WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said on Friday that his chief aim at present is to back government-sponsored mortgage finance companies Fannie Mae FNM and Freddie Mac FRE in their "current form," giving no sign a government bailout of...
The terrorist attack on the World Trade Center WTC on September 11th, 2001 had an enormous impact on the insurance industry. According to Swiss Reinsurance (2002), estimated insured loss is between $30 and $58 billion. Simultaneously, this event has greatly changed how the insurance industry and the public view terrorist...
Business enterprises have always had to manage risks. In this world, though, where close governmental, regulatory and marketplace scrutiny rules; where business complexity grows; and where terrorism, cyber attacks and other new threats continue to emerge; the need for comprehensive risk management has become more vital than ever. This paper...
Management must be responsible for the Enterprise Risk Management ERM system as internal audit can only facilitate and assist. One must get ERM built into the management process, like internal control. Internal audit has a comparative advantage because they got into the risk assessment process early in the 1980s. The...
Terrorism seems to be on everyone's mind following the July 7 attack on the London underground. It is certainly on the mind of Massachusetts' insurance companies, which along with their national counterparts are lobbying Congress to extend the federal Terrorism Risk Insurance Act. Commonly known as TRIA, the law is...
This commercial insurance company provides insurance, risk management and business continuity planning services for public entities, healthcare organizations and other businesses. The client wanted o become a high-performance company, maintain growth and more effectively respond to fluctuating market demands, the company needed to improve its customer service capabilities. Accenture quickly...
Disaster recovery and business continuity planning are processes that help organizations prepare for disruptive events - whether an event might be a hurricane or simply a power outage caused by a backhoe in the parking lot. The CSO's involvement in this process can range from overseeing the plan, to providing...
First Data Corporation First Data has been making commerce more convenient, efficient and secure for more 150 years. Before the Sarbanes-Oxley Act, the company tasked a team with identifying and evaluating risk. The company had experienced a few surprises and wanted to assess the impact of risk on an enterprise...
Today's operational environment has become extremely complex. Users who are dependent on information systems and highly sophisticated technologies are often working at remote locations. In addition, many mission and operations functions are so highly specialized that only a preplanned fallback procedure can lead to restored operations. Therefore, organizations need a...
Koch Industries, Inc. is a large, privately held company, active internationally across a host of industry sectors. Koch's approach is to intelligently, take risk as it seeks to create long-term value for customers and the marketplace as a whole - a strategy that it has pursued with outstanding success. To...
The article discusses the border security in U.S. after the terrorist attacks of September 11th which unsettled the public's confidence in the nation's security and raised concerns about whether the institutions are up to the task of intercepting and thwarting would-be terrorists. The Department of Homeland Security has made progress...
This article states that all businesses face the risks that changing conditions present, but in the gaming industry, these factors clearly affect risk management strategies and lead to an increased focus in enterprise risk management. Expansion outside of Nevada, the proliferation of Native American casinos, the advent of online gaming,...
The total insured-property losses from the September 11 terrorist attacks are expected to hit more than $40 billion, according to the Insurance Information Institute, a nonprofit organization supported by the property and casualty insurance industry. As the costliest U.S. catastrophe to date, the September 11 terrorist attacks surpassed the insured...
This article is on the review of the US reinsurance industry for the year 2002. Without a doubt, the single most significant event of 2001 was the terrorist attack of September 11, 2001. This unprovoked tragedy marks the beginning of what will be several years of legislative and judicial activity...
The Committee of Sponsoring Organizations of the Treadway Commission COSO has released an Enterprise Risk Management Framework that provides an organizational focus, scope, emphasis and program to broaden risk management to an enterprise-wide emphasis and integrate it into corporate strategy. Internal audit has definitely been supportive. The interaction between what...
The September 11 terrorist attacks created what is perhaps the largest business interruption event in history, as measured in the number of claims, the magnitude of damage, and the complexity of adjusted losses. Of the tens of thousands of businesses that were disrupted by the catastrophe, many will be filing...
Dr. Gordhan Patel, president of JP Laboratories, Inc., invented a wallet-sized plastic card called SIRAD that instantly monitors the accumulation of radiation exposure in the event of a terrorist attack, armed conflict or nuclear plant leak. But how to make sure it gets in the hands of those who need...
Facial coding, the idea that your expression gives away what you are really thinking, was put forth some 40 years ago by psychologist Paul Ekman . But does it work in business? Can you tell what CEOs really think, just by looking, or are they so carefully trained that...
The devastating effects of Hurricane Katrina and 9/11 made clear the importance of business continuity planning. Yet because of the expense and effort, many businesses have yet to examine their preparedness and response strategies. In this ZDNet Webcast, Rhoda Phillips, Research Manager at IDC, offers a step-by-step...
JetBlue's management did just about everything wrong during their Valentine's Day fiasco. But since then, JetBlue CEO David Neeleman's performance has been nearly flawless from a PR/damage-control point of view. Neeleman immediately accepted responsibility for the mess, and he never ran from it. Forbes noticed this as well: "The quick action...
