Risk Management Magazine (8/1/2022)
Although enterprise risk management adoption is on the rise, there is still considerable room for risk professionals to boost their role as a strategic partner. Less than 20% of organizations believe their risk management processes provide strategic advantage, according to a survey from the American Institute of CPAs and North Carolina State University’s Enterprise Risk Management Initiative.

Reuters (9/12/2022)
With current global geopolitical tensions, high inflation and climate change, the demand for risk protection is high and will lead to increased premiums. Top reinsurers met to discuss these issues at the industry's annual gathering in Monte Carlo last week. "On top of impacts from COVID-19 and increasing losses from natural catastrophes, the reinsurance industry is now confronted with issues like inflation, risk of recession and geopolitical tensions," Moses Ojeisekhoba, Swiss Re's chief executive officer reinsurance stated.

PropertyCasualty360 (9/15/2022)
When recessions hit, many companies tend to scale back on ad spending, but they may be missing an opportunity. During a recession there are fewer companies competing for your audience’s attention, which can be a great time to rebrand your company or introduce new insurance products. Continuing to market during a downturn sends a powerful message and can bring great results.

Insurance Journal (9/15/2022)
The past two years have shown that anything can happen, whether we are prepared or not. There are many unforeseen possibilities that could leave a business financially liable or could otherwise discourage guests from returning, which is especially challenging for the restaurant industry. Having a full understanding of all coverage options is critical in preparing for these risks.

Forbes (9/12/2022)
In May, European legislators reached an agreement on the Digital Operational Resilience Act (DORA), designed to ensure financial services companies can resist, respond and recover from information breaches and cyberattacks. Cyber risk management strategies and third-party risk management programs will need to evolve to address DORA’s standards of digital resilience frameworks.

Insurance Journal (9/15/2022)
Reinsurers across the globe have increasingly been working with certain select managing general agents (MGAs), seen as market innovators, by reinsuring the fronting insurers that provide the paper for MGAs to underwrite. The trend has continued from the soft market into the current hard market, as long as the interests of MGAs and their capacity providers are aligned.

Canadian Underwriter (9/14/2022)
Supply chain challenges, shrinking capacity, electrification of vehicles and better data management are among the pressures facing transportation clients. According to Angelique Magi, national vice president of specialty auto and transportation with Intact Insurance Specialty Solutions, the industry needs a shift in how high-risk auto transportation insurance is done.

PpropertyCasualty360 (9/13/2022)
Although there is little carriers, reinsurers or MGAs can do to stop or reverse the effects of climate change, the industry can begin taking steps to better understand the impact of climate change in order to improve pricing models and reduce the risk for insureds. This will require accurate data sharing among MGAs, carriers and reinsurers.

ContinuityCentral (9/12/2022)
According to the Gartner Hype Cycle for Supply Chain Strategy, supply chain resilience has reached what Gartner calls the Peak of Inflated Expectations and will arrive at the ‘Plateau of Productivity’ in five to 10 years. Investments into emerging technologies to drive insights and improve decision making will become essential for organizations that want to advance their supply chain resilience.

RIMS Webinar
Join this live webinar on September 29 to learn about the sanctions risks associated with ransomware payments, the importance of assessing that risk, and the steps you can take to minimize your risk before making a payment. The panel will also discuss actions already taken by the U.S. government to address ransomware payments and future actions that are currently being contemplated.

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