Tag Archives: Risk Management

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To Sell ERM, Think Like a Salesperson

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Selling Enterprise Risk Management

There have been many discussions around the value of enterprise risk management as of late. Some individuals may feel as if having a risk manager on board checks the box, meeting the company’s obligations. Others may feel that enterprise risk management is the start and end to all their challenges and, if things do not work out as expected, the risk manager is to blame. So where does that leave the risk manager?

In order to have a healthy enterprise risk management program, risk managers should think like salespeople.

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Risk management professionals tend to be very passionate about their vocation, but not everyone may be buying into the ERM process. The first step to selling your risk program is to find a champion.
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This person should be on your executive team—preferably the CEO.  You need a strong voice in your organization that will support the change that an enterprise risk management program can bring. It is also a good idea to have support from the board of directors and, if applicable, the internal auditor. When building your risk team, keep in mind that the end goal is to have all employees of the organization support and apply risk management to their day-to-day challenges. The more risk champions you can find, the better your program will be advocated and supported.

Once you have completed your public relations campaign by finding your risk champion, the next step is finding a common language everyone can understand. It is particularly helpful to ensure that the risk terminology used within your organization is consistent and understood.

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Once people begin to speak the same language, conversations should begin to flow.

The third step is to make sure you have a sound product. Building a comprehensive risk framework and process that fits your culture is a valuable selling point. There are many frameworks to choose from such as the Australian model, COBIT and COSO. One size does not always fit all, however.

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  Use the components from the models that best suit the culture of your company. Be sure that you gain approval from both the executive team and your board when you introduce your framework and process.

Finally, it is time to make the sale. Have a risk workshop with your executive, but be sure to come prepared. It is critical to have a thorough understanding of the company’s strategic objectives, as the risks identified through your process should align with the company’s overall goals.

Conducting risk scenarios can also help sell ERM, further embedding risk management practices into the organization. Creating a scenario that requires the application of the risk management process really helps bring the theory to life. It also allows the participants to learn together as they work together, building knowledge while strengthening the program and its support throughout the company.

Corporate Reputation Drastically Impacts Talent Acquisition, Salary Costs

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According to a study from Corporate Responsibility Magazine and talent acquisition firm Alexander Mann Solutions, company reputation has a significant impact on staff recruitment, retention, and salary expenses. Prospective candidates are extremely hesitant to join a company with a bad reputation and, among those who may be willing to accept a job offer, a significant pay raise is required. Conversely, they can be tempted to move to a company with a good reputation for a significantly lower raise.

To leave their current employer and take a job with a company with a bad reputation, males would require an average of a 53% pay increase—60% among females. In total, nearly half  (48%) would require more than a 50% increase in pay. While 93% of people who are currently employed would leave their employer to work for a company with a good reputation, that rate goes down to 70% for companies with a bad reputation. Workers would only require, on average, a 33% pay increase to move to a company with a good reputation, with just 18% requiring a raise of more than 50%.

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Among companies with a bad reputation:

Expense to Recruit to Company with Bad Reputation

Among those with a good reputation:

Expense to Recruit to Company with Good Reputation

These trends hold true and are even magnified among unemployed individuals. An overwhelming 76% of people said they are unlikely to accept a job offer from a company with a bad reputation, even if they do not hold a current job.

Odds of Accepting Job with Company of Bad Reputation While Unemployed

Researchers found that companies face increased recruiting costs due to the greater difficulty to source and attract new hires, particularly when recruiting women and more experienced workers.

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But these costs are far from the greatest of a company’s troubles.

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“While recruiting expense increases are in the millions of dollars, this great expense is literally dwarfed by the billions of salary cost differential,” the study reads. “The cost of recruiting and salaries added to any expenses associated with a reputation damaged by an environmental scandal, for example, can be disastrous to a company’s bottom line.”

Further, CEO reputation can make a critical impact on the success and expense required to recruit top talent. “A CEO perceived to be active in CR and environmental issues has impact on recruiting. This reputation should be maximized when building the employer brand or against competitors whose reputations may be weaker,” the study said.

The study also examined the most damaging sources of a bad corporate reputation:

Most Harmful Sources of Bad Corporate Reputation

The Evolving Cyberrisk Landscape and the Insurance Industry

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Cyberrisk

Rapidly developing computer technologies and the unrelenting evolution of cyberrisks present one of the biggest challenges to the (re)insurance sector today. Liabilities from cyberattacks and threats to the data security of cloud computing and social media have become key emerging risks for carriers. The unprecedented rise in cyberattacks, in addition to the threat cyberrisk poses to global supply chains, has seen the cyberinsurance market grow significantly in recent years.

Client demand for cyber coverage has been growing, on average, 30% annually in the United States over the past several years, according to Marsh. While demand varies by industry, the one constant has been that more clients are investigating and analyzing existing traditional insurance coverage and whether they need standalone cyberrisk insurance coverage.

Because cyberrisk is associated with the use of technology and the handling of all data and information, the threat transcends a company’s information technology (IT) department as well as what is confined to the internet. To help overcome some misconceptions that still exist for cyberrisks, some clarity around business exposures is needed to understand the scope of the threat.

Cyberattacks pose a danger to global supply chains

Cyberrisks are not isolated and are usually connected to other risks. Many companies that are exposed to cyberrisks are, for example, also exposed in turn to risks to their supply chain. Due to technological innovation and advances, many parts of a company’s or industry’s supply chain have become interconnected and automated.

Most commercial entities today are exposed to these risks as a growing number of businesses become more interconnected globally. A single cyberattack has the potential to put an entire company’s supply chain at risk. Therefore, cybersecurity and supply chain risk management must be considered in conjunction with one another.

There are a range of risks when it comes to online/computer security. Cyberattacks can result in first party liability, including business interruption, computer security breaches, privacy breaches of confidential information and even third-party liability losses. Technology failures have begun to outpace adverse weather, fire and social unrest as the major force in disrupting a corporate supply chain, according to a recent Guy Carpenter report.

Everyone is at risk – individuals, companies and governments

In 2014, cyber issues have become more of a concern for companies that once felt they had relatively little exposure. In fact, cyberattacks were ranked fifth among the top five global risks in terms of likelihood in this year’s World Economic Forum’s annual Global Risks 2014 report.

Governments consider cyberattacks to be among the most serious economic and national security challenges now facing them. And through the ubiquitous use of the internet, mobile devices and social media, companies of all sizes and in all nations are now finding themselves at risk of falling prey to the full range of cyber perils. Such attacks can run from hackers shutting down a company’s network, gaining access to customers’ and employees’ personal and financial information, to the theft of business trade secrets.

More data laws and regulations in place

High-profile data breaches and other cybersecurity incidents have become more commonplace with increasingly onerous outcomes. Target, one of the largest retailers in the United States, suffered a massive cyberbreach late last year which involved the theft of approximately 40 million credit and debit card account details as well as personal data of nearly 70 million customers. The breach reportedly occurred when hackers used the retailer’s heating and cooling vendor’s system to navigate their way into the retailer’s records. The resulting publicity cost the company a significant amount in lost sales, loss of reputation, class action lawsuits, and may have contributed to the ouster of the chief executive officer. And most recently, a U.S.-based online auction site announced that hackers accessed the company’s 145 million user accounts and urged customers to change their passwords.

More recently, home improvement chain Home Depot became the victim of another credit card data breach and the FBI is reportedly investigating cyberattacks at some of the largest banks in the United States.

As cyber incidents affect both consumers and institutions, governments everywhere are putting more data privacy laws and regulations in place in regard to disclosure and other related safeguards. In the United States, there are laws that require the protection of both personal financial and health information. Last year, the U.S. Securities and Exchange Commission, which oversees publicly-traded companies, adopted a directive requiring certain regulated financial institutions and creditors to adopt and implement identity theft programs in light of the new cyber threats.

Risk mitigation and insurance

With governments considering and enacting new laws in response to the rising number of cyber events, companies, especially those in the United States, are taking a closer look at cyberrisk mitigation, including insurance coverage of breaches and attacks.

Media reports of serious data breaches have prompted more companies to buy cyber coverage of $100 million or more compared to the prior year, Marsh said in its March 2014 report Benchmarking Trends: Interest in Cyber Insurance Continues to Climb.

Traditional insurance products often do not cover risks that cover damages resulting from an incident like a computer breach.

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As such, specific cyber liability insurance may be necessary.

The very process of applying for cyberrisk insurance is a constructive exercise for raising awareness and identifying potential vulnerabilities.

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By engaging in that process, a company can perform a review of information security protocols with respect to access control, physical security, incident response and business continuity planning.

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As a result, businesses and other institutions are finding that cyberinsurance products have been broadened to include coverage that now addresses nearly all aspects of technology-based risk faced by today’s companies. Carriers have been adapting their policies to include a variety of loss prevention and risk mitigation tools, ranging from turnkey breach response teams to pre-emptive risk analytics.

As cyberthreats become more severe, more frequent, and continue to change along with technological advances, the (re)insurance industry will continue to stay one step ahead by creating new forms of cyberrisk coverage to meet the needs of their clients.

Soda Giants Pop the Top on Better-For-You Business

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Soda Industry Healthy Choices

This week, Pepsi unveiled a new offering: Pepsi True, a mid-calorie, lower-sugar soda that uses a mixture of sugar and stevia, a plant-based sweetener. By offsetting some of the sugar with stevia, the company has reduced the sugar content by 30% and the calories by 40%. Each 7.5 oz. can—a smaller serving than the traditional 12 oz.—contains 60 calories and will be priced on par with regular Pepsi. Available on Amazon.com later this month, the reduced-calorie soda joins the market with Coca-Cola Life, which also mixes sugar and stevia to lower the calories and sugar content while moving away from both high fructose corn syrup and artificial sweeteners. Coke rolled out their lower calorie drink in international markets last year, before launching in the U.S. at the end of August.

The new options are not the only changes consumers will see bubbling up at vending machines. Soda industry giants Coca-Colo Co., PepsiCo Inc., and Dr. Pepper Snapple Group Inc. have all signed onto a voluntary agreement to cut beverage calories in the American diet by 20% by 2025 by promoting bottled water, low-calorie drinks, and smaller portions. The measure was bartered by the American Beverage Association and the Alliance for a Healthier Generation, a children’s health group founded by the American Heart Association and the Clinton Foundation. The companies agreed to market and distribute drinks in a way that steers consumers to smaller portions and zero- or low-calorie drinks, the Wall Street Journal reported. Further, they have committed to provide calorie counts on more than 3 million vending machines, self-serve fountains, and retail coolers. In a statement, former President Bill Clinton heralded the commitment as a possible “critical step in our ongoing fight against obesity.”

The companies made a similar pact to stop selling soda in U.S. schools, which helped curb calories consumed from beverages at schools by 90% between 2004 and 2010, according to the American Journal of Public Health. Americans consume about 20 teaspoons of sugar a day—twice the amount considered healthy—and the government estimates that about a third of that sugar comes from soda, energy drinks, and sports drinks.

Falling Soda SalesMuch like CVS Caremark’s move to ban cigarette sales in stores, Big Soda has a lot to gain by helping customers make healthier choices. While the move may pose some implicit acknowledgement of the soda industry’s role in the American obesity epidemic, it also serves a role in boosting the bottom line. A public commitment to healthier options is a major reputation boost for an industry under attack from nutritionists, government initiatives, and scientists examining the impact of ingredients in both regular and diet offerings.

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And amidst that momentum, there is a perfect opportunity to introduce more offerings for customers to purchase, which could not come at a better time. Big Soda’s business has not only gone flat, it’s been evaporating away for about 10 years. In fact, according to Beverage Digest, the decline in volume more than doubled last year to a 3% drop across the industry as consumers grow increasingly concerned about the health effects of sugary drinks.

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Further, the trade publication reported that retail sales dropped 1% to $76.3 billion—the first monetary drop in at least 15 years, meaning companies were unable to offset volume declines by raising prices.

The losses are not limited to sugary sodas, however. Diet sodas, which make up a third of soda sales in the U.

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S., have fallen in sales three years in a row. They no longer present a safeguard against attacks—and cutbacks—on full-calorie beverages. Clearly, consumers want other options, and research about the potential perils of both sugar and artificial sweeteners has customers uncertain, and increasingly unwilling to purchase.