In the last few weeks, US banks Silvergate, Signature, and the Silicon Valley Bank (SVB) collapsed, while First Republic Bank required a $30bn bailout from larger Wall Street Firms. Meanwhile, in Europe, the Swiss bank Credit Suisse has been bought by rival UBS.
Each of these banks was in a different position, and no single factor caused these banks to get into trouble. However, these recent events provide some essential takeaways for risk and communications managers. Continue reading
Southwest estimates the loss from their scheduling system meltdown to be around $825M. Those are just the direct costs of lost revenue from canceling more than 15,000 of its flights starting on Dec. 22. It doesn’t include the costs for fines, brand erosion and systems upgrades which will increase the loss to well over a billion dollars. Continue reading
In 2021, risk team implemented a quantitative risk-based approach to insurance renewals which resulted in reducing the cost of insurance by 60% and improving the quality of coverage across all insurance lines. This approach allowed us to save, or rather pay a fair price for insurance across the globe. Key to success was not to rely on market “best practices”, but on testing various hypotheses in the market and relying on data. Continue reading
The inability to gather good data has challenged many food manufacturers for decades. But not anymore. As sensor technology has improved, and technology platforms have become more accessible and affordable to small and medium-sized manufacturers, the food industry is poised for transformation. Food companies can now better understand their ingredients, products and operations. Continue reading
As the COVID pandemic is only one of many challenges and disruptions CEOs and organisations face, it is not surprising that 94% of executives say their business models need to change within the next three years. And 57% of CEOs fear their organisation isn’t adapting fast enough according to a 2021 AlixPartners’s survey of 3,000 CEOs.
Together with the need to pivot and adapt, we also know that 74% of CEOs are concerned about the availability of key skills within their organisation, according to PwC’s 24th Annual Global CEO 2021 Survey of 5,050 responses. Continue reading