Enterprise Risk Management: A Primer for Business Leaders – Part VI (The Genesis of ISO 31000 in Australia and New Zealand)
The story of ISO 31000 – the best known ERM Standard – begins in 1992 with the collaborative effort of Standards Australia and Standards New Zealand. This article focuses on the important work between 1992 and 2004 by these organizations and how their ERM model known as AS/NZS 4360 became the foundation of ISO 31000.
Part II of our Conversation with Kevin Knight provides an inside look at how Australia and New Zealand developed the first standard for enterprise risk management known as AS/NZS 4360.
Pre-Tender Defense Costs Are Recoverable If There Is No Appreciable Prejudice For Late Notice
A New Jersey trial court recently held that pre-tender defense costs are recoverable if the insurance company fails to establish that it suffered appreciable prejudice as a result of late notice of a claim. Policyholders can use the rationale of this decision to rebut insurance company arguments that they should not pay any pre-tender defense costs for claims where late notice is an issue.
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.