John Nixon, a former underwriter and an expert on property insurance, continues the discussion on how companies can better prepare for going through property insurance renewals. Part III focuses on how to improve the quality of data in your company’s submission to insurance underwriters.
ERM in the Age of Pandemics and Cyber Crime: Part VIII - Leadership is Vital to Building High Trust Cultures
We live at a time when humanity is steadily moving away from riskier forms of self-sufficiency to safer and more productive forms of mutual interdependence. Consequently, the future of ERM will be concerned with building enterprise-wide approaches to pursuing opportunities and managing threats. Such approaches require that ERM adapt to becoming a tool that can be used to help organizations build high trust cultures.
Policyholders should know the wording of their insurance policies with respect to noticing of claims. When an occurrence, even one that has not yet developed into a claim, becomes known to the policyholder, notice to the insurance carriers should be provided as soon as possible. Failure to give timely notice can have negative results.
Lori Siwik and Mark Siwik are the founders of SandRun Risk. They apply the principles of vertical leadership and lean six sigma to the discipline of risk management. From time to time they share their blog with guest authors who write about important risk management principles.