruent between networks.

However, the value in this metric isn’t simply in providing a number; the value is in its potential to become a standard that organizations can objectively benchmark themselves and their third parties against. Many organizations have their own methodologies to assess security risk, relying on auditors, compliance certificates, questionnaires and multiple frameworks for qualitatively, and in some ways quantitatively, measuring their risk. But if we’re all using different frameworks and methodologies, the ability to compare and contrast is lost, and objectivity comes into question. The lack of a standard in this area has lead to ambiguity when it comes to defining what “good security performance” actually looks like.

Of late, legislators and regulators have been pushing organizations to show that they are monitoring security risks across the business ecosystem and taking responsibility for the performance of their vendors as well. There has also been additional pressure placed on board members and executives to demonstrate awareness and oversight of security performance at all times.

HIPAA, PCI and OCC guidelines have all added language around vendor selection and management, requiring more frequent assessments and in some cases, naming liability if a vendor falls out of compliance. One thing these updates don’t include is specific guidelines for how and what to assess in network security ecosystems. This means it is up to the individual to interpret guidance, which may result in inconsistent (and often biased) assessments.

If regulators and lawmakers want to simplify risk management, they could make great strides by adopting and enforcing a set of measurement standards that could span industries and bring transparency to security practices in all organizations. To overcome the lack of awareness and bias in security performance assessments, continuous performance monitoring provides a significant advantage because it is outcome based rather than control based. Because of this, continuous assessment methodologies can answer the age old questions of how am I doing compared to my industry and my peers? Am I safer now than I was before?

Creating a Risk Intelligent Organization

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Many organizations spend time and effort building and developing robust risk mitigation frameworks and strategies to handle business-specific risks. In spite of constant monitoring through dashboards and reports, many companies still face major and unexpected issues. One of the main reasons for shortfalls in risk management is the general attitude towards risk mitigation. Although companies are well-prepared with an infrastructure in place, they often struggle when cultivating a sense of risk awareness, responsibility and intelligence into and across the fabric of an organization, which results in gaps and deficiencies.

Every organization realizes the significance of risk intelligence, but they frequently face issues in the initial stage of their transition. Developing a risk culture is frequently viewed as just a requirement to be fulfilled rather than something that adds value to an enterprise. Without a clear agenda, many companies find it impossible to cultivate risk-taking capabilities into its employee base.

Risk intelligence demands that every individual in an organization take responsibility for managing risks in the day-to-day operations. Senior management should assess the existing risk management strategy and gauge its effectiveness in alleviating risks as well as developing awareness throughout the organizational structure.

Factors Influencing Risk Culture

For a smooth journey in risk intelligence, the senior management has to be completely aware of the levers influencing risk-taking behavior of their employees. Some of the major factors that impact smart risk-taking decisions include talent management, training and education, qualification of staffs, incentives, leadership at the top of the organizational hierarchy, and the ability of an organization to take risk-based decisions.

To develop a risk-intelligent structure in business enterprises, organizations should perform a thorough assessment. This can be achieved by setting up objectives, conducting surveys and interviews, analyzing gaps, prioritizing actions, incorporating recommendations and keeping track of the effectiveness of the strategy.

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Comparing the existing culture against other influential factors such as governance, policies and procedures, competence, relationships, performance, and accountability will help the top management understand the current state of culture and the level of contribution of existing risk initiatives to create a positive impact on the business’s risk culture.

Conducting gap analysis around the influential factors will offer a better understanding of what needs improvement. To create an effective risk culture and make it work successfully to the benefit of an organization, management should continuously improve it to fit the changing business objectives and requirements.

Strengthening Risk Culture through Technology

Leveraging technology to create a centralized framework for capturing risks and organizing data elements will strengthen the risk culture to a greater extent. A risk management framework should speak a common language that is well understood throughout the organization, including stakeholders. Developing a technically assisted risk management strategy will eliminate the most common challenges faced by an organization.

A centralized data model will aid in managing risks that may arise due to external and internal events. It will also give the organization a top-down view of the business goals, global risks and controls associated with it.  A common risk environment enables effective monitoring and reporting of the gaps and risks using heat maps, dashboards, and charts. This will enhance the organization’s risk intelligence by providing real-time visibility into scores, its risk appetite, as well as limitations towards risks.

Risk and security officers will be able to get a better picture through trend analysis and obtain useful insights. A flexible framework that is developed on the basis of industry standards will provide a strong foundation for risk intelligence and aid in timely capture and categorizing of risks and initiate appropriate corrective actions.

Key Elements of a Risk Intelligent Organization

  • A risk intelligent organization follows a unified and standardized risk framework that speaks the same language across the entire organization. A framework that follows a common language is easy to understand and helps mitigate risks in a timely manner, thereby driving value.
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  • Successful creation of risk intelligence defines roles, responsibilities, and the hierarchy structure in an enterprise.
  • A centralized framework will also bolster support to business operations and a wide array of functions.
  • Creating risk intelligence will enhance performance and accountability.
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  • A risk intelligent organization will be able to strike a perfect balance between risk and reward.
  • Risk intelligent architecture offers the executive management, board members, stakeholders, and audit committees the ability to effectively perform their duties by promoting a greater level of transparency. Executive management is assigned with the task of developing, incorporating, and maintaining a robust and efficient risk management strategy and improvise it on a regular basis it to fit the changing requirements.
  • Business units are obligated to monitor the performance of their respective units and their approaches to managing risks as specified by the risk management and independent assurance functions, as well as oversight from executive management.
  • In a risk intelligent organization, finance, legal, HR, and IT units offer support to the individual departments in the organization in their efforts to mitigate risks.

The role of the internal audit is assigned with providing independent and unbiased assurance to the senior management by assessing the efficiency of the risk management practices and finding ways to enhance those strategies.