COMMON RISK MANAGEMENT TERMS
BUSINESS CONTINUITY MANAGEMENT
A coordinated approach to preparing for, managing through and recovering from a major operational disruption. Good practice BCM programs are integrated with other stakeholder groups, such as Emergency Response, Crisis Management and IT-Disaster Recovery
BUSINESS CONTINUITY PLAN
A formal document or set of documents that provide guidance of how a business is to recover from a catastrophic events. A BCP can be high level or extremely detailed depending on the organization’s specific needs.
CORPORATE SECURITY PLAN
A formal document that outlines the processes and procedures to prevent and/or manage day-to-day events that could threaten personnel, facilities and other assets of an organization
A major event that, either through sudden onset or through a slow progression, escalates into a situation that adversely impacts a company’s brand and reputation in the market/community
CRISIS MANAGEMENT PLAN
A formal document that provides guidance and procedures for how senior leaders should manage major events that have the potential to adversely impact an organization’s brand, reputation and/or share price (publicly traded organizations)
DISASTER RECOVERY PLAN
A formal plan or set of plans that outlines the processes and procedures required to recover information technology applications, systems, infrastructure or telecoms following a major IT disruption
EMERGENCY RESPONSE PLAN (ALSO KNOWN AS AN INCIDENT RESPONSE PLAN)
A formal document that outlines the processes and procedures to respond to incidents that have the potential to disrupt operations. Emergency events may or may not require escalation to a point that requires a crisis management and/or business continuity response.
A term typically used in the risk section of contracts that specifies the expectations regarding the potential liability of contracting parties in the event of a claim.
INFORMATION TECHNOLOGY RESILIENCE
(IT-R) The ability of an organization or company to respond to, manage through and recovery from a major IT event that could otherwise destroy or severely impact the organization without appropriate mitigations
OPERATIONAL RISK MANAGEMENT
An organizational approach to managing the risks associated with the loss of personnel, assets, infrastructure, and suppliers. Although specific threats are considered, operational risks focuses on the potential impact on the business in order to prioritize decisions
The ability of an organization or company to respond to, manage through and recovery from a major event that could otherwise destroy the organization without appropriate mitigations
The degree to which an organization's management is willing to accept a certain level of risks associated with its business operations rather than treat it through risk financing, transfer and/or other mitigation techniques.
With extensive experience in both the hands-on development of in-house programs as well as advising clients on program design, Solomon-Joseph offers a number of tailored enterprise resilience services to address your specific needs and budget.
COMMON ENTERPRISE RESILIENCE ISSUES
SUPPLIER / VENDOR RESILENCE
Ten miles offshore and your well is not producing due to equipment failure. A supplier to your supplier has been unable to source a part that is crucial to maintain your position over the well head
Local news media have provided mixed reports on the chemical spill that triggered an evacuation in a rural community downstream from the plant. An unidentified employee made several statements that are calling the company’s commitment to workplace and environmental safety into question…
In today’s corporate environment, we are often so preoccupied with the information security concerns that we overlook the physical environment which includes our buildings, facilities, equipment and personnel.
COMMON CORPORATE SECURITY ISSUES
During an internal audit of your corporate charges, it is noted that an employee in your purchasing group has at least one unusually large airfare charge once a month. A closer look at her expense reports shows that once a month she is buying two tickets for the same location
It’s 6:30AM and the food service delivery truck has started unloading, but instead of the normal delivery guy a new person is running the route today. Following a quick call to the cafeteria supervisory, you learn that driver was spotted entering a stairway in the main office area with a black
After announcing a major round of job cuts at manufacturing locations around the world, your COO is traveling to one of the locations that bore 50% of all cuts. Even without the layoffs, it is a fairly dangerous location...
We would like to bring our services to life by peeking in on a conversation at a fast growing company that is making a big name for itself in its industry.
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At the heart of Integrated Risk Management, we are talking about enhanced coordination and communication between groups. The ultimate goal is to avoid duplication of effort (waste) and enhance how an organization prepares for, responds to and recovers from adverse events.
COMMON INTEGRATED RISK MANAGEMENT ISSUES
Our business unit is 50% smaller than other businesses across the company; however, we are subject to the same risk threshold.
RISK STAKEHOLDER COORDINATION
Last month, as we started to develop a business continuity plan for the corporate office, our corporate security director began pushing back.
As CFO, I have responsibility for managing our credit risks, insurance and IT, but that’s only part of the picture. We need someone who can help us get more organized in managing our enterprise risks.
WHO WE ARE
JOE LONG, ARM, CBCP
At Solomon-Joseph, our goal is to establish long-term relationships that provide a great experience and unparalleled value for discerning clients. To do this, we only work with individuals who align with our ideology of delivering superior client service, and individuals who have a proven track record in one or more of our core service offerings.
Resilience is a broad and pervasive term as it relates to risk management. By design, all of Solomon-Joseph’s service offerings are positioned to work together in an integrated manner to enable companies to become more resilient. To help companies achieve this state, we only bring in team members who understand the interconnectivity of various risk management areas.
Drawing on the collective insights of enterprise risk managers, business continuity management professionals, crisis management professionals and other risk specialists; we work with each client to proactively identify, prioritize and mitigate risk issues at an enterprise level. Through our integrated approach, clients achieve greater levels of resilience with less cost, than they would with individual, “silo-ed” risk projects
Within our corporate insurance offering, we have subject matter experts (SME) who have worked as underwriters, brokers, claims adjusters and corporate insurance managers. Through these combined skill sets, we are able to offer a more dynamic perspective on the insurance strategies that are most practical for an organization.
Beyond core insurance knowledge, our SMEs have practical application understanding relevant to key industries. Whether it is insurance related issues for manufacturing facilities, construction projects, Oil & Gas assets, Aviation, etc., we have deep experience dealing with high-value/high risk assets.
As a sign of their dedication to the field, our insurance SMEs have one or more certifications as either Chartered Property Casualty Underwriters (CPCU) and/or Associate in Risk Management (ARM).
Solomon-Joseph’s Security SMEs bring a wealth of experience to assist our clients with a wide range of complex and sensitive issues. With backgrounds in federal law enforcement as well as corporate security and executive protection, our team brings diverse experiences that enable us to provide a balanced perspective across industries.
Whether you are looking to evaluate existing site security protocols across your organization or you need assistance in developing employee protection procedures as your business expands internationally, our SMEs are well-versed in working with clients to frame the issues, discuss the alternatives and develop solutions that make sense for your company.
Whether you are a small bicycle shop or a multi-billion dollar industrial giant, you will most likely be required to buy and maintain some form of insurance. The challenge, however, is making sure that your insurance is adequate and appropriate for your business.
COMMON CORPORATE INSURANCE ISSUES
INSURANCE PROGRAM–SURGE SUPPORT
As CFO, it is your responsibility to purchase the insurance for the company while also navigating the company in its financial decisions.
RISK MANAGEMENT OUTSOURCING
Currently, operational risk management is everyone’s responsibility in the company, but it is clear that an experienced risk manager is needed to help identify, analyze, treat, and monitor risk exposures on an ongoing basis.
CORPORATE INSURANCE ADVISORY SERVICE
Your company doubled in size seemingly overnight. Consequently, your company’s risk exposures are now more complex than you or your insurance agent could ever conceive.
International HR / Global Mobility is a niche area of Human Resources that can often be overlooked. Any company that is sending their employees overseas to perform work is at risk for non-compliance in a number of areas. In addition, a lack of attention to critical needs of the employee and accompanying family could lead
to failed assignments and impact overall retention.
International assignments are very costly, and in order to maximize the return on investment on any assignment, be it short term, long term or extended business trip, it is critical that employers are aware of the potential risks associated and do what they can to mitigate those risks. Whether you are a small to medium sized company with a new international footprint or a larger company that needs to
re-assess or overhaul your current program, Solomon-Joseph can engage to help you with your International HR needs.
SERVICES PROVIDED THROUGH VENDOR PARTNERSHIPS:
NEW SERVICE OFFERING:
INTERNATIONAL HUMAN RESOURCES
/ GLOBAL MOBILITY SERVICES