The right strategies can help you avoid and deal with business disruptions when disaster strikes
Whatever name you attach to it—hurricane, megastorm, post-tropical cyclone or superstorm—Sandy wrought great personal devastation on the New York/New Jersey/Connecticut region and revealed just how easily disasters...
As technology and legal frameworks evolve, both the insured and the insurer struggle to protect against data breaches
In early 2011, hackers breached the security of Sony's PlayStation Network, exposing the personal information of 100 million customers. The breach resulted in more than 50 class-action lawsuits and at least USD180...
Collecting information is one thing; gaining insights from it is everything
Humankind has a significant advantage over the rest of the natural world. We have highly developed brains, build powerful tools and, perhaps most importantly, as Carl Sagan put it, we long ago created an intellectual...
Advanced loss calculation platform enables insurers to create customized risk management solutions to protect against catastrophes
In May 2003, a 6.8 magnitude earthquake hit northern Algeria, killing more than 2,000 people and leaving 150,000 homeless. Estimated economic losses reached 10 percent of the country's GDP. Lawmakers in this North...
Managing the risks of urban shift
As the world's population explodes, more people are gravitating to cities. In 1800, less than 3 percent of the world's population lived in cities, yet by the end of 2008 the number had risen to more than 50 percent,...
Some of the planet's hungriest places soon will be among the most crowded, too. Here's what they need to do now
In order to feed a growing global population, experts say, food production must be ramped up in areas that have ample farmland, such as Brazil, Argentina, Russia, China and elsewhere across Asia. To increase output,...
As the number of people occupying the planet continues to rise, there are implications organizations of all sizes must consider
Would you get nine or 10 "yes" replies? Probably. And you can thank a butterfly scientist in California for this commonly held belief. Paul Ehrlich—today a professor of population studies at Stanford—almost single-...
Increased competition amid slow economic growth influences its top risks
As the world economy evolves, organizations continue to change their perception and preparation for risks. The global construction industry is no exception. Over the past several years, this industry has witnessed a...
The more committed a business is to risk management, the better its bottom line
Is the maturity of an organization's risk management framework associated with improved financial performance?
Today's global business environment offers unsurpassed opportunities … but also enormous risks
Growth is at the center of every company's business strategy. It defines an enterprise and determines how customers, shareholders and employees view it. But maintaining a healthy organization amid expansion is no...
A team of catastrophe experts is helping businesses anticipate—and manage—the most unpredictable exposures
Catherine Lowe is a volcano aficionado. She has a postdoctoral degree in volcanology from University College London and spent nearly 10 years monitoring volcanic eruptions in some of the most beautiful and exotic...
The program offers a broad scope of services—ranging from a mobile app to an around-the-clock operations center ready to intercede on your behalf
Traveling in foreign countries is often an uncertain proposition, with the unknown far outweighing the familiar. It was with this in mind that Aon's Crisis Management team developed WorldAware Solutions, essentially...
Follow this advice to ensure it stands strong in the age of texts, tweets, blogs and posts
A mere 140 characters. That's all it takes to damage a brand's reputation these days. One tweet—or one Facebook posting or streamed homemade video or blog tirade—and countless hours of meticulous brand crafting,...
Natural and human disasters are a regular part of life—and business. Catastrophe modeling offers lessons from these tumultuous events
It seems that hardly a day goes by without some type of disaster in some part of the world. Over the past two years, the scope and magnitude of these events has been astounding. There have been massive earthquakes in...
The country's remarkable growth and development offers a road map to progress for neighboring nations
No country epitomizes the changes in Africa more than Rwanda. It has embraced major political and economic reforms. The World Bank now rates the country as one of the world's 10 most-improved economies. Agriculture...
Rwanda, Kenya, Tanzania, Uganda and Burundi comprise the next possible regional powerhouse
While many Western countries have been suffering through a deep and ongoing recession, an untold success story has quietly been playing out elsewhere across the globe. The economies of East Africa—particularly Rwanda...
A world of opportunity awaits enterprising organizations in this promising emerging market
Lions and lines. In the Western world, the mere mention of the word "Africa" conjures up two enduring images: lions, as in beasts roaming an unspoiled savannah; and lines, unending queues of silent, starving people,...
The international consumer products company relies on, RiskConsole, Aon's cutting-edge risk management tool to protect its bottom line
Effectively using data is top of mind for David I. Schwartzer, risk manager at Henkel, a Fortune Global 500 leader in brands and technologies that markets a wide range of well-known consumer and industrial brands in...
There are ways to achieve success even if growth and employment don't bounce back anytime soon. Learn how
It's no secret that information technology and globalization have radically altered the business landscape. These days, the speed and severity of change are nothing short of remarkable. Over the last few years,...
Avoid being a cautionary tale by focusing on evolution
The landscape is littered with the carcasses of businesses that, for one reason or another, didn't listen to the murmur out in the marketplace: change or perish.
Maybe they had product lines built on fleeting...
Unpredictable catastrophic events don't have to be the downfall of your business
Results indicate the majority of companies are prepared for today's most significant business risks
Even as economies show signs of recovery from the global financial crisis, respondents to Aon's biennial Global Risk Management Survey still saw economic slowdown as the top risk.
As with 2009, regulatory data...
The collapse of two insurance industry titans offers lessons for how to navigate today's uncertain business environment
If there's one constant in today's world it's that change is an absolute and ongoing necessity. Organizations that take a "business as usual" approach and fail to evolve their practices and cultures are doomed to...
The Austrian-based ANDRITZ Group uses a leading-edge risk managment tool to keep a lid on insurance premiums
Through a combination of organic expansion and more than 30 complementary acquisitions and joint ventures, sales for Austrian-based ANDRITZ Group, a global manufacturing, technology and services company, have...
The staff you hire will make or break your business. Fortunately, there is now a tool to help analyze this critical risk on a global scale
People are the backbone and personality of a business—a showcase of your organization's talent, education, experience and success. But people are also a key source of risk. Because risk management is the...
Aon's Risk Consulting executives offer an exclusive blueprint for businesses in skeptical times
In the 1950s, The Big Boss was a tough-as-nails leader, willing to roll up his sleeves and rub elbows with workers on the assembly line to get things done. That gave way to the Ivory Tower Elite in the 1970s and '80s...
Over time, a convergence of business and technology risk factors has made handling sensitive data a significant challenge
"Don't put anything in an e-mail that you wouldn't want to see splashed across the front of The New York Times." Today that advice applies to much more than just e-mail. With the proliferation of new digital...
The time may be right to build your business through mergers and acquisitions. But where is the action and what do you need to know to make your investments pay off?
Following a long period of hunkering down and watching for signs of economic recovery, businesses and private equity firms seem to be developing a new appetite for growth. For many of the newly hungry, this means...
A four-step survival guide can keep your business moving forward through volcanic ash, catastrophic risks and other surprises
Until recently, most people around the world had never heard of Eyjafjallajokull. But that changed on April 14, 2010, when the small Icelandic volcano erupted. Lava flow (up to 65 feet thick) melted ice and caused...
As crackdowns push terrorists to new fronts, the risk insurance industry and global organizations must assess and address vulnerability
Perhaps the most complex risk for organizations is terrorism. Terrorist attacks, high-profile kidnappings, political insurgencies and extortion threats formerly tended to target business operations in emerging or...
How to use the new 2010 D&O Global Peer Benchmarking Report to ensure proper D&O coverage
How to use the new 2010 D&O Global Peer Benchmarking Report to ensure proper D&O coverage
Weighing the challenges and opportunities of this long-term business insurance option
Captive insurance companies have been around long enough that their benefits are understood and valued. In addition to helping stabilize insurance pricing and facilitating direct access to reinsurance markets, they...
It’s a new decade. As you plan for growth, consider three major challenges—ones already affecting business around the world
After the triumphant 1990s, the first decade of the 21st century reminded everyone of the dangers that sneaked up behind globalization and prosperity. SARS and swine flu were scary illustrations of how quickly...
Investing in fresh ideas, opportunities and products comes with uncertainties. But not doing so will certainly limit your business’s future
A lot of lousy thinking exists regarding the relationship between risk and innovation.
The latest on cyber liability, the value of privacy, security insurance and how to protect your company and clients
How much cost? Of the business breaches identified by the research organizations, 80 percent result in total defense and indemnity costs of less than USD1 million, 15 percent result in insurable damages between...
Today’s highly regulated and litigious global business environment makes directors and officers a top target. An effective D&O strategy can minimize the risk
It's no secret that the world has become a more complex place in which to conduct business. Today, multinational organizations face a dizzying array of laws, policies, regulations and practical realities. What's...
The use of Facebook, Twitter and other social media channels as a brand builder can get messy. But there’s a way to do it right—and protect your business
A camera, two disgruntled wage-slave employees and a video-sharing social media website do not make for a happy story. Instead, the combination is a social media cautionary tale, one fraught with real risk for a...
As this threat continues to expand, so do insurance and risk management options
After gaining widespread attention in 2008, piracy still remains an issue for ship owners and those shipping cargo through the Gulf of Aden and across the Indian Ocean. While the world has responded with increased...
Aon survey shows continued maturity and impact of ERM programs
In the last issue of Aon One (Q309), our cover story cited a broad commitment to risk management planning as key to successfully operating in both good and bad economic times (one.aon.com/focusing-big-...
GRM Survey Spotlights the Effects of the Economic Recession on Risk Management Decision-Making
The Global Risk Management Survey conducted by Aon in October and November of 2008 captured the views of more than 550 clients during a worldwide economic downturn. It is now available on aon.com, where you can...
You may trust your instincts, but now is the time to rely on data when assessing organizational risk
Despite the endurance of global economic stresses, a surprising number of risk managers rely on their own intuition and experience rather than external data. Aon’s 2009 Global Risk Management Survey found that out...
Being ready for an unexpected disease outbreak could mean the difference between your business's health and its mortality
It's a simple, yet chilling, question: What would you do if a quarter of your workforce called in sick tomorrow … and the next day, and the next?
Given the financial crisis, this question becomes even more...
Travel Risk Management Program involves hoping for the best but preparing for the worst
Conducting business abroad has always presented a significant challenge to travelers. The tragic events of 9/11 and the ever-growing threat of terrorism and kidnapping have only added to this challenge....
Simple Steps You Can Take to Reduce Your Exposure to Credit Risk
Domestic trade in the United States has been redefined by an unprecedented series of events, including terrorist attacks, natural disasters and corporate malfeasance—the most notable among them: the Sept. 11...
Understanding the comprehensive strategies and approaches for insuring fine art and exhibitions
With Global Insurance requiring Local Coverage, Aon explores three complexities of Global Risk Managment.
For multinational organizations that operate in multiple countries, global insurance programs offer a great combination of control, consistency and cost-effectiveness. But with the growth of regulation and the...
Without periodic evaluations of your fronted causality program, variations in the level of collateral required by insurers can be more costly than fluctuations in the premium
In evaluating fronted casualty programs, most organizations pay close attention to their overall premium level. What they may not have realized is that variations in the level of collateral required by insurers...
A new environmental module for RiskConsole improves efficiencies and confidentiality—and saves money
An essential step in a real estate transaction is to evaluate the property for environmental contamination and to assess the potential related liability for the new owner. Environmental liabilities associated with...
The English National Ballet puts its best feet forward during every performance
Originally founded in 1950 by famous British dancers Anton Dolin and Alicia Markova, the London Festival Ballet—now the English National Ballet—has been enthralling audiences worldwide ever since with...
Hedge funds help businesses access new sources of insurance capacity
Hedge funds are all over the news these days, but you may not be aware of the role they play in the insurance and reinsurance businesses. Privately owned investment companies, hedge funds focus on generating "...
With less paperwork and more convenient access to risk management information, AonLine keeps Copenhagen-based Svitzer on an even keel.
Founded in 1833, Copenhagen-based Svitzer is the world’s oldest salvage company. Starting with wooden boats to tow ships and barges, it is now present in 35 countries and has almost 3,000 employees worldwide....
Enterprise Risk Management to be featured in S&P company ratings
Standard and Poor's (S&P) announcement that it will now include an assessment of Enterprise Risk Management (ERM) practices in its rating process demonstrates the increasing importance of ERM as a core aspect...
Using Aon's RMIS technology, RiskConsole, ING builds risk clarity for Basel II compliance
The subprime mortgage crisis has shown all too clearly that a bank's reputation can come under pressure just as quickly as that of any other organization. Capital adequacy and security continue to dominate the...
Aon's CatPortal can help companies and risk managers understand risk by translating critical database information into easily understandable language and graphics
Any organization with a large number of properties needs to be able to understand its exposure to the potential impact of catastrophic events around the world. Insurance companies, dealing with tens or hundreds of...
Aon and HEMA, a Netherland's retailer, provide a case study in how to successfully extend a brand by offering private label insurance
For any organization with a large customer base and a strong brand, extending and diversifying the products it offers is an increasingly successful way of building the business. Utility firms, for instance, have...
Aon's 2008 inaugural trip helps clients understand the keys to business success in China
Earlier this year, clients from around the world traveled to China for Aon's inaugural trip to the country. Though the group represented clients in different industries and had various levels of exposure to China...
An expert panel weighs in on the outcomes and effects of the financial crisis
Looking for a broad perspective of recent world financial events as they relate to risk management? We asked Joe Restoule, president of the Risk and Insurance Management Society Inc. (RIMS), Marie-Gemma Dequae,...
ENI uses Web-based technology to keep the information—and the oil and gas—flowing
Based in Italy, ENI is one of the world’s largest oil companies. With a presence in about 70 countries and employing more than 70,000 people worldwide, its main business areas are exploration and production, gas...
Aon’s Political and Economic Risk Map identifies threats of nationalism, supply-chain disruption and regional violence around the world and provides global businesses with a situational assessment
A coup in Thailand creates disruption for overseas companies with subsidiaries or suppliers in that region. Simmering nuclear tensions in Iran and North Korea create enormous political and diplomatic stress for...
Implementing a sustainability risk management program through eco-efficient business practices
The earth's climate and atmosphere are changing and, as a result, global business landscapes are shifting. Devastating hurricanes and tsunamis, record-breaking heat waves, droughts and floods have become...
Understanding (and measuring) your total cost of insurable risk with the right systems
Risk management was once regarded as a routine functional task of the risk manager alone, with little or no connection to the company's broader directions or priorities. However, risk management is now...
A look at the D&O liability insurance market in the new millenium
Directors' and Officers' Liability insurance (D&O) is central to creating a well-managed organization. Any public company will have a difficult time recruiting a board and staffing the company's management team...
UL provides businesses—and consumers—with peace of mind regarding the burning question of product safety
How do you find out what will happen if a warehouse full of highly combustible material ignites? Set it on fire!
Of course, setting fire to the actual warehouse has a significant downside. But there are...
Today's risk managers could learn a thing or two from a master stuntman who manages death-defying risks on a daily basis
You may not know Lee Sheward's name, but if you've seen a movie in the last few years, you almost certainly know his work. He is one of Hollywood's top stuntmen and stunt coordinators, having worked on...
Few people have to live through the chaos that follows a natural disaster. For the Aon Rapid Response team, it’s part of the job
The U.S. Gulf Coast is a region of the world where violent storms are not just expected, they are virtually guaranteed. During the 2008 hurricane season, Aon's Rapid Response teams mobilized five times as storms...
The role of the risk manager is often described as the ship that keeps its cargo afloat. But he or she must also chart the safest, most effective course through perilous seas
Risk Management Information Services (RMIS) are processes that enable a risk manager to make critical decisions based upon information that is accurate, complete and relevant to the business environment. If...
Aon’s RiskConsole helps Cisco make critical decisions that lower its total cost of risk
Cisco Systems Inc. is the world leader in networking for the Internet. Founded in 1984 by a small group of computer scientists, the company now has more than 48,000 employees worldwide, with a tradition of...
2007 study identified key elements on which to base a successful ERM implementation strategy
The goal of enterprise risk management (ERM) is to help companies better understand the risks they face so that they can reduce exposure and loss, improve overall corporate stewardship and reputation, and maximize...
Aon's risk management information system provides critical data tracking, allowing Turner Construction to manage losses across many suppliers and subcontractors
Turner Construction Company, the U.S. subsidiary of construction group Hochtief, is one of the world’s leading general builders, ranking first or second in major segments of the construction industry. The company...
Advice for getting the most out of your Risk Management Information System
A Risk Management Information System (RMIS) allows you to do more than just manage claims or keep a repository of your policies and properties. If used correctly, it can achieve real financial benefits. To...
Adopting environmentally sound business practices is emerging as a to priority for companies around the world
In the last few years, sustainability has leapt from being a topic discussed primarily by environmentalists and other activist groups to being high on the agenda of large organizations around the world. It...
Arabian Gulf states are building an economy based on finance, technology, education and travel for a future beyond oil
Most people's view of the Middle East is often focused on two interlinked factors: its crucial position as the main global provider of oil, and the political tensions that exist in this part of the world.
...
