Data for this “L’Aquila earthquake verdict explained from Risk Crisis Management point of view” summary have been gathered through media and publicly available records. Details we consider “irrelevant” for this discussion on L’Aquila earthquake verdict explained from Risk Crisis Management point of view have been omitted because of space limitations. We will start this post by summarizing the tragic tale of L’Aquila, a city featuring many historic public buildings and centuries old residential structures located in Italy, a country where retrofitting of…
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A few phrases from the paper named Risk-management lessons from the volcanic ash cloud are copied below in italics, then commented: …Conventional thinking about risk management holds that risks are mainly local and routine—that it is possible to list all the negative events that could happen, determine their probability based on past experience… Risk-management lessons from the volcanic ash cloud Two common wrong behaviors are indicated in the phrase above: 1) risks to be included in a risk assessment are not…
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We will discuss today why Force Majeure clauses in contracts should be optimized to reduce costs and litigation potential. Force Majeure clauses in contracts should be optimized to reduce costs and litigation potential. Indeed, any time spent in the aftermath of a mishap “discussing” if the event was Force Majeure, negligence or had other causes severely impacts operations. In addition it can significantly increase the costs of consequences. Thus the need to optimize the Force Majeure formulation. If it was…
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