Risk Consulting, issue 1/2018
If's risk management journalManaging Risks Together 2.0
New technology and production methods affect which risks we insure in the future. For example, when car parts can be 3D printed within weeks, there is no need for long hauls from factories in Central Europe or Asia.
This has impact on our insurance covers. We do not know how fast this development will happen and how complex the changes in different industries will be, but we will use our eyes and ears to follow the market. We will cover the risks of the future and make things easier for you by providing seamless, digital and global services.
And maybe most important, you will notice by getting even better service.
Poul Steffensen
Head of BA Industrial, If
How to prevent e-mail spoofing
Do you know how your company can reduce the volume of phishing e-mails that target your company and brand?
E-mail scams have increased rapidly in recent years. For example, in 2016 a Swedish manufacturer lost SEK 25 million due to this kind of scam. In such cases, criminals impersonate a company executive and send a fake e-mail message to selected employees, tricking them into wiring funds.
Maintenance challenges safety
These days, maintenance, just like many other industrial services, is increasingly outsourced. On the one hand, this brings various benefits with regards to resource allocation and reliability management. On the other, it brings some specific challenges to safety management. Choosing a highly qualified service provider is one way to manage maintenance-related risks.
As maintenance and service operations are carried out by experts who possess detailed knowledge of processes and their functions, client companies can allocate their own resources to core operations. Maintenance has several features that increase the level of difficulty when it comes to safety management. For example, property damage or business interruption resulting from errors during maintenance can be a major cost in any industry.
Protecting our investments in emerging markets
Data from the statistical service of Norway, Sweden, Denmark, and Finland in the past years show that Emerging Market countries have become an interesting investment destination for Nordic companies.
When executives of multinational enterprise (MNE) decides to expand the operations
of their firms into foreign countries in emerging markets, they are faced with several important strategic decisions, including, which operation form to establish adapt i.e. start the operations from scratch (build of facilities) or through acquisitions (buy equity share in an existing foreign entity). They are also faced with whether to do it alone (to establish a wholly owned subsidiary) or to involve a local partner (to establish a subsidiary with shared ownership), in addition to financial, HR, and operations considerations. Read the article
3D printed spare parts – a potential risk?
What are the risks associated with 3D printed spare parts? 3Dprinting has been around for quite a while already but only in recent years has the technology developed and expanded into various new industrial areas. Read the article
Global trade disrupted by cyber attacks
As an insurer we are well aware of so-called “Black Swan” events, i.e. events that are deemed so unlikely that they are not really taken seriously when calculating risks. For many years this has been the case with cyber risks. Imperceptible. Unlikely. Intangible.
In June last year, global shipping giant Maersk Line, which handles one in seven containers shipped globally, was hit by a ransomware attack.
More articles to read
Lean Safety - a concept to improve company safety culture
When Lean and Safety are combined, it will result in easier and safer working conditions. Read the article
Flood risk management must be stepped up
Modern finely tuned subcontracting and supply chains are extremely susceptible to disturbance. These cause companies bigger and bigger losses, and often the root cause is weather phenomena. Read the article
Supply chain insurance
What do you do if your supply chain breaks down? Modern supply chains may be flexible and cost-effective, but they are also more vulnerable to disruption. Read the article
Consolidating expertise
If establishes competence centres within several areas. Working across borders we can utilise the best of our expertise and skills to the benefit of our clients. Read the article
More and more dangerous cyber attacks in the horizon
Cyber threats are testing companies' risk management. This is a particularly tough test, because a networked threat environment requires a networked defence – and a global threat requires global risk management. Read the article
The digital spare parts project
Risk Consulting magazine has interviewed senior scientist Sini Metsä-Kortelainen from VTT on the results of the digital spare parts project. Read the article
Microplastics - a global risk
Waste material being discharged into the environment through human activities is a common source of global risk. Read the article