Here’s an example of reputation risk. As I have written, reputation risk is a second order risk which only occurs when some other first order risk manifests its ugly head. This is a type of outsource risk. While Easyjet may…
Eggo disaster recovery plan
First H1N1 and now Eggo waffle shortage. When will the crises stop!? http://www.bloomberg.com/apps/news?pid=20601103&sid=awdcxj2tvRYc Nov. 13 (Bloomberg) — Kellogg Co., the largest U.S. breakfast-cereal maker, said flooding at an Atlanta facility and repairs at a Tennessee factory will cause Eggo waffle…
Chicken wing risk management
Here’s something I did not know: the supply of chicken wings are a function of the demand for chicken breasts. Chickens are grown for the breasts. It seems poultry production was cut this year for the first time since 1973…
Reputation risk to Coke
Here is an interesting perspective from the CEO of Coca Cola, explaining how their reputation continues to be harmed and blamed for making Americans big fatsos when they are doing the right things by reducing sugar content in their products.…
Reputation risk and Tylenol
The Riskczar Philosophy on reputation risk is that it is a second order risk. This means the risk to your reputation or brand is not something that can be directly mitigated or insured against, it is harmed when some other…
Operating risk (ya, not operational)
A hospital in Rhode Island was fined $150,000 and has to install cameras in their operating rooms because they operated on the wrong body parts 5 times in the last 2 years!! Yikes. According to the article in Business Insurance,…
Toothbrush risk management
The Book of Odds points out that you are more likely to be injured by your toothbrush than by a garage door. (Who knew!) The odds a person will visit an emergency department due to an accident involving a toothbrush…
ISO 31000 is the “New Age in Risk Management”
Courtesy of Reuters http://www.reuters.com/article/pressRelease/idUS246464+28-Oct-2009+BW20091028 From October 2009 corporations of different sizes and industries will be faced with a new universal standard focused on Risk Management. Dubbed ISO 31000: Principles and guidelines for risk management; the new guidelines were developed by…
From AS/NZS 4360 to ISO 31000 – A history lesson
A consultant from New Zealand named Chris Peace, traces the history of the AS/NZS 4360 standard and the new ISO 31000, due out just in time for Christmas, in this copy of Safety and Health Practitioner dated October 16, 2009.…
Risk management: ya, there’s an app for that too
CS STARS, a business unit of Marsh, has developed an application for iPhone allowing users to access risk-management dashboards right from the device. According to the announcement: “CS STARS LLC offers technical solutions for risk-management professionals, as well as for…