Risk Management Magazine (12/9/2022)
Retailers across the United States are facing a rising threat from organized retail crime (ORC). According to the National Retail Federation, ORC costs businesses $700,000 for every billion dollars in sales, with a majority of small businesses reporting an increase in shoplifting and organized theft in 2021. However, there are ways to help mitigate the risk of retail theft. 

Strategic Risk (12/19/2022)
RIMS President Patrick Sterling has praised the actions of risk professionals around the world during the uncertainty of the past three years. Many organizations “are stronger today than we were then” thanks to the actions of the risk community, he said in his seasonal message.

Risk Management Monitor (12/20/2022)
Claimant fraud and premium fraud are two of the most well-known types of workers compensation fraud. Now, a lesser-known type is occurring with greater frequency: provider fraud, which occurs when a professional other than the injured worker or employer accepts a bribe or illegal kick-back in exchange for patient or client referrals.

PropertyCasualty360 (12/21/2022)
An earthquake yesterday with a 6.4 magnitude has knocked out power for 70,000 Northern California residents, resulted in at least 11 injuries and left two dead. Like flood coverage, earthquakes are not covered by typical home insurance policies.

Reuters (12/19/2022)
The recent collapse of crypto exchange FTX has amplified existing concerns, and now insurers are denying or limiting coverage to clients with exposure to FTX, leaving digital currency traders and exchanges uninsured.

PropertyCasualty360 (12/21/2022)
Despite challenges from the pandemic, inflation and supply chain, talent shortages and catastrophic weather events, the insurance industry has remained steadfast, inspiring resiliency and hope in our communities.

Insurance Journal (12/21/2022)
In a new study from Brown University, scientists utilized statistical algorithms and machine learning to predict scenarios, probabilities, and even the timeline of rare events despite a lack of historical record on them.

Reuters (12/20/2022)
The federal government’s proposal to gather data from homeowners’ insurers nationwide in an effort to address the effects of global warming has been met with resistance from insurance associations and state regulators.

RIMS-CRMP Story
As the ERM Manager for the Port Authority of New York & New Jersey, Merline Barrington wanted to demonstrate her risk knowledge to the fullest and used the RIMS-CRMP certification to do it. She discussed her experience preparing for the exam and how the RIMS-CRMP designation has elevated her professional profile.

We wish you and your family a happy and safe holiday season. RIMS will close for the holidays on December 26, 2022. We will return on January 3, 2023. You can always access our risk management resources online.