Oxfam uncovers supply chain abuses among global supermarkets

Oxfam uncovers supply chain abuses among global supermarkets

Oxfam uncovers supply chain abuses among global supermarkets

Oxfam has found evidence of poverty pay, abuse and gender discrimination in supply chains of global supermarkets. News of such conditions come at a time when risk managers are becoming increasingly involved in environmental, social and corporate governance issues. Oxfam found poor pay and harsh working conditions in farms and plantations that supply tea or fruit to global supermarkets including…

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR Worldwide and Lloyd’s have produced a new quantitative modelling framework to help risk managers and insurers better get to grips with supply chain risk. The new Hidden Vulnerabilities in Supply Chain Risk: A Quantitative Risk Modelling Framework report, produced by the two companies and supported by UK risk management association Airmic, explains that a scarcity of historical claims data and…

Businesses struggling to meet growing supply chain exposures: Airmic report

Businesses struggling to meet growing supply chain exposures: Airmic report

Businesses struggling to meet growing supply chain exposures: Airmic report

A new report by Airmic warns that supply chains are under growing strain, with businesses struggling to manage the new exposures. Published at Airmic’s fourth ERM Forum in London this week, it provides risk managers with practical guidance on how to inject resilience into entire supply networks. The Complex Supply Chains in a Complex World report says that “a potent” combination…

Hong Kong promotes risk management expertise for Belt and Road Initiative

Hong Kong promotes risk management expertise for Belt and Road Initiative

Hong Kong promotes risk management expertise for Belt and Road Initiative

The Insurance Authority (IA) of Hong Kong hosted a breakout forum at the recent two-day Belt and Road Summit that focused on the importance of risk management in projects under the Belt and Road Initiative (BRI). The session, held during the high-profile two-day event, also gave the IA and local risk and insurance professionals the chance to showcase how Hong Kong…

New flood risk model promises to close coverage gaps

New flood risk model promises to close coverage gaps

New flood risk model promises to close coverage gaps

Flood risk management firm JBA Risk Management has launched a global flood model that it says will fill the gaps of existing cat models by allowing insurers and reinsurers to compare risk across their global portfolios. The model can be fully customised to users’ own book of risks, the company added. “The Global Flood Model opens up a whole world…

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…

Pace of change causing risk management problems

Pace of change causing risk management problems

Pace of change causing risk management problems

The pace of change is hampering risk managers’ ability to identify, manage and mitigate their organisations’ risks, according to Francesco Semprini, managing director for Risk Frontiers Europe sponsor HDI Global in Italy. Mr Semprini said risk managers face an increasing list of risks to manage, and they are becoming ever more complex. “Even ‘traditional’ risks such as natural catastrophe are…

Artificial intelligence offers big improvement in supply chain risk management

Artificial intelligence offers big improvement in supply chain risk management

Artificial intelligence offers big improvement in supply chain risk management

Earlier this year, Zurich Insurance announced that it had entered a strategic agreement with riskmethods GmbH, a Munich-based company that uses artificial intelligence and big data to identify and manage supply chain risk worldwide. This provides Zurich’s commercial customers with an exciting new tool to help manage a complex and rapidly rising corporate risk. The new service has initially been…

Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Supply chain risks are on the rise for international brands sourced from China, because of the reported expanding use of forced labour in Uyghur detention camps in the Xinjiang Uyghur Autonomous Region on the country’s northwest border. There have been repeated reports that the Chinese administration has detained more than a million muslim Uyghurs and other ethnic minorities in camps…

Business interruption creating new challenges

Business interruption creating new challenges

Business interruption creating new challenges

The cost of replacing physical assets is being dwarfed by subsequent business interruption costs, as Florence Louppe from Risk Frontiers Europe sponsor HDI Global in France explained to Commercial Risk Europe. Business interruption has revealed new types of risks for corporates and their insurers, throwing up unexpected challenges and demanding innovative insurance solutions. Florence Louppe, managing director at HDI Global…

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