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How soon do you need to communicate after a crisis? Sharing a few thoughts on crisis communication – I was working with an executive team on a crisis scenario, when one of the leaders asked a question on crisis communication. He asked, “How soon do we need it to communicate? 5 minutes, 10 minutes, 1 hour, 1 day, …?” He was looking for a precise number to perhaps evaluate a few past incidents that were top of mind for everyone in the room. I gave the common answer, but right answer, of “it depends.” He gave a look of dissatisfaction and discrediting posture. I went on to share a few basic statistics from Daniel Diermier’s research (author of Reputation...
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Sean Murphy's Favorite Reads Clients often ask what my favorite books (authors) are. I recommend reading anything from Klein, Sheffi, Kahneman, Thaler, and Sunstein. Here are a few of my favorite reads | rereads: Adoption, Awareness & Game Theory (Brain) Books Nudge , by Richard H. Thaler and Cass R. Sunstein Made to Stick , by Chip Heath, Dan Heath Diffusion of Innovation, by Everett M. Rogers Brain Rules , by John Medina Thinking, Fast and Slow, by Daniel Kahneman Risk Management Against the Gods, by Peter Bernstein Resilient Enterprise , by Yossi Sheffi Operation Rules...
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Why are cyber threats on top of every executive’s mind? Sharing a few thoughts on Cyber Security --- I was on the phone last week with a data visualization expert (and author) discussing visualization problem solving – basically, how to solve problems or at the least understand problems with pictures (i.e., drawing pictures). He asked a question about cyber security. He said “why is a cyber threat so scary? Isn’t it just another threat?” He is right. Cyber is another threat; just like an infectious disease, civil unrest, flood, power outage, fire, war, or an accident. We use common frameworks and capabilities for threats such as command and control, situation...
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What are the signs of an organization at risk for crises? For some organizations a crisis is the only catalyst for change. Sharing a few thoughts on the signs of an organization at risk for crises . I have not performed a thorough analysis; however, I have a few reoccurring observations. If anyone has metrics on such information, please share. Keeping these warning signs in mind can help advocate for more (or at very least not less) risk management capabilities at the executive and board level. Risk management can be difficult for people and organizations as it deals with the future. It can be difficult for executives to spend scarce resources...
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Cross Examining Shrinks: Leckart’s First Rule If you are not satisfied with a doctor’s report and wish to challenge their conclusions, all you need is a list of the flaws in that document as well as a list of questions to ask the doctor that will expose those problems http://tinyurl.com/nefk83b
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In cooperation with the Greater Detroit Chapter CPCU Society, this is small group "classroom" facilitation offered in Livonia, MI. All three ARM classes are offered in sequence. Classes can be taken in any order. For more information: http://greaterdetroit.cpcusociety.org/meetings-events/arm-56-risk-financing
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Good afternoon, does anyone have any recommendations of temporary offsite office space in the Denver-Metro area that a company could add in to it's BCP? Thanks, Neil.
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What are some of the deciding factors that have helped Risk Managers make this choice? If an organization would otherwise "qualify" to do so, what are the major indicators that swing the decisions?
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Effective Strategies for Mediating Coverage Disputes [1] ©Paul J. Van Osselaer, 2014 Van Osselaer Dispute Resolution PLLC Introduction The mediation of insurance and risk transfer disputes involves interpretation of contracts and insurance policies, challenging legal issues, and the interests of multiple stakeholders. Such mediations are not just a matter of exchanging numbers. For parties, how do you advocate your position while, at the same time, exploring settlement? For a mediator, how do you navigate through such specialized advocacy and find common ground? So, in third-party claims,...
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Putting Strategy Into Risk Management Author: Darius Delon, CCIB FCIP CRM, AVP Risk Services, Mount Royal University There is a lot of talk about risk management, enterprise risk management and strategic risk management. There is a lot of advice on how you should develop the risk framework in your organization but not much is said on what strategy you should consider when you implement risk, enterprise risk or strategic risk To be the most efficient and effective in implementing your strategy( change management) you need be open to changing that strategy when you are not getting enough traction (most impact in the...
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EXIGIS, LLC. ( www.exigis.com ), the leading provider of risk management, insurance, and trade finance software and services, announced the release of RiskWorksPS™ – a risk and insurance workflow automation software suite developed and configured specifically to the unique needs of the public sector. The challenges and complexities of managing risk in the public sector are profoundly different from those in the private sector. RiskWorksPS is the first multi-application cloud-based risk management operating system, purpose-built for the public sector, providing Risk Pools and independent Self-Insureds a central ‘command-and-control’ to easily identify,...
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EXIGIS, LLC. ( www.exigis.com ), the leading provider of risk management, insurance, and trade finance software and services, has announced the release of RiskWorks rm.Compliance 10.7, the next generation of the company’s industry-leading contract compliance and insurance certificate validation software. EXIGIS RiskWorks rm.Compliance was one of the first web-based workflow automation software solutions purpose-built for the management, verification and maintenance of contract compliance and third party certificates of insurance. “Today’s risk manager is faced with the challenge of managing an increasingly complex and progressive risk landscape....
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I often tell myself, during election times, that if I don't vote - I can't complain about the outcome! What does voting mean? Is it the physical process of casting your vote - YES - and more. It involves the discussion around that topic - respectfully of course. But sometimes passionately! Ask yourself, is an uninformed vote a good vote? The world has become complex and we all find it difficult to stay current with the issues due to information overload. Priority plays a big part, for me, in what to vote for and what to discuss. I vote for the following on a daily, weekly, monthly and yearly basis: 1) Love for my family and friends, 2) Structure...
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When we are talking about container shelters, there is one thing that we simply need to include in our story and those are shipping containers, the gigantic metal containers that have changed our world without anyone being any wiser. They are one of the unsung heroes of the 20 th century and something most people do not think about twice in their lives unless their livelihood is connected to shipping containers. Still, they have contributed to our world in unimaginable ways and they still do. That is why, in this little story of the history and the possible future of container shelters, we also need to talk about the history of shipping containers. ...
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Whatever type of investor you may be, real estate is usually a low-risk and potentially profitable option for your money. There are plenty of factors which mean that real estate is an asset class in a category of its own. There are lots of advantages, but quite often real estate is not as simple an investment option as other assets. If you already have a fairly extensive investment portfolio, then it is worth noting that independent financial advisors often suggest that 15-30 per cent of a portfolio should lie in real estate. This is because in general, there is almost guaranteed to be a fairly consistent supply and demand. Therefore, real...
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Assessing the legal risks posed to any business is no different from any corporate risk management assessment. It involves identifying, assessing and then developing strategies to manage risks taken by the company. In this case though, the key factor is the potential legal consequence that any event may have on the business. In order to manage this whole process effectively, there are a few steps worth taking. Understand the legal responsibility of the company Conducting a thorough review of the company’s activities is the most effective starting point. You need to have a clear idea of what legal responsibilities...
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Binary, By Definition, Means Only Two Possible Outcomes: Win it All or Lose it All It's like flipping a coin, heads or tails or the one in a billion "edge" landing. There isn't much you can do to manage your risk in this situation except to limit the amount at stake, know that your opponent can't or won't cheat or refrain from taking the chance in the first place. Trading binary options is a similar endeavor. Once you buy or sell your options, you can't back out, you're in it till the end (expiration date and time). The time to manage your risk is Before you lay your money down. There Are Ways to Reduce Risk, But it Takes Discipline ...
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Growing up in the country, my days were filled with fun and a lot of work. Dad allowed us to have fun, but only if our chores were done. I remember those days and all the different seasons that required different chores to be done. Spring, mowing the lawn, weeding flower beds and landscape work. Summer, mowing the lawn, cleaning the pool and sweeping the driveway. Fall, raking the leaves and cleaning up all the tree limbs. Winter, shoveling the snow, shoveling the snow and only bare pavement was allowed on the driveway!! My Dad believed that if my brother and I were kept busy, we would learn how to work. He also believed in each task being done correctly...
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For every company, hiring employees is a double-edged sword. On the one hand, these are the people whose hard work holds the key to corporate success. On the other hand, there is a risk to their employment. What if employees can't be trusted or simply make too many innocent but detrimental mistakes? At the end of the day, people are fallible. However, there are some steps that companies can take to reduce this risk. As a general guide, companies should seek to establish a culture of corporate openness. This means that if employees do make mistakes, when problems do occur, that they are encouraged to be honest about them. Issues should not be covered up...
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I am reviewing the organization self administered RMIS and I am looking for a company that will be able to manage the various types of claims. We are looking for software to track and manage claims under Workers Compensation, General Liability, Property, EPL and various other policies . We are looking for database or claims management software to assist with managing and tracking claims. The ability to also track our policies or the potential to expand to include this function would be great. Does anyone recommend a company/software, Could you also give me some pro's and con's of company's or software you have used or using? Thank you
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