Achieving long-term success in risk management requires a vision, a plan and execution of established career goals. Central to such success is being viewed by your company’s leadership as not only knowledgeable, technically competent and reliable, bu…
One of the biggest challenges in risk management is the concept of things “probable” versus things “possible.” Traditional risk management has focused more on the probable, using historical losses and other data to actuarially forecast future losses …
Risk appetite and tolerance continue to be vexing challenges, even for risk leaders in financial institutions where their use is typically more common and advanced. However, those in non-financial organizations face tougher challenges, beginning with…
Earlier this week at the annual RIMS conference, I partnered with Iman H. Al-Gharabally, Team Leader ERM, from the Kuwait Petroleum Corporation (KPC) to delve into the nature of mature and, by inference, effective risk management programs. My partn…
“We’ve got serious problems, and we need serious people.” This quote is from one of my favorite movies, The American President. Our industry has many opportunities; they are serious and complicated. We need serious people with serious resources to ad…
On Tuesday, August 25, 2015, from 9:50 – 11:00 am Sedgwick will present one important aspect of next level claim strategies in “New Thinking in Risk Management: Leveraging Program Integration and Cross-functional Collaboration for Better Results.” …
On Wednesday at the RIMS annual conference in New Orleans, I’ll be moderating and contributing to an important session with Gert Cruywagen, a leading risk leader from a South African hotel and casino enterprise and Betty Simkin, a leading finance and…
Last year I highlighted the mission and objectives of the newly minted Association for Responsible Alternatives to Workers’ Compensation (ARAWC) organization that was established by a collaborative group of employers and their provider partners. With…
Important things in life are not easily reduced to 10 steps. Nevertheless, this article provides a list of 10 key elements to achieving long-term success in risk management from someone who has spent more than 25 years striving to carve out the most…
Figure 1: The actuarial loss curve There are many definitions of risk, with most coming pretty close to each other with minor nuances as distinctions. Interestingly, most all of these definitions put "risk" well beyond the point of "expected losses"…
Every spring a large number of employers and industry professionals gather in a city big enough to accommodate over 9,000 registered attendees, along with an estimated 8,000 other participants, for one of the risk and insurance industry's biggest gat…
Just when you thought you knew all the acronyms, TRIA (the Terrorism Risk Insurance Act) comes back to the forefront, now known as TRIPRA (Terrorism Risk Insurance Program Reauthorization Act). First passed in 2002 in its original form, its purpos…
I was recently asked to consider whether and how effective workers' compensation reporting really was and whether or not anyone had a truly helpful and effective view into true WC cost of risk (COR) and its related trends. In fact, having spent muc…
We can agree that much has changed about the world of workers' compensation, yet the question of effect remains open. On one hand, many employers have substantially improved their "results" in this realm, particularly over the last five to ten years.…