Supply chain market evolving, but needs kick start

Supply chain market evolving, but needs kick start

Supply chain market evolving, but needs kick start

The supply chain insurance market has made significant strides in recent times and risk managers are being offered broader coverage than ever before. But it needs more companies to take out cover to boost momentum. The shock 2011 Thai floods and Japanese tsunami focused the minds of the risk transfer and management community on supply chain and business interruption (BI)…

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could help companies better manage business interruption (BI) risk and thus lead to increased appetite for BI supply chain covers at risk transfer partners, according to Heike Trilovszky, Munich Re’s German operation head. Lack of historic data, complex interdependencies and the potential for big accumulation of risk mean that BI caused by supply chain disruption remains a challenging area…

Credit risk spikes at eastern European businesses

Credit risk spikes at eastern European businesses

Credit risk spikes at eastern European businesses

Businesses trading with eastern European suppliers and customers are at an increased risk of payment default, according to Atradius. New research by the the trade credit insurer found that 86% of eastern European customers have received late payments on invoices during the past year, with 58% citing liquidity issues as the main reason. The report, which analyses data from businesses…

RMS questions Sendai Framework that aims to reduce nat cat risk

RMS questions Sendai Framework that aims to reduce nat cat risk

RMS questions Sendai Framework that aims to reduce nat cat risk

Nat cat expert Dr Robert Muir-Wood, chief research officer at RMS, has questioned the metrics behind the Sendai Framework that is used to measure progress on managing natural disasters around the world. With the United Nations (UN) conference on disaster risk reduction starting today, Dr Muir-Wood said important targets set against the Sendai Framework could undermine evidence presented by UN…

Modern slavery referrals rise in UK supply chains

Modern slavery referrals rise in UK supply chains

Modern slavery referrals rise in UK supply chains

UK companies must do more to ensure their supply chains do not support labour exploitation, said Kroll, after it found that the number of referrals for victims of labour exploitation among UK firms increased by 33% to 1,575 in 2016. The majority of potential victims of labour exploitation in UK supply chains were from Vietnam, where more than 300 cases…

Large corporates emerge relatively unscathed from WannaCry

Large corporates emerge relatively unscathed from WannaCry

Large corporates emerge relatively unscathed from WannaCry

The effects of the WannaCry ransomware attack are likely to be limited in the corporate world with losses and insurance claims curtailed primarily because it exploited unpatched and older Windows operating systems not used by large businesses, experts say. Although economic and insured costs from the attack are yet to filter through, ransom payments are likely to be low because…

Business on both sides of Channel form new Brexit supply chains

Business on both sides of Channel form new Brexit supply chains

Business on both sides of Channel form new Brexit supply chains

Businesses in mainland Europe and the UK are actively looking to break links with existing supply chains on the other side of the Channel and form new partnerships in preparation for Brexit, according to a survey of more than 2,100 supply chain managers by the Chartered Institute of Procurement & Supply (CIPS). The survey found that 45% of EU businesses…

Rising protectionism demands review of supply chains and continuity plans

Rising protectionism demands review of supply chains and continuity plans

Rising protectionism demands review of supply chains and continuity plans

Global companies need to review their supply chains and consider disruptions to manufacturing and retail operations within business continuity plans as a direct consequence of rising protectionism, claims a new report by Zurich Insurance and Atlantic Council. The Our World Transformed: Geopolitical Shocks and Risks report notes that the recent increase in protectionism is driven by a backlash against free…

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

The largest ever global cyber espionage campaign, that specifically targeted supply chains to access thousands of organisations across the world, has been uncovered. Details of the attack, which started to emerge in late 2016, have been confirmed by PwC and BAE Systems. The firms worked together with the UK’s National Cyber Security Centre (NCSC) to uncover details of the attack.…

3TG supply chain risks overlooked by tech firms: Maplecroft

3TG supply chain risks overlooked by tech firms: Maplecroft

3TG supply chain risks overlooked by tech firms: Maplecroft

Technology companies are ignoring human rights issues and associated supply chain risk at key mining sites where 3TG minerals are sourced for the production of smartphones and computers, according to risk consultancy Verisk Maplecroft. Verisk Maplecroft’s Commodity Risk Service reveals that technology companies tend to focus on risks at traditional mining sites in DR Congo and the Great Lakes region…

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