Regulation

Political risk remains front and centre
From China and Trump to Brexit and Brussels, political risks continue to concern global businesses in 2019. How have companies adapted? And what are the biggest fears for the rest of the year?
Five risk principles all risk managers should adopt
Will a redirection of our basic principles of risk management add the value we need? Jonathan Blackhurst, head of risk management at Capita, boils it down into five key steps
How corporates get derailed and what risk managers can do to ensure it doesn’t happen to them
Economic and corporate crises in our recent history have taught us that solid risk management, communicated effectively to the top, works. Yet often, it never reaches the decision makers, writes Jonathan Blackhurst, head of risk management at Capita
How Patrick Smith is managing Deliveroo’s intangible risks
Much more than a food delivery service, Deliveroo serves up vast amounts of big data – and fresh new risks – daily. It relies on business resilience leader Patrick Smith to stay creative.
StrategicRISK Europe Q4 now live: the power is in our hands
Nobody wants to become a byword for failure to keep up. But with 2018 showing great changes in business models, everyone is under pressure to stay relevant. Be brave. Join the innovation revolution.
Traditional risk management concerns prevail in global corporations
Traditional financial and operational performance top global risk management concerns over the next 12 months, while much-publicised issues such as environment, tax and diversity lag well behind
StrategicRISK's top 10 worst risk incidents of 2018
From Brexit uncertainties to US trade wars; the Carillion collapse to Telsa’s threat on Germany’s automotive industry, when it comes to global risk, reviewing the year that’s been can feel like revisiting a lot of bad news. But the good news? There are many risk lessons to be learnt
Loss in brand equity, data theft, and lack of technological innovation, named top three risks
During a live poll at StrategicRISK’s risk and digital revolution, risk managers mapped out the effectiveness of risk controls in managing the biggest threats for business across the Asia-Pacific region
13 common mistakes when building global crisis readiness programmes
Regardless of the sector, size or the geographic location, there are a number of common mistakes that organisations make when establishing global readiness programs. Control Risks senior partner, Bill Udell and associate director, Aaron Schwirian explain how you can avoid them
Is a recall ever good?
Fall out from a recall can be devastating, hitting retailer and consumer trust, and bringing heavy hidden costs. While some say it is possible to come out of a recall looking good, ultimately prevention is always better than cure.
Europe’s listeria outbreak sends stern warning to risk and supply chain managers
As Europe’s food and industry thrives, the heat is on to manage its risks. We look to the lab where solutions are being developed to better handle contamination and consider a more holistic approach to coverage that goes far beyond simple product recall insurance
The top risk management lessons from the 2018 FIFA World Cup
Corruption, hooliganism, terrorism, cyber attacks, and robbery were risk-managed so tightly that no such incidents occurred. So how did the authorities achieve this?
GDPR is set to be the next claims cash-cow
Recent Dixons Carphone data breach could open the floodgates to a new wave of PPI-style cold calling
Slavery risk rises in SE Asia as job losses hit home
More than 55% of jobs in SE Asia’s key manufacturing hubs under threat with slavery and labour abuses in SE Asia set to spiral over next two decades as automation consumes job market
Top risk priorities for a Philippine conglomerate
Ayala is one of the largest and most diversified Philippine conglomerates, with business interests in real estate, banking, telecommunications, water, industrial technologies, energy, infrastructure, health, education and other ventures
Don’t rely on GL to cover environmental risks, report warns
Environmental risks have grown as the world gets smaller and more interconnected, insurer Chubb and law firm Clyde & Co argue, in a new environmental risk report
Q&A: Multinational insurance programmes fit for the future
As business models evolve, the demand for multinational insurance programmes has grown. Steve Liberda, UK head of multinational business development at AIG, tells us more
Q&A: The top evolving risk concerns and challenges
Ahead of this year’s Airmic annual conference, StrategicRISK spoke with Charlie Kitson, head of UK client engagement at AIG, on the evolving risk landscape, core challenges for risk managers and how the industry needs to respond
Where you are in Europe matters for insuring GDPR fines
Insurance broker Aon and legal firm DLA Piper have reviewed the insurability of GDPR fines in jurisdictions across Europe
Wave of personal information requests predicted after GDPR
A study commissioned by Veritas said consumers are planning to request data, particularly from insurance companies
Ransomware: how do kidnap policies and cyber insurance compare?
Cyber attackers might use ransomware to threaten and demand different things, with differing consequences for claiming with a cyber or K&R policy
GDPR elephant in the room at RIMS 2018
Opinion: Cyber-crime was on the menu at RIMS 2018 in Texas, but surprisingly few people were talking about GDPR, writes David Benyon
The Modern Slavery Act: Promoting Transparency in your Supply Chain
Opinion from Fiona Graham, managing consultant at Exiger
Call for shakeup in regulatory reporting practices by the UK’s FCA
A “Dear CEO” letter from the Financial Conduct Authority warns brokers, financial advisors and investment firms about filing inaccurate or incomplete data
AI and cloud combining to fight fraud - Temenos
Cloud services and artificial intelligence are being used to beat fraudsters
Define data first, clean up second – Mazars
With Europe’s GDPR rules on information privacy inbound, Mazars is busy advising clients on their priorities to meet the compliance deadline
Brexit broking risk report published by EY, LIIBA
To continue to meet commercial clients’ needs, insurance brokers caught up by Brexit may need to create new subsidiaries
Insurers ready to pay GDPR penalties – if they’re allowed
It is still unclear whether regulators will allow insurance to pay for GDPR fines, but underwriters seem willing to take on the risk, suggests Aon
Brexit: Lloyd’s Brussels prepares for launch
The London insurance market thinks its Lloyd’s Brussels company will offer corporate clients and stakeholders certainty and continuity despite Brexit
France closing gap with US cyber market – Marsh
Nobody quite knows yet what GDPR compliance looks like, but efforts are in full swing
UK financial crime: NECC to launch; SFO director to quit
The UK’s watchdogs of fraud and financial crime get a shakeup in 2018
GDPR governance: how much is enough?
Europe’s new GDPR data protection regime is demanding on data governance, leading to compliance fears
IRM publishes tips for longer-term viability statements
The Institute of Risk Management recommends a ten-step template for UK firms producing a comprehensive viability statement
Healthcare leads data risk assessments – Trustwave study
UK professionals value their personally identifiable data at less than half as much as their US counterparts, according to a report from tech firm Trustwave
EU tax haven blacklist continues crackdown
Panama, South Korea and the UAE are among 17 jurisdictions on the EU’s list of supposed tax havens, while Bermuda made its “grey list”
Brokers waiting on CEE cyber demand
Many risk managers in Central and Eastern Europe are identifying their cyber exposures, but few are buying insurance covers
Rude awakening on GDPR penalties
If you think your insurance will cover your recall, think again
Why losses caused by the wrong ingredient might not be covered by either your product liability or product recall insurance
Majority of EU countries see rise in modern slavery risk
Research finds modern slavery risks have increased in 20 member states
Tell-tale signs that your D&O cover is inadequate
Just how big an issue is D&O underinsurance, and should directors and officers be worried about it? Game-changing legal cases may provide the answers very soon
StrategicRISK Europe Q2 now live
In Q2 edition of StrategicRISK, we look at Europe’s political landscape in light of the growing migrant crisis and recent terror attacks in Paris and Brussels, the face-off between Hillary Clinton and Donald Trump, and speak exclusively to Chubb, senior vice-president Andrew Kendrick in his first interview since the ACE-Chubb ...
Complex compliance requirements puts global businesses at risk
Compliance professionals feel exposed to risk and lack confidence in their team’s resources to protect the business
Gender pay gap regulation to exacerbate reputation risk for businesses across the UK – Marsh
Businesses should prepare for the new gender pay gap rules to avoid damaging their reputations
How the Consumer Rights Act 2015 will affect risk managers
Hogan Lovells answers questions from risk managers about how the Consumer Rights Act 2015, which came into force this month, could affect businesses, including supply chains and contracted relationships
D&O cover fails to provide executives required protection – Marsh
Constant regulatory changes has led to an increasingly litigious environment for directors and officers
Dissecting the main changes of the UK Insurance Act
FM Global operations claims manager sifts through incoming law
How regulation and Brexit threaten UK insurer competitiveness
Insurers raise concerns that Brexit could lead to higher regulatory costs
EU regulation will stop insurers tackling fraud - Insurance Europe
William Vidonja was discussing the upcoming regulation at the ABI’s data conference
Third party risks could result in losses of up to 10 times the regulatory fine
Negative effect on share price could be an average drop of 2.55% but risk management has potential to return 4-5% equity.
How France’s new class actions regime will benefit business
Consumers can now enjoy better protection and duplication of lengthy cases will also be avoided
How can risk managers reduce claims numbers?
Improved risk management and enhancing claims defensibility can help win the battle
EU updates air safety list and lifts Philippines ban
A total of 232 airlines are banned from flying in the EU and passengers can use the list to check airline safety when traveling in other parts of the world
EU agrees revised directive on insurance sales
The new rules will change the way in which insurance products are sold
Business risk: public liability in the UAE may no longer remain “litigious-lite”
Companies in the region should not expect the legal environment to stay the same
What are the business risks of investing in Russia?
As sanctions were imposed on Russia for its role in the Ukraine crisis, capital has flown out of the country and M&As have dwindled. With sanctions likely to remain in place for a while, should businesses stay away or will ignoring Russia as an investment destination prove a short-sighted strategy?
Two EU countries under scrutiny for not complying with energy rules
Greece referred to court and Germany given final warning for not transposing the Energy Efficiency Directive
Five EU countries asked to terminate intra-EU bilateral investment treaties
Treaties deemed incompatible with EU law as they are based on nationality
EU releases tax havens blacklist
The list includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe and various Caribbean havens
How can freezing orders help protect assets?
Freezing orders are effective devices for parties seeking to protect assets fraudulently misappropriated particularly as the English courts are willing to be flexible to ensure the injunctions are effective
EU launches public consultation on corporate tax transparency
Companies could be required to disclose taxes they pay in every country where they operate
Regulation and macro-economic factors biggest concerns for C-suite executives
Survey also shows only 40% executives believe the financial sector’s ability to manage risk has materially changed for the better in past 12 months
Herbert Smith Freehills and Airmic produce briefing on Insurance Act 2015
Paul Lewis, partner at Herbert Smith Freehills, explains what policyholders should know about the changes and how to prepare for the Act coming into force next year
Are you ready for new EU product safety rules?
With new legislation forthcoming, firms need to start preparing now and ensure they and their supply chain understand compliance requirements
What cyber security lessons can be learnt from recent hacking scandals?
Technology solutions are not the only options to protect businesses from a cyber breach
A first package of third-country equivalence decisions adopted under Solvency II
Decisions take the form of delegated acts and concern seven countries
What should risk managers know about international sanctions?
With talk of sanctions always in the news, what are the risks and how can compliance be ensured?
New regulations are changing the construction industry
Construction risk managers should be aware of the changes because they create new obligations for clients, designers and contractors
Germany proposes national corruption register
To combat white collar crime, the country wants to create a register registering people, corporates or business partnership as being unreliable
EU and Switzerland sign historic tax transparency agreement
Tax evaders will now be prevented from hiding undeclared income in Swiss accounts
LexisNexis Risk Solutions' director AML global Chrisol Correia on the increased tax scrutiny in FIs
What should financial institutions know about the growing scrutiny over tax evasion?
Can businesses build resilience against product liability, a multi-jurisdictional risk?
However safe a product appears it may fail at some point, which could result in costly litigation for the manufacturer
Five key drivers to integrating a successful GRC platform
Chief technology officer at NASDAQ GRC software provider BWise outlines how to optimise GRC programmes
Ten tips to help brokers place complex multinational programmes
ACE responds to research suggesting brokers lack expertise in placing global programmes with 10-point guide
EU adopts stronger rules to combat money laundering and terrorism financing
The package will ensure full traceability of funds transfers within, to and from the EU
UK Court of Appeal gives landmark ruling on data protection and privacy
Misuse of private information is a tort and no pecuniary loss is necessary to attract compensation
European Parliament agrees mandate for regulation of financial benchmarks
Proposed rules aim to improve the functioning and governance benchmarks used in financial instruments
SNCF given green light to acquire sole control of Eurostar
Approval is conditional on compliance with commitments meant to facilitate the entry of new rail operators
Brokers face millions in fines if they fail to invest in compliance and audit functions
Moore Stephen’s Tackling Financial Crime whitepaper spells out the dangers to brokers if they do not invest in personnel to mitigate financial crime
EU targets e-commerce growth and security with Digital Single Market Strategy
Proposals include reducing VAT regimes, end unjustified geo-blocking and a free-flow data initiave
Will the EU e-commerce sector inquiry affect businesses?
Inquiry will focus on potential barriers erected by companies to cross-border online trade
How a new regulation will change data protection in the EU
From higher fines to new notification requirements, what should risk managers know about the forthcoming changes to data protection legislation?
EU starts consultation on gender imbalance in corporate boards
Answers will inform decision as to whether legislation is necessary
Insight Risk Manager database available to RIMS members
US association joins Airmic as the latest association to offer insurance compliance tool to members
EU starts sector inquiry into adequate electricity supplies
Aim is to ensure that capacity mechanisms do not distort competition
DWF to merge with insurer Watmores
The merger will strengthen the law firm’s insurance, rail and local authority capabilities
New law marks milestone in Spanish maritime legislation
Legislation makes Spain one of the few countries in the world where the majority of maritime law is governed by a single statute
EU charges Gazprom with market abuse in CEE countries
Energy giant accused with abusing dominant position in Central and Eastern European gas markets
Brokers’ UK regulatory fees are cut for 2015-16
FSCS reduction may be only temporary as brokers are urged to make provision for future levies
EU adopts policy on consular protection for its citizens
Directive clarifies when EU citizens in distress outside the EU can receive assistance from other EU countries’ embassies or consulates
Should business worry about the Google abuse of dominant position case?
Search engine accused of giving preferential treatment to its own comparison shopping service at the expense of those of rivals
Why employers should watch out when watching employees
German Federal Labour Court finds monitoring of employees on sick leave unlawful
Hungary referred to court and facing fines for not transposing EU energy efficiency rules
The country joins 26 other member states that have failed to implement the Energy Efficiency Directive
Belgium referred to court for refusing certificates of workers affiliated in other EU countries
Current rules that allow authorities not to recognise such documents and subject workers to Belgian social security may breach EU law
Four EU countries investigated over investor restrictions for agricultural land
Laws in Bulgaria, Hungary, Lithuania and Slovakia may be restricting the free movement of capital and freedom of establishment
Three aid schemes approved for the French aviation sector
The objective is to maintain the accessibility of regions and promote regional economic development
Greece referred to court over discriminatory tax exemption for primary residences
EU alleges tax treatment infringes the free movement of capital
EU agrees action plan on Digital Single Market Strategy
Digital services are often confined to national borders and the plan would see some barriers removed
Germany exempted from mandatory rebates for pharmaceutical companies
The European Commission found that the scheme pursues an objective of common interest
Is cyber security at third-party vendors a threat to your business?
Although organisations know they should take their own cyber security seriously, they often overlook the one at third parties
How can businesses tackle the growing spectrum of cyber risks?
Considering the scale of the losses that can result from a cyber attack, businesses should ensure they understand, take steps and insure against crime and data breaches
The key business risks of the rising M&A trend in Central and Eastern Europe
As foreign investors look for new investment opportunities, mergers and acquisitions have flourished in CEE. This has clear implications for risk management, compliance and due diligence
EU announces proposal for e-commerce sector inquiry
Although more and more goods are bought online, cross-border sales are slow, which may mean that some companies are taking trade-restricting measures
Top 10 things to do when responding to a cyber security incident
From containing and reporting the breach, what steps should an organisation take following a cyber attack?
EU presents new Tax Transparency Package to reduce aggressive tax planning
Proposed measures should help fight against abusive tax practices by companies that try to escape paying a fair share of taxes
Law firm DWF to open Dubai office
The move is in response to demand from major insurer clients for legal advice on the ground
Herbert Smith Freehills' Paul Lewis on what policyholders should know about the UK Insurance Act 2015
Herbert Smith Freehills partner Paul Lewis explains the main changes introduced by the new Act
How the UK Insurance Act 2015 will shake up the industry
Clyde & Co reviews the Act and explains how it will change the (re)insurance landscape
Corporates have the wrong attitude towards anti-corruption programmes
Control Risks associate director compliance intelligence investigations and technology in Germany, Hana Lešenarová warns of boardroom misperception over corruption risks
Future of risk management in Asia
Finances, compliance and governance top list of challenges for risk managers
Aggressive auditing by regulators is exacerbating compliance risk, warns Zurich
“It is difficult for risk managers at global corporates to manage so many different risks with regulations constantly changing”
Should insurers and policyholders turn their backs on arbitration?
Arbitration was traditionally favoured over litigation to resolve coverage disputes, but some recent cases have cast doubt on whether this is always the best method to follow
Potential changes to Pool Re costs and rules on kidnap and ransom on the horizon
Two terror-related rule changes emanating from the UK have put corporate property owners and those using London’s kidnap and ransom market on notice
EU introduces new rules for cross-border judgments
Savings in the EU could reach €48m or up to €2,000-€3,000 in individual cases
Is your business ready for the Data Protection Regulation?
With new EU data protection rules on the horizon, organisations should take steps to ensure compliance or face tough sanctions
EU widens tax rulings investigation
Commission wants to identify if competition is distorted through selective tax advantages
OECD report lays bare scale of international bribery
Almost two-thirds of cases occurred in four sectors: extractive; construction; transportation and storage; and information and communication
Does income inequality hurt economic growth?
Research shows that the gap between rich and poor is at its highest level in most OECD countries in 30 years
What is the best way to protect business reputation?
Hill Dickinson partner Magnus Boyd explains why companies should care about negative or inaccurate stories about them and why protecting data is so essential
EU Task Force identifies 2,000 potential projects worth €1.3trn
Report shows pipeline of projects to restore investor confidence and unlock private sector investment
How can businesses protect their confidential information?
A company’s trade secrets are one of its key assets and global organisations need to keep it secure and limit their exposure to legal risks, as DLA Piper explains
3-D printing: will new technology still end up in old-fashioned liability?
Supply chains may never be the same again, but new problems are bound to arise
Stress test exposes major vulnerabilities of EU insurers
The exercise has tested the resilience of the insurance sector and identified its major vulnerabilities
Financial services should beware of cartel practices
As regulatory reforms gather momentum in the EU, financial services face increased competition compliance risks
UK businesses fighting fit with anti-corruption programmes
Companies headquartered in the UK are leading the way in respect of having a board level director with responsibility for anti-corruption
D&O policies fail to respond in worst-case scenarios
Claimants often use personal funds to pay litigation fees, which is why Arthur J. Gallagher has released two new wordings to ensure policy holders are covered
Is the UK still open for business?
Despite increasing restrictions on immigration and the likely need to backtrack in the future on some of the more extreme measures, the UK remains a popular destination for migrants
Regulatory change and cyber threats top ranking of key risks affecting financial institutions
An overwhelming 91% of risk managers from European financial institutions say regulatory change is the biggest threat to their business
Global trade increasingly obstructed - EU report
Russia, China, India and Indonesia have adopted the most trade-unfriendly measures
EU boosts anti-Ebola aid
New funding brings assistance to €373m
Banks that failed ECB stress test face greater liability risks – Marsh
The 24 European banks that failed the ECB stress test must recover €24.6bn in capital and, in the process, face increased exposure to civil, criminal and regulatory action
European Central Bank becomes Single Supervisor in the Banking Union
Responsibilities include the supervision of 3,600 banks
EU assesses economic consequences of country-by-country reporting requirements
Commission wants to assess whether the requirement under the Capital Requirements Directive leads to significant negative economic effects
Right to be forgotten: Google’s case
The ECJ’s ruling could affect not only search engines and EU organisations but also US ones with a presence in Europe
IP violation: to sue or not to sue, that is the $3bn question
Going to court may appear as the best way to protect an infringement of intellectual property rights, but with the high costs of litigation, it is worth exploring alternatives
DLA Piper on Dawn raids and the power of preparation
Dawn raids may not be that high on most firms’ priorities list, but it pays to be prepared for the eventuality
Increased rules and regulation won’t stop supply chain scandals says IRM
A tick-box approach to supply chain management is dangerous and won’t prevent the next Rana Plaza
Managing reputational risks in the supply chain
Teresa Hitchcock, partner in the regulatory and government affairs group at DLA Piper, answers questions from risk managers with concerns about brand damage, supply chain and product risks
Why BYOD blurs the line between work and private life
Firms adopting bring your own device to work need to understand what risks are involved and ensure the content and tone of policies are right
Emerging risks will drive increase in liability claims – Swiss Re
Cyber, regulatory changes and economic growth will bump up levels of claims, according to a new report
Navigating through Latin America’s patchy environmental laws
Regulation is lacking in clarity and the lesson for multinationals in the increasingly sensitive mining sector is that they must take into account all stakeholders, including local communities
Emerging multinationals move into riskier territory
As more established markets become too saturated, companies in Asia and Latin America look to venture into emerging economies
China declares war on corruption
The Chinese crackdown on corruption has sent ripples throughout Asia, leaving multinationals to determine how to manage its contradictory pressures
Regulatory reforms heighten demand for risk managers
But there is a limited pool of suitable candidates in the financial services sector to fill the jobs
DPAs: A new weapon against corporate crime
Deferred prosecution agreements have just been introduced in the UK. How do they work and how will other jurisdictions view them?
Legal focus: cloud computing
The use of cloud computing presents undeniable advantages, but the legal risks associated with it should not be overlooked, says DLA Piper
Legal Q&A: how to approach a dispute
DLA Piper’s Richard Norman and James Watson offer expert advice on what to do when a commercial dispute lands on your desk
Five minutes with: data and privacy legal expert Eduardo Ustaran
Hogan Lovells partner and head of European privacy and informaiton practice on data protection, regulation and privacy impact assessments
EXCLUSIVE: Global compliance database to go international?
Insurance information specialists looking to make Insight Risk Manager tool available beyond UK
BRICs must raise their game
The BRICs face formidable challenges as they strive to regain the extraordinary growth rates of the past decade
MH370 two months on: What the key risk lessons are
The disappearance of MH370 and ensuing events highlight the importance for risk managers and corporates of having effective crisis management plans in place
AGERS: "A meeting point to develop inspiration"
The president of the Spanish risk management association, Juan Carlos López Porcel, wants it to become a pioneer in the delivery of knowledge
Europe edition - April 2014
Read the latest trends and mitigation techniques for handling natural disasters, risk prevention in the food and drink sector and what the forex scandal means for insurers
FERMA urges caution on EU insurance contract law changes
Ferma addressed the European Commission by warning of “unintended consequences” that could arise from regulatory changes to EU insurance contract law
Why Brazil is optimistic about Solvency II equivalence
Brazil’s regulator says its insurance supervisory rules may be ahead of Solvency II requirements in many of its important provisions
Five minutes with: Karla Cruickshanks – DLA Piper’s risk and business continuity manager
Major risks affecting legal sector considered alongside strategies for dealing with them
Europe edition - March 2014
Find out how to gain the attention of board members, risk mitigation in the biotechnology sector, and the risks related to virtual currency Bitcoin
Legal news: UK prosecutors given extra powers to fight fraud and economic crime
The UK gets tougher on corporates committing economic crimes with new deferred prosecution agreements code
How global brands are dealing with China’s anti-monopoly dawn raids
Dawn raids have proved the anti-cartel authorities in China mean business when cracking down on international firms
Legal focus: Minimising commercial and legal risks – employment contacts for in-house lawyers
The employment contract of in-house lawyers must reflect the special relationship they have within the company and the legal world
Allianz: Risk managers told to adapt strategies to deal with interconnected risks
Allianz’s Michael Bruch warns that risks are so closely linked and threats amplified that risk managers must revise their strategies
Serious financial impacts will arise from EU data reforms
Looming EU data protection proposals will have serious financial implications for businesses operating in the EU pushing cyber liability to the fore, says Lockton
Regulatory environment puts D&Os in firing line
Directors and officers face greater scrutiny by regulators even if allegations have not been made – Beazley
Opening new markets is the key to recovery
Companies that survive and even thrive through a prolonged downturn are those that know how to innovate say risk professionals at StrategicRISK’s Italian risk managers’ roundtable
No escaping the rules
Current and emerging regulations in various fields will test compliance on a larger scale than before
Airmic’s guide to insurance warranties aims to 'boost buyers’ confidence' around claims
Confidence between policyholders and the insurance market could improve if all recommendations are implemented – John Hurrell
Ferma Forum 2013: interactive conference review
All the news, views and video interviews from this year’s Ferma Forum in Maastricht
Shipping facing volatile risks
Marine operators need to navigate not only more stringent eco-regulations, but also a slowdown in the commodities market worldwide and a rise in natural catastrophes
DVS Symposion 2013: interactive conference review
Video news and views from this year’s DVS Symposion
DVS 2013: Panel discussion highlights concerns over regulation
Uncertainty surrounding Solvency II takes centre stage in industry debate
StrategicRISK board engagement survey
How engaged is your board with risk management?
Guide to: Directors' and Officers' Liability
A new era of assertive regulators with the power and will to enforce is dawning
‘It’s time to take notice when risk management is turning into process over purpose’
‘In a benign economic environment, it is all too easy to be frustrated by the constraints of risk controls and the vagaries of regulators’
Ultimate sacrifice
Directors and management may be forced to take punishment for the benefit of their companies under US-style plea bargaining
Uncertainty around Solvency II is crippling investor confidence but regulation is still needed
Despite its delays, the proposed framework is still needed, according to S&P
Guide to: Directors' and officers' liability insurance
The buyers’ profile of D&O insurance has steadily evolved and transformed over subsequent decades, owing in part to society becoming more litigious, with little tolerance for mistakes made by directors and officers
Directors face greater scrutiny, survey finds
Threat of regulatory investigations and criminal penalties among director’s top concerns as businesses face tougher regulation
Chile employment laws pose high risk to multinational corporations, says report
Protests and anti-union demonstrations are common
Standard Chartered chairman forced to issue apology
Previous comments were ‘both legally and factually incorrect’
Ferma urges change to intermediary information legislation
Federation seeks minimum European standard of disclosure
Businesses ignore data security breach responsibility
Nine in 10 firms believe cloud service providers have accountability for data security
Legal bills soar to $20m following whistleblowing spike
Regulatory investigations up 17% year-on-year
Finmeccanica CEO held on corruption charges
Guiseppe Orsi arrested for alleged involvement in bribery allegations that secured Indian helicopter deal
Risk has no boundaries
Budget constraints, self-insurance and the changing nature of risk are all effecting the state of business
Rising number of clinical trials present underwriting challenges for insurers
Legislation to remove “overly bureaucratic” EU regulations comes as welcome news
Beyond ‘admitted’ and ‘non-admitted’: it’s time to focus on how risk is ‘exported’
by Suresh Krishnan, general counsel of the ACE Group’s multinational client group
JP Morgan ordered to improve risk management
Regulators say poor control and risk management to blame for last year’s unexpected losses
Getting tough on tax: the increasing importance of VAT compliance
by Craig Sullivan, VP & GM International, NetSuite
Bribery allegations deepen at Rolls-Royce
Blogger accuses aerospace manufacturer of paying bribes to intermediary who worked on major contracts with Chinese airlines
Switzerland’s oldest bank to close after U.S. tax probe
Wegelin & Co has admitted charges of conspiracy in helping US taxpayers hide at least €900bn
Toyota fined €13m for U.S. recall failure
Japanese carmaker issued maximum penalty for fourth time after breach of Federal law
US judge rejects Samsung sales ban
Samsung’s motion for retrial against €800m in damages also thrown out
UBS facing €750m-plus fine for Libor rigging
Unnamed sources say Swiss bank will settle charges relating to interest rate manipulation later this week
HSBC to pay record €1.5bn over money laundering scandal
Sum dwarfs that set aside over allegations of drug trafficking and terrorist financing
Risk committees in Belarusian banks by 2013
Parliament approves legislation to require risk committees be set up and chaired by independent directors
New risk management program to improve mining H&S
University of Queensland team with industry players to create database of risks and control measures
Airmic global compliance database nearing completion
Final RfP sent out to companies with eye on March 2014 completion date
Rolls-Royce in bribery probe
Aerospace and defence group Rolls-Royce may face prosecution after Serious Fraud Office orders company to hand over details of Asia dealings
Does ABC provide the business case for GRC?
by Richard Hunt, managing director Turnkey Consulting and Christian Blackwell, anti-bribery and corruption specialist
Worldwide risk and compliance hiring boom
Tougher regulations have caused an increase in risk and compliance positions across the financial industry while other job numbers dwindle
Risk and compliance salaries skyrocket
Upcoming European legislation sees companies prepared to pay for the best
BP to pay €3.5b – the biggest fine in US history
The oil and natural gas giant pleaded guilty to 14 criminal charges and manslaughter
Ten trends transforming the European financial services industry
by Peter Banham, head of strategy for capital markets business, SunGard
The perfect storm
Jeroen Spanbroek, Marsh Risk Consulting
Compliance and certification dominate FERMA Seminar
Delegates in Versailles hear results of Benchmarking Survey along with plans for formal risk management recognition
FERMA Seminar: EU 8th Directive remains unclear
Survey reveals many risk managers are still unaware of the impact of the directive
Omnibus vote delay places Solvency II deadline in doubt
Solvency II January 2014 deadline placed in doubt after European vote is delayed by another five months
Taming the monster
Governments’ main answer to continued economic uncertainty seems to be to legislate. But what risk managers really need is a considered approach to the problems rather than political crowd-pleasing
How to: Avoid health and safety prosecution
Individual prosecutions for health and safety offences are on the rise, so it is more important than ever to ensure that senior managers are fulfilling their duties
Innovate to mitigate effects
Glasgow Caledonian University Researchers are studying ways local authorities can reduce austerity risks to vulnerable people
Less than 10% of reputational risks are insurable
Willis warns that there is a glaring gap for reputational risk cover
How to: Avoid getting caught out by trade sanctions
Governments are increasingly willing to use trade sanctions as a political tool, and can put them in place quickly. Businesses must work hard to keep on top of regulatory changes
FSA fines Santander £1.5m
The bank failed to clarify how it’s products were covered by the Financial Services Compensation Scheme, leading to the fine
Extreme risks: planning for life after the euro
What exactly would happen if the eurozone broke up in 2012? And do risk managers have a hope of preparing for such a far-reaching forecast?
Risk Atlas: Political Risks
A year of unrest has seen uprisings in the Arab world and protests on Europe’s streets
Index ranks the most law abiding states
Populism coupled with a desire by the government to capitalise on high global commodity prices is fuelling nationalisation in resource rich countries
Euro crisis puts the brakes on global economy
Munich Re said it was adopting “a guarded view of the macroeconomic outlook for 2012” in a recent statement
French court fines perfume giants for price fixing
A Paris appeals court upheld the €40m fine imposed in 2006 by the French competition watchdog
UK identifies 100 climate change risks
Annual flood damage costs in the UK could rise to £12bn by 2080 but climate change also presents opportunities for business, says Defra
New index helps map data privacy risk
Promontory says it’s product will help companies comply with a range of data security laws across Europe
Global downturn leads to uptick in child labour risk
Forty percent of countries are rated “extreme risk” of child labour rights violations, reports annual study
My Top Risks
Gerard Lancner, Amrae chief executive and head of risk management, insurance, internal audit and regulatory matters at Yves Rocher, says dealing with a tricky economy is paramount
My Top Risks
Gilbert Canameras, Amrae president and director of risks and insurance at Eramet, says the economic crisis is no longer a risk it is a reality. Risk managers now have to deal with the problems it has brought about
My Top Risks
Michel Dennery, Amrae’s representative to Ferma and deputy chief risk officer, GDF Suez, warns risk managers that in 2012 they will have to come to terms with many economic, social and demographic problems
Bribery index reveals no improvement in UK
Britain actually performs worse than three years ago despite the implementation of the Bribery Act
Strife in the streets
Risk management is likely to continue to remain in the foreground for organisations with facilities or suppliers in troubled countries in North Africa and the Middle East, while in Europe measures designed to remedy national financial problems are likely to spark off further public protests and even riots
Risk Atlas: Economic risks
Facing up to the eurozone crisis: Banks and taxpayers would need to stump up at least €2 trillion to sort out debt woes
Directors pay leaps 50% in one year
Even during a period of economic stagnation company bosses are being rewarded with huge pay hikes
Mining and metals: Top risks
Resource nationalism, skills shortages and infrastructure access are the top three threats facing mining and metals companies in the year ahead, according to Ernst & Young analysis.
Europe's search for growth crosses Latin protectionists
Tax breaks and incentives to boost Brazil’s businesses against other emerging economies herald a home-loving trend that increases risk for multinationals
Jorge Luzzi
Pirelli group risk manager Jorge Luzzi has an international career and a clear vision for risk management, but knows that those alone don’t make him a rich man
Top five bribery fines
The ‘it couldn’t happen to us’ assumption is a dangerous one to make, as these case studies of corruption clampdowns across the world prove
Big retailers caught breaching EU chemicals rule
Investigation finds supermarkets in breach of REACH rules governing toxic chemicals
EU members ban short selling in markets
European leaders fail to agree how to deal with the debt crisis
ING could face fines for breaching sanctions
Reports claim the US Department of Justice is preparing to take action against the financial firm for breaching sanctions
Italian risk meeting addresses key issues
Italy’s most important risk managers met in Rome to discuss the state of the industry
Amrae names new president
Gilbert Canameras chosen as new president. Lancner becomes part time CEO
FSA signals crackdown on financial crime
Watchdog intent on preventing financial firms being used as a "conduit for crime"
Strikes will hit UK business hard
But companies can limit their exposure to the public sector labour dispute, says expert
Ferma confronts Brazilian government
The European risk management association challenged Brazil’s insurance regulations
Airmic: Looking ahead
It's time for the risk management industry to gather for one of the biggest events of the year and time for StrategicRISK to listen to what our readers have to say
Germany turns its back on nuclear power
In a complete u-turn Angela Merkel’s government plans to decommission all German nuclear power stations by 2022
Risk Atlas: Corruption
Crime and corruption is still a huge problem in many parts of the world, and corruption remains an obstacle to progress
Risk Atlas: Dodgy dealings
Corruption is rife around the world, but larger companies are no longer turning a blind eye
Campaigners slam the Bribery Act
Leading anti-bribery group says the UK has caved in to pressure from the business community and corrupt practices will continue
CARM addresses cyber risk
French risk managers meet in Paris to discuss the threat of Web 2.0
Anti-austerity protests in Greece
Violent clashes in Athens
Chinese trade surplus increases
China has reported a $11.4bn trade surplus for the month of April
Court ruling could cost banks £4.5bn
British banks face a possible £4.5bn payout for miss-selling payment protection insurance
Breaching the boundaries
Sanctions are in place for social, economic and political protection, but they’re not always obvious and failure to spot them can have serious consequences
Bank reforms won’t damage competitiveness
"Moderate" ICB report stops short of breaking up the banks
Ferma welcomes liberalisation of Brazil’s insurance market
But current legislation could still diminish capacity for FIFA World Cup and 2016 Olympics
Control Risks launches Bribery Act training
Control Risks and Eukleia Training announce strategic partnership to provide services for anti-bribery training
OECD statement on UK Guidance for the Bribery Act
“We recently received assurances from the highest levels of the UK government that they would issue guidance which would allow the UK’s Bribery Act 2010 to enter into force,” said OECD Secretary-General Angel Gurría.
Recommind: Companies now left without real direction
The Ministry of Justice today announced the long awaited Guidance on the UK Bribery Act. The MoJ previously indicated that the Act will come into force three months after the Guidance announcement, however Recommind* argues that Guidance is still leaving companies in the dark about how to prepare for the ...
Heed the guidance, but this Act will be played out in court
Brent McDaniel, Head of Anti-Bribery & Corruption, KPMG, comments on the Bribery Act guidance, being released this morning.
Bulgaria should boost efforts to fight bribery
OECD report recommends further action but welcomes progress
The five riskiest nuclear power plants
Japan's Fukushima Daiichi tops the list but other plants are being built in quake zones with a disregard for safety, a report claims
22 charged under US bribery laws
150 undercover FBI agents used in the largest FCPA investigation ever
Economy picks up but risks escalate: Advisen
As the economy improves risk profiles are getting worse, warns new research
How to: Ten things you should know about the Bribery Act
The new UK Bribery Act is a big deal. It’s a complex and far-reaching piece of law and if something goes wrong, the buck stops at board level. Read on for the top 10 ways to protect your organisation
Bribery Act delay
Risk managers tell me they are still concerned about the Bribery Act even though it’s been delayed a couple of times now
Chair of OECD Working Group on Bribery concerned over delay of new Bribery Act
The Chair of the OECD’s Working Group on Bribery has expressed concern that the entry into force of the new Bribery Act is to be delayed.
Risk managers reveal top emerging world concerns
Local insurance market rules and risk management culture are major worries for risk managers with operations in BRIC countries
Renault suspends three in suspected spy leak
Three managers are thought to have leaked electric car technology
WEF highlights governance gaps
Economic imbalances contain the seeds for future financial crises, says the WEF’s Global Risks 2011 report
Alcatel-Lucent pays $137m to settle bribery charges
Alcatel allegedly broke Foreign Corrupt Practices rules by paying $8m in bribes to government officials
Risk managers challenge Combined Code review
Last year’s corporate governance review was a “missed opportunity” according to Airmic members
A hard case to prove?
French prosecutors are having the same problems as their UK counterparts when it comes to bringing successful corporate killing prosecutions. Sue Copeman explains
Fraudster hit list unveiled
The biggest ever “boiler room” fraud list recovered by FSA
The credit crisis animated
You might want to see this clever video animation of the credit crisis by Jonathan Jarvis
Consumers want stricter data rules
Companies should be subject to US style disclosure laws and face tougher penalties
Open trade is key to growth
G20 is told to design better employment practices, reports Max Hibling
Europe tells Spain to comply with industrial accidents ruling
There are no emergency plans to cover major accidents at 24 dangerous industrial sites in Spain
Firms unprepared for social media risks
But over a third suffered reputation threats last year
New health and safety proposals
Lord Young’s report calls for restrictions on “no win no fee” advertising
Tame, messy and wicked risk
David Hancock blogs about his new book on project risk management
CEO confidence dips
Less than a quarter of CEOs think the economy will improve in the next 6 months
EU outlines vision for taxing the financial sector
Banks should contribute to the cost of re-building Europe’s economy, says Commission
Double dip is top risk issue
But businesses confident in their ability to deal with the problems
ELD to "bear teeth" in Hungarian toxic flood
Risk of serious environmental damage in Danube
Dodd-Frank good for ratings, says AM Best
Law introduces new requirements for rating agencies
Worth the effort
Solvency II will benefit the whole insurance industry, writes Chris Lajtha in response to Carl Leeman’s blog
A new approach to regulation
A summary of the UK government’s recommendations for regulatory change
Can Dodd-Frank stop another crisis?
The sweeping overhaul of US financial regulation fails to address the main causes of the financial crisis, says Matthew Kerfoot
Winning treatment
Launching a series of fi rst-hand accounts of practical risk management, Mike Florence, who led AstraZeneca’s programme, explains how the team’s strategy has breathed new life into its respiratory and infl ammatory efforts
Regulation tops CROs’ concerns
Survey also reveals elevated role and remit of risk function

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