Directors and officers are facing increased risks from ‘grey swan’ risks, with shareholders on average losing 26% of value in their holdings in the year following reputation crises caused by such events, according to a new report from Aon and Pentland Analytics. Shareholder value has fallen by half in more than 10% of 300 corporate reputation crises during the last…
Italian risk and insurance management association Anra held its annual member Assembly yesterday and elected a new board of directors under the leadership of new president Carlo Cosimi, head of insurance and risk financing at Saipem, the Italian multinational oilfield services company. Mr Cosimi steps up from his role as Anra vice-president to replace Alessandro De Felice, chief risk officer at…
Rims is backing safe harbour legislation to protect businesses from Covid-19 litigation in the US if companies have adhered to pandemic-related federal health guidelines. The US risk and insurance management society also said it will support legislation that addresses businesses’ negligence that results in bodily injury/property damage to third parties, on the condition it does not apply to allegations of…
Ireland’s Data Protection Commission (DPC) is investigating Facebook for breach of Europe’s GDPR, following reports that the personal data of 533 million accounts recently appeared online for free. Designated as Facebook’s lead regulator in the EU, the DPC said it believes “one or more” GDPR rules may have been infringed after details including phone numbers, dates of birth and other…
Insolvencies are set to jump 26% globally this year with several European countries likely to be worst hit as the fallout from Covid-19 finally impacts bankruptcies, according to Atradius. This would follow a 14% fall in insolvencies last year when governments introduced fiscal measures and bankruptcies regime changes to protect businesses from failure, said the trade credit insurer. Atradius added…
Rims has named Michael Harrington, vice-president risk management and assistant secretary for Lockheed Martin Corp, as the 2021 Risk Manager of the Year. As first reported in Business Insurance, Rims said Mr Harrington has transformed Lockheed’s approach to risk management and enterprise risk management. Under his leadership, risk management has changed from being mostly an insurance procurement function that provided…
Cricket South Africa (Cricket SA) is reported to have lurched into yet another crisis, with the Members’ Council rejecting the interim board’s proposal that the new board be composed of a majority of independent directors, potentially flying in the face of good practice. The move by the Council goes against widely accepted international best practice, including the King IV Code…
In a boost to business confidence, South Africa has won an award as the top global location for business process services. It was named ‘Most Favoured Offshore CX Delivery Location’ for 2021, in the Annual Front Office BPO Omnibus Survey. The South African Department of Trade Industry and Competition (DTIC) said: “This is a welcome achievement for the South African…
The majority of remote rotational workers (62%) suffer worse mental health than the general population, with 40% reporting suicidal thoughts while at work, according to a new global report by International SOS Foundation. Rotational workers’ mental health improves while off-shift, but 31% still experience lower mental health than the general population. Some 29% met the benchmark for clinical depression while…
The US Internal Revenue Service (IRS) has ramped up its examinations of abusive microcaptive insurance arrangements and has urged participants to exit these transactions as soon as possible. The IRS recently won yet another case in US tax court, arguing that such arrangements are not eligible for the tax benefits claimed. “Taxpayers who engaged in abusive microcaptive transactions are once…