Enterprise Risk Management News

Aon and HudsonCyber are joining forces to provide enterprise-level cyber security capability assessment, integrated cyber breach response, and mitigation support to the global marine industry.“We see a real need for collaborative thinking in respect of an enterprise level cyber security methodology for our clients," said Lee Meyrick, CEO of Global Marine at Aon. "It is important to understand cyber risk exposures, mitigation strategies and maximizing the effectiveness of their programs.”Bringing together Hudson’s HACyberLogix cyber security assessment program and Aon’s cyber risk transfer…

Effective management of risk within the industry has improved slightly over the past 12 months, according to the third annual Shipping Risk Survey from international accountant and shipping adviser Moore Stephens. But shipping still needs to up its game in terms of managing its exposure to risk, which is increasing and changing in nature, not least in terms of the threat posed by cyber security, Moore Stephens says. Survey respondents rated the extent to which enterprise and business…

The U.S. Coast Guard (USCG) has awarded a follow-on $9 million Blanket Purchase Agreement (BPA) to ABSG Consulting Inc., an ABS Group company (ABS Group). ABS Group will provide a range of Human Systems Integration (HSI) support to the USCG's Human Systems Integration Office (CG-1B3), which is the USCG's technical authority for human systems integration (HSI). The BPA will cover acquisition support, project identification, usability analyses, testing, user facilitation and documentation services. As the USCG embarks on several new acquisition programs, including the Offshore Patrol Cutter and the Polar Ice Breaker, ABS Group will assist CG-1B3 and its partners within the USCG Acquisitions Directorate (CG-9)…

Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens. The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year, in the overall level of satisfaction on the part of respondents that sound risk management had contributed to the success of their organisations. The involvement of senior management in managing risk at the highest level also declined against last year. Respondents to the survey rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 6.6, on a scale of 1 (low) to 10 (high), compared to 6.9 last time.

ABS Group anticipated the update to Circular A-123 from the United States (US) Office of Management and Budget (OMB) requiring US executive departments and agencies to adopt enterprise risk management (ERM), and has expanded its suite of ERM advisory solutions aimed at risk-informed decision making and mitigation strategies. To help organizations comply with the new guidance and manage their risk exposure, ABS Group provides a suite of advisory resources and proprietary risk management tools through the Company's safety, risk and compliance services business unit. "ABS Group has highly developed methodologies that enable organizations to quickly implement a proactive risk management culture.

The American Club reported solid progress during 2014 at the annual meeting of its members held in New York today. Despite a challenging economic climate, the club’s business had developed favorably, and 2015 had started on a positive note. Tonnage and revenue grew strongly at the outset of 2014, but faded slightly later in the year as freight markets struggled. However, premium pricing remained firm, despite the enduring effect of “churn” as older, higher-rated vessels continued to be replaced by younger, lower-rated ships.

Levels of sound enterprise and business risk management are currently satisfactory in the shipping industry, a new survey from Moore Stephens has revealed. But the international accountant and shipping adviser warns that companies that fail to embed effective risk management procedures into their daily activities are likely to pay a high price in today’s tightly regulated and highly competitive industry. The inaugural Moore Stephens Shipping Risk Survey, which will be updated annually, sought to gauge how effectively enterprise and business risks are being managed in the shipping industry, and to analyze how key risks are being handled by companies.

Tore Sjursen will assume the position as executive vice president for operational improvement and risk management at Aker Solutions on April 1. Knut Sandvik will at the same time replace Sjursen as head of the company's maintenance, modifications and operations business. Sjursen will be based in Oslo and be responsible for the corporate center functions Enterprise Risk Management, Tendering and Corporate Risk Committee, Health, Safety and Environment, Quality and Performance and Operational Audit. He will also be responsible for developing and coordinating company-wide improvement agendas, monitoring business area improvement initiatives and reporting on progress to the board of directors.

BMT Asia Pacific, a subsidiary of BMT Group has appointed Joanne Tse as Head of Risk Management based in Hong Kong. The new appointment will help support the regional growth of risk consultancy services - principally in the transportation and construction sectors. Joanne will be actively involved in developing and managing risk projects for our growing client base. She brings more than 15 years of experience in the rail industry specialising in risk assessment and management, safety assurance, and corporate/enterprise risk management. Rejoining BMT after three years at Willis Insurance Brokers, Joanne’s previous tenure focussed on rail engineering projects involving operational and construction project risks.

Chevron Corporation announced today that Rhonda I. Zygocki, executive vice president, Policy and Planning, has elected to retire from the company after 34 years of outstanding service effective Feb. 1, 2015. The company also said it is making new reporting assignments for several executives. "Over the course of her career, Rhonda made many significant contributions to our business and distinguished herself as one of our most versatile and proven leaders," said John Watson, Chevron's chairman and chief executive officer. Zygocki is a native of St. John's, Newfoundland, Canada. She began her career in petroleum engineering with Chevron Canada Resources in Calgary after graduating in 1980 from Memorial University of Newfoundland with a bachelor's degree in civil engineering.

NOL Group announced thatTom Behrens-Sørensen will join its board of directors July 1 and will serve as a member of both the Executive Resource and Compensation Committee and the Enterprise Risk Management Committee. A shipping veteran with more than three decades of international experience, Mr. Behrens-Sørensen has a distinguished track record as a business first-mover in Europe, Australia and across Asia – particularly in India and China. Mr. Behrens-Sørensen’s career included a 30-year tenure at A.P. Moller-Maersk, where he held several senior leadership roles. Notably, he led the company’s successful expansion into China from 1994 through 2009, and built strong relations with key local government officials and industry decision makers. Based in Beijing, Mr.

Structured and analytical risk management have direct effects on a company’s ability to build a competitive advantage. To support organizations with one complete solution for managing operational, project and enterprise risk DNV Software has now incorporated the risk management tool EasyRisk Manager with the Synergi Life risk and QHSE-management solution. It provides a real time snapshot of a company’s risk picture. The focus of organizations on risk management has increased due to extended governmental requirements, increased demands for transparency and sustainability and compliance towards standards. As structured and analytical risk management has direct effects both on profit…

Structured and analytical risk management has direct effects on a company’s ability to build a competitive advantage. To support organizations with one complete solution for managing operational, project and enterprise risk DNV Software has now incorporated the risk management tool EasyRisk Manager with the Synergi Life risk and QHSE-management solution. It provides a real time snapshot of a company’s risk picture. The focus of organizations on risk management has increased due to extended governmental requirements…

DNV Software incorporates risk management tool EasyRisk Manager with the Synergi Life risk & QHSE-management solution. DNV Software explains that structured and analytical risk management has direct effects on a company’s ability to build a competitive advantage. In order to support organisations with one complete solution for managing operational, project and enterprise risk DNV Software has now incorporated the risk management tool EasyRisk Manager with the Synergi Life risk and QHSE-management solution. It provides a real time snapshot of a company’s risk picture.

NOL Group has announced the appointment of Senior Counsel Mr Alvin Yeo to its Board of Directors. Subject to shareholders’ approval at NOL’s Annual General Meeting on 18 April 2013 (“AGM”),  Mr Yeo, Senior Partner at WongPartnership LLP, will join the Board after the AGM. He will serve as a member of the Executive Committee and Nominating Committee. Two of NOL’s current Directors, Mr Christopher Lau Loke Sam and Mr Peter Wagner, will retire from the Board at the AGM. Mr Lau is currently the Chairman of the Audit Committee and Member of the Enterprise Risk Management Committee.

In a year where globally we are seeing more natural disasters, including earthquakes in New Zealand and Chile, floods in Australia, and a tsunami in Japan, an important question for businesses relying on goods and services from suppliers in countries across the world arises:  how do we prepare ourselves and our businesses for the next potential catastrophe? The events of this year serve as a reminder that a business can face the unexpected at any time, whether it is a widespread disaster that affects thousands of people or a single local incident that makes normal operations impossible. By working closely with your insurance agent ahead of time, you can make sure you have the proper coverage, a strong contingency plan, and a good understanding of what to do if you suffer a loss.