It looks like Santa has been busy trying to improve his risk management this year. There are a lot of threats and just like all companies, Santa’s Workshop is not immune to new-age concerns. Given his giant list of who is naughty and who is nice, for example, he fears that a security breach that exposes his billions of person records could bring crippling lawsuits.

Santa Claus has announced the appointment of a Christmas Risk Officer (CRO) as part of a coordinated plan to maintain resilience at Grotto SE, the North Pole based toy manufacturing plant, as well as Claus’ flying sledge-based global distribution facility.

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The new CRO, Mrs Santa Claus, is believed to be unhappy about the appointment but accepts that someone has to do it if clients’ confidence in Christmas is to be retained.

Grotto insiders told lloyds.com that the move to appoint a CRO was prompted by the Icelandic ash cloud that caused massive business interruption problems earlier this year, particularly for North European businesses. Sources also say that, in line with other big company CEOs, Santa Claus is also increasingly concerned about linked risks to do with brand and reputation, as well data security.

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Hopefully this, as well as other new risk management initiatives from the Clauses, will help ensure you all get your toys, TVs and tubesocks this year.

Happy holidays.