on Risk & Safety

Guest Post by Alex Sidorenko (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

In 2021, risk team implemented a quantitative risk-based approach to insurance renewals which resulted in reducing the cost of insurance by 60% and improving the quality of coverage across all insurance lines. This approach allowed us to save, or rather pay a fair price for insurance across the globe. Key to success was not to rely on market “best practices”, but on testing various hypotheses in the market and relying on data.

[Read more…]

Guest Post by Malcolm Peart (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

Communication…dictionarily is the imparting or exchanging of information by speaking, writing, or using some other medium.  It’s essential to humankind and allows us to live, work, trade and co-exist.  It’s the basis of society, culture and civilizations and through communication there’s understanding and establishment of common beliefs.

Communication allows us to impart information, clarify such information and rectify misunderstandings.  Of course, if miscommunication occurs and is acted upon then mistakes may well happen, and these mistakes can then cause problems.  In Project Management such mistakes often result in delays, cost overruns, quality shortfalls, disputes and, possibly, project failure.

[Read more…]

Guest Post by Bill Pomfret (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

Since the 1990s, organisations have attempted to improve safety culture. They have tried top-down approaches, with senior management making statements about how important safety is. They have tried bottom-up hearts and minds programs, encouraging workers to work safely, and stop if a job can’t be done safely. There have been great strides, and examples of success, such as the UK 2012 Olympic development.

However, many safety culture programs stall after some initial improvements. Senior managers have invested in the program. Workers on the frontline want to be safer and healthier. Sometimes the obstacles come from the middle managers and supervisors, who are invested in existing ways of doing things. For a busy manager there just isn’t time to get ahead with improvement programs while they are doing the day-to-day supervision and management tasks.

[Read more…]

The basic premises of how the economy works have shifted under our feet and the government will have to respond.
Gautam Mukunda – Writer

Can you imagine a conversation with a work Alexa giving you legal assistance instead of a human lawyer? Fasten your seatbelt. Legal and many other professions are being disrupted.

[Read more…]

Guest Post by Patrick Ow (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

Organisational cultures can either enable or inhibit effective risk management through either constructive or defensivebehavioural norms respectively.

When there is constructive organisational culture, people want to, rather than have to, manage risks and do good risk management. And when there is a defensive organisational culture, people avoid doing good risk management and only do risk management when they have to or are being forced, either by management or regulators, merely as a tick-the-box compliance exercise.

[Read more…]

Safety and sustainability are the major considerations within the growing electric vehicle industry, there is lots of excitement and lots of challenges in the fast-moving electric vehicle industry and both descriptions quickly work their way into the conversation.

• Gasoline- and diesel-powered cars are familiar, quick to refuel, and can travel long distances between fill-ups, all of which can’t (yet) necessarily be said about electric cars.
• EVs, however, bring with them a whole unique set of positives, from an inherently exhilarating drive feel to a significantly less harmful impact on the environment.
• The current knocks against EVs will be resolved in time as more people adopt the technology.

The electric car has gone mainstream with sleeker, more affordable options to choose from. Because electric car models are newer than their gas-powered counterparts, many consumers are unaware of their options aside from the many recently announced carmakers’ electric vehicles. In this article, we will focus purely on the pros and cons of all-electric cars.

[Read more…]

All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.
Arthur Schopenhauer – Philosopher

I’ve seen the Future Of Work. And, I don’t like it. Why? In Portland, Oregon, a retail store sells kombucha, a slightly alcoholic green or black tea. Great location. Great storefront. Sure money-maker!

[Read more…]

Guest Post by Matt Feldman (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

I get it, we all love the “easy” button. Whether it’s ordering groceries for delivery today, household items for delivery tomorrow, or a ride to the airport via a tap on your phone, we’ve gotten used to convenience and simplicity when it comes to solving problems.

[Read more…]

Guest Post by Alex Sidorenko (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

In the last 2 years my team was involved in automating risk management part for investment decision making, vendor accreditation, market risk, tender process, treasury management, credit risk and project management. That’s 8 different software packages selected from dozens of possible options. In this article I wanted to share some important takeaways from our risk management automation.

[Read more…]

Guest Post by Bill Pomfret (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

This article will be providing “World Class Maintenance” Best Practices.  As I write this article, I like to ask what people are saying about this topic.

Best Maintenance Repair Practices

Several surveys conducted in industries throughout the world have found that 70% of equipment failures are self-induced. Maintenance personnel who are not following what is termed ‘Best Maintenance Repair Practices’ substantially affect these failures. Between 30% and 50% of the self-induced failures are the result of maintenance personnel not knowing the basics of maintenance.

Maintenance personnel who, although skilled, choose not to follow best maintenance repair practices, potentially cause another 20% to 30% of those failures. The existence of this problem has been further validated through the skills assessment process performed in companies throughout the world. This program evaluated the knowledge of basic maintenance fundamentals through a combination of written, identification and performance assessments of thousands of maintenance personnel from a wide variety of industries.

[Read more…]

Guest Post by Malcolm Peart (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

Orders and being ordered can mean many things to many people.  In biology order concerns the taxonomic rank for classifying organisms.  More generally speaking it concerns the arrangement of people or things in relation to each other in some form of pattern, sequence, or method.  Alternatively, it can mean an authoritative command or instructions that are, typically, conveyed in a particular sequence.  When ordering a meal, for example, it’s normally done in the order in which the food will be served, but that’s always best clarified in some countries!

However, and despite orders regulating many of the things we do and being an intimate part of our lives, the concept of giving or taking ‘orders’ is taken as reprehensible and repugnant behaviour by some.  Ordering for them, outside of restaurants or other purveyors of supplies, smacks of being in the army or being subjugated.  Regimentation and discipline are often frowned upon by some of our more sensitive colleagues.

[Read more…]

Don’t limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, remember, you can achieve. ~Mary Kay Ash – Entrepreneur

Almost 40% of people according to surveys say their work and jobs make little difference to the organization, customer or marketplace. OK! So why do these jobs exist in VUCA time? Great question.

[Read more…]

Guest Post by Bill Pomfret (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

We see the value of enterprise risk management everywhere we look. We see it in the news, we can see it in our customers’ success, We can even see it on the roads in speed limit signs. We know that risk management is deeply enmeshed in both the success and failures of the corporate world and beyond.

However, as you lobby for the support your ERM program needs, you may find yourself battling a more skeptical outlook. When we think about how to justify risk management, we’re often reminded of an old saying: “How many ships have I saved by erecting a lighthouse?” It’s hard to quantify the value of a preventative measure, which is exactly what a risk management program does.

[Read more…]

Guest Post by Patrick Ow (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

People conclude what is expected of them is based on cues received from the forces that they face daily. These forces drive what they believe and how they should behave – in either constructive or defensive ways. These behaviours can either enables or inhibits effective risk management.

These forces also influence how people:

1. View, identify, manage, and report risks.
2. How do they use risk management processes to create value, make decisions, and set and achieve objectives.
3. Improve organisational performance.

The attitude towards risks and risk management varies from person to person, from unit to unit, and from stakeholder to stakeholder. It can also be influenced by social context and surrounding culture.

[Read more…]

The system is not working. That is how a paradigm shift begins: the established way of seeing the world no longer functions.
Matthew Fox – American Actor

COVID has created some big business winners. But, post-COVID it’s the end of many companies as we know them:

“The Coronavirus pandemic brought the global economy to a screeching halt this spring (2020), sparking fears of a corporate bloodbath. As the year ends, it’s clear that the crisis has rewired the economy in surprising ways and served up unexpected opportunities for some big businesses to prosper.”

[Read more…]