We just read KPMG’s Third Party Risk Management outlook 2020 and today we will pitch in comments on KPMG survey on third party risk management . Risk integration We discuss what its conclusions mean in terms of practical risk assessment and Enterprise Risk Management (ERM). At Riskope we started integrating third parties risks in ERMs and risk assessments twenty years ago. We note that in the grand scheme of things third party may also mean neighbors. Of course, defining the limits…
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A discussion on Germs, Shipping and Force Majeure seems appropriate given the corona virus epidemic evolution and our experience. Indeed clients have asked us to perform risk assessments and business interruption quantifications of harbors, wharves, and ships loader-unloader in many occasions. If we are looking to quantify business interruption of a shipping facility, we have to break the informational silo. Looking at categories of hazards one by one would limit the resulting understanding of the risk landscape. Indeed, cyber hazards,…
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Geohazards probabilities frequencies and insurance denial In the anthropocene insurers are facing “new” challenges when insuring against Geohazards. That is true especially for those caused by Human activity. Indeed geohazards probabilities, frequencies and insurance denial constitute a bundle. Insurers have realized that, because of the dynamic evolution, the usual actuarial point of view faces significant challenges and can be misleading. The indiscriminate use of Force Majeure and Insurance denial to protect themselves is actually detrimental to their business and their…
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Cyber security is a relatively new subject in businesses management. It first emerged in the 80ies with password guessing, featured in movies like Wargame with the rudimentary attack sophistication of those times. But Should you listen to your insurer for your business cyber risk management? The attack sophistication increased gradually. By the end of 2000, elaborate hacking devices (Stuxnet worm) that could only be issued by cooperating military forces were born. To date no state has officially claimed ownership. However anonymous…
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Extreme Weather Is Already Draining The Biggest U.S. Companies The recent Carbon Disclosure Project (CDP) report shows how Pepsi, Allstate, Walmart, and dozens of other S&P 500 corporations face large financial impacts as climate change worsens. It seems that political diatribes over whether climate change is real should be over now? At Riskope we have been including climate change scenarios and their related costs for a few years in all our holistic risk assessments: from automotive producers and suppliers to…
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Teaching Risk and Crisis Management. What has changed In a few months Riskope will celebrate another important anniversary. In 2012 we celebrated two decades of risk and crisis management, decision making support and consulting. In spring 2014 we will reach fifteen years of specialized courses and seminars on the same subject. As we found in our archives the Table of Content of the course we were giving at University of British Columbia (continuous education) UBC in 1999 we decided to…
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