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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.

How to Make the Most Out of 2021’s Virtual Conferences for Rising Risk Professionals and Employers

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Amid a second wave of the COVID-19 pandemic, people around the world are going back into lockdowns or rolling back phased reopenings, and it appears remote work arrangements and virtual events will continue to be the norm for many. Throughout the pandemic and now, moving into 2021, these shifts have prompted serious consideration about what it means to connect at work and how to build and maintain relationships in your professional network without seeing people in person.

As the job market remains in flux from the pandemic, this is a particularly pressing concern for students, early-career professionals, and others who are just establishing themselves in the risk profession. To that end, insurance and risk management student organization Gamma Iota Sigma has composed virtual conference guides for both students and employers to make the most out of the growing number of virtual recruitment and networking events.

According to Grace Grant, the organization’s executive director of chapter operations, Gamma Iota Sigma created the Virtual Conference Guide after roundtable discussions with a range of industry and professional association partners regarding student engagement, recruitment and collaboration amid the pandemic. “Throughout the course of the summer, nearly 30 different groups participated in these discussions where we discussed lessons learned and opportunities we were facing in light of the COVID-19 pandemic,” Grant said. “Because many of our partner organizations also host annual conferences, and everyone was pivoting to a virtual option, it became apparent that both students and employers would benefit from a best practices guide for virtual conference attendance.”

“For an industry that is largely centered around business relationships, the pivot to virtual a conference season presents a challenge, but also opportunities,” said Alyssa Bouchard, vice president of industry engagement at Gamma Iota Sigma. “While virtual engagement can’t always take the place of face-to-face engagement, it does allow for increased access. Virtual conferences have lower registration fees in many cases.


They have no associated travel costs or commitments. For some, the lack of business travel or daily commutes in our virtual environment means more time in the day. Collectively, this creates a big opportunity for rising risk professionals to pursue career development opportunities which might not have previously been an option but are now right in front of them—literally. It is a great time for rising risk professionals to participate in industry conferences and events to expand their industry knowledge and networks.”

For rising risk professionals looking to seize those expanded opportunities via virtual conferences and events, click here for the Virtual Conference Guide for Students.

On the day of the event, some of the key tips for students include:

  • Prepare your space. Find a quiet and comfortable space for attending the conference. Make sure you have all necessary technology and information within reach. Set up a neutral and professional background. Be aware of personal items that may show in your screen. Make sure your space is well-illuminated so conference attendees can clearly see your face during video interactions. Have water and a snack nearby so you can refuel when needed!
  • Check your Wi-Fi bandwidth. If possible, sit close to the router. Turn Wifi “off” on unused devices to free up bandwidth. If needed, ask your housemates to refrain from streaming during the event.
  • Dress to impress. Wear head-to-toe professional attire that is reflective of your professional brand and leaves conference attendees with a good impression. Some conference hosts will specify a recommended dress code for the event. If not, wear business professional attire.
  • Minimize distractions.
    • Close other tabs on your computer. Turn off notifications on your phone and other devices so you can focus on the conference.
    • Notify members of your household that you are participating in a virtual conference to better manage potential disruptions.
  • Build your network. Many virtual conferences will host virtual networking lounges, interest groups, chat rooms or other opportunities to meet attendees. Leverage these opportunities!
    • Virtual conferences offer a variety of communication methods to connect with other attendees. If you have meetings scheduled, confirm whether they are text, audio, or video meetings before joining the meeting.
    • Don’t be afraid to reach out and introduce yourself to other conference attendees. Share your elevator pitch when joining new conversations.
    • Be aware of your audience and know whether the chat is one-on-one or a group conversation.
    • If you plan to reconnect after the event, establish the best way to do so before signing off.
  • Keep a list of action items. How will you use the information you’ve acquired at the conference? Keep a list of to-do items for after the event. For example, 1) Submit online application for internship at ABC Insurance Company, 2) Follow up with Sheryl on offer to job shadow, 3) Review XYZ Brokerage’s career brochure, 4) Conduct additional research on product recall insurance.

For companies looking to recruit the next generation of risk professionals, click here for the Virtual Conference Guide for Employers.

For example, on the day of the event, GIS advised employers to:

  • Be proactive. Don’t wait for students and candidates to come to you! Find ways to actively engage conference attendee in the virtual lobby, lounges, and sessions. If a candidate visits your booth, give them a warm welcome.
  • Facilitate informal networking opportunities. Encourage attendees from your company to hang out in the virtual networking lounge, interest groups, or chat rooms when they’re not scheduled to be somewhere else. This will allow them to engage with students and/or potential candidates in a less formal setting.
  • Identify next steps. If speaking with a booth visitor or interviewee, clarify action items following the conference. Do they need to complete a job application? When will they hear back from you about a second-round interview?

    How can they find more information about your organization and/or opportunities?

After COVID, Cyberrisks Top Agenda for Risk Professionals in India, Marsh and RIMS Report

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For risk professionals in India, the COVID-19 pandemic has underscored the critical need to build business resilience and develop mature yet flexible business continuity plans to address both short- and long-term threats. In the new Marsh and RIMS report Excellence in Risk Management India 2020, Spotlight on Resilience: Risk Management During COVID-19, 63% of risk professionals in India said a new pandemic or continued fallout from COVID-19 was a top risk facing their organization, followed by cyberattacks (56%), data fraud or theft (36%), failure of critical infrastructure (33%), fiscal crises (31%), and extreme weather events (25%).

This mix of top risks illustrates the critical task before risk professionals heading into 2021: ensuring capability and procedures to respond to fast-emerging disasters, while not losing sight of the critical work to boost baseline resilience against foreseeable risks across the enterprise.

“Organizations need to balance their focus between longstanding and emerging risks,” said Sanjay Kedia, country head and CEO of Marsh India. “While there has long been an awareness of weather-related risks, low-frequency risks generally receive less attention. The pandemic has underlined the need for risk managers to keep all perils on their radar.”

Indeed, Marsh and RIMS found risk assessment and modeling are critical gaps for India-based risk professionals to focus on to mature their risk management programs. “As businesses recover from COVID-19, many senior leaders are shifting attention to questions of resilience.

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But, as our survey shows, the use of advanced risk management techniques in India remains limited—for example, more than one-fifth of respondents do not assess or model emerging risks,” the report noted.

This is particularly the case with emerging cyberrisks. Cyberattacks and data loss or theft ranked among the top three threats, and the pandemic escalated the already rising number of cyberthreats to companies in India with the shift to remote work, online business, and ransomware attacks. Indeed, the report noted that the pandemic led to a surge in cyberattacks against Indian companies, with New Delhi among the top 10 most often attacked cities with regard to ransomware in 2020, and more than a third of Indian respondents to a June survey by Microsoft reporting they had fallen prey to a pandemic-related phishing email. Yet only a third of respondents to the Marsh/RIMS report said they model potential cyber loss scenarios, and only 26% plan to do so in the next year. Key cyberrisk management measures and the rate of implementation among Indian companies include:

Whether it is phishing attacks on employees or internet outages interrupting operations in the supply chain, the report notes that the next major event for Indian companies could well be a cyberattack. Focusing on building cyber resilience was one of the report’s four key recommendations, noting “organizations should shift their focus from solely trying to prevent an attack to accepting the inevitability of a cyber event and taking action to mitigate its effect.”

The report’s other top recommendations for risk professionals in India were:

  • Regularly review existing business continuity plans – “Companies should carefully review and refine their business continuity plans. They should ensure their plans enable them to respond effectively to threats that bring short-term pain and long-term and widespread challenges, as is the case with COVID-19.”
  • Embrace the changing working environment – “Lockdowns intended to stem the spread of COVID-19 required many companies to quickly move to remote working, change their business models, and implement new safety measures upon return to the workplace. Other perils, like a natural disaster, could necessitate and precipitate such shifts, even if shorter in duration. Businesses should invest in structures that allow employees to work remotely effectively, efficiently, and safely and should educate employees on new ways of working under changing circumstances.”
  • Remap and remodel your supply chain – “The COVID-19 pandemic emphasizes the need to re-examine supply chains regularly, with special focus on understanding the resilience and reliance of vendors. Companies would benefit from understanding their vendors’ ecosystems; both to provide a clearer view of how they could be affected by different risks and to review contracts to better understand liabilities.
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Moving forward, there is considerable room for risk professionals to be more involved in scenario analysis and strategy

In December, RIMS introduced additional resources specifically for risk professionals in India looking to elevate their risk practice. The report was released around the recent RIMS Virtual Risk Forum India 2020, which brought together hundreds of risk and insurance professionals from across India and around the world. Soon thereafter, the risk management society also announced the official formation of a RIMS India Chapter.

“The exchange of knowledge and experience drives the risk management profession, allowing practitioners to more effectively enhance corporate decision-making, strengthen resiliency and leverage new and exciting opportunities for their organizations,” said Roop Kumar, chief of risk at SBI Life and inaugural president of the India chapter’s board of directors. “RIMS India Chapter will quickly become an exceptional resource for all business leaders. We look forward to delivering cutting-edge risk management insight to support our members as they advance their programs and their careers.”

Other members of the inaugural board of the India chapter include: Keerthana Mainkar, head ERM at Infosys; Amol Padhye, head of market risk at HDFC Bank; Amber Gupta, head legal and corporate secretary at Birla Sunlife Insurance; Anand Shirur, CEO of Digitangle Consulting PVT, Ltd; Steward Doss, associate professor at National Insurance Academy; Monika Mittal, professor at BIMTECH; Shibyanshu Sharma, vice president of risk management at SBI Life; and Yogesh Ghorpade, head of ERM and insurance lead at Thermax Industries.

“RIMS India’s Board of Directors truly represent a cross-section of the country’s risk management community,” said Gopal Krishnan K S, head of RIMS India Operations. “The Society looks forward to learning from their unique experiences and welcoming others to contribute so that, together, we can develop the highest standard of risk management education to address corporate India’s biggest concerns.

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Work-From-Home Risks: The Toll of Bad Ergonomics

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The early days of COVID-19 saw employees camped at home, using kitchen tables, beds, sofas and whatever else they could use as makeshift workstations. The compounding stress of prolonged sub-optimal work conditions in a residential environment is taking a significant toll on the workforce’s physical health and mental wellbeing.

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Unless organizations intervene to address this situation, the problem is likely going to snowball into a very expensive oversight.
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Ergonomics aims to increase efficiency and productivity, and reduce discomfort. If left uncorrected, however, an un-ergonomic desk-chair-monitor-keyboard combination can lead to numerous manifestations of so-called “sitting disease,” such as repetitive strain injuries (RSIs), fatigue, vision complications, metabolic syndrome (weight gain and diabetes), circulatory issues in the legs, and musculoskeletal disorders (MSD) like chronic back, neck and shoulder pains.

The appalling work-from-home conditions for millions of employees in the United States may also soon be a nightmare for HR when it faces massive payouts for occupational injuries and MSD complications. The productivity losses that will ensue may also impact organizational performance as a whole.

Minimizing Workstation-Related Health Risks During Quarantine

Here is a snapshot of typical company costs for treatment of MSD-related complaints, in terms of direct and indirect workers’ compensation. In some regions, the average claim amounts for these kinds of injuries can be two to four times larger. Multiply these numbers by the number of potentially affected employees, and the math begins to look pretty grim:

• Wrist/Carpal tunnel injury: $7,600 average cost

• Tennis Elbow: $9,100 average cost

• Shoulder/Rotator Cuff injury: $14,800 average cost

• Neck injury: $21,000 average cost

To address these issues, employers can improve work conditions at home by offering ergonomic solutions. Ergonomic workstation equipment, such as sit-to-stand desks and proper standing mats, monitor arms, keyboard trays, active chairs and other flexible accessories help mitigate the most common health risks associated with desk jobs, such as back and neck pain, eye strain, wrist and carpal tunnel injury, and sitting disease. Here is a breakdown of the most common injuries and the office equipment that may address each:

Back and Neck Pain is caused by a lack of movement while holding the body in a fixed (often awkward) position, forcing discs to bulge and exert pressure on the spinal nerve. One solution is ergonomic sit-stand desks and desk converters, which allow employees to work while standing. This stretches out the spine, relieving pressures that accumulate in the back and neck areas.

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More time spent standing also reduces risks of heart disease and high blood sugar while boosting the body’s metabolic rate for weight loss, increased energy and improved mood.

Eye Strain is caused by having a computer monitor placed too close or too far away from the face, making the eyes work harder to focus or forcing the body to lean forward and strain the neck and eyes. One solution is an ergonomic monitor arm, which allows the user to move the screen forward or back and up and down to keep the center of the screen comfortably located between 15 and 20 degrees below horizontal eye level.

Wrist and Carpal Tunnel Injury is caused by long hours of keyboard use, resulting in painful fluid build-up, pressure on the median nerve, as well as awkward positioning of the hand and wrist while typing. A vertical mouse, which places the hand in an upright position, or an ergronomic keyboard tray can prevent this injury.

Sitting Disease and physical inactivity can lead to health consequences such as obesity, increased blood pressure, high blood sugar, accumulation of belly fat and abnormal cholesterol levels. Switching from sitting to standing to walking throughout the day is the most prudent regimen. Using a treadmill desk can help mitigate the debilitating consequences of sitting disease while potentially giving the body more oxygen, increased focus and enhanced mental acuity.

The human body was not designed to sit for many hours at a time doing repetitive work. Before the industrial revolution, people spent only three hours per day sitting. COVID-19 has effectively made an already known health risk many times worse by restricting employees indoors and forcing them to work off beds, sofas and kitchen tables.

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The onus is now on employers to get proactive about employee health and productivity while lowering healthcare costs.