Feb. 21, 2013

Expanded HIPAA requirements may affect your business
The Lane Report
Any business working with health care providers, ranging from law firms, to accountants, to data processing businesses, to electronic health record providers, is now directly responsible under the Health Insurance Portability and Accountability Act for the implementation of privacy and security measures to protect personal health information. Businesses working with healthcare providers are known as business associates. In a snowball effect, each of these business associates must then require any of its subcontractors to also comply with the applicable required privacy and security rules. More

Risk management expert says 5 issues could make next airline crash worst ever
Omega Systems Group Incorporated Chairman Vernon Grose, a former member of the National Transportation Safety Board, applauds recent advances in airline safety but warns that serious risks still exist. He points out four differences between "safety" and being "risk-free" and identifies five serious issues that could easily make the next crash the worst ever, exceeding 1,000 deaths.More

Why you should benchmark your supply chain
Business 2 Community
Identifying areas of improvement in a supply chain and making efforts to tackle them is a continuous process. One of the methods to do this is through a series of benchmarking tests, which allows the organization to identify those areas and prioritize the effort. These areas can be productivity, inventory positioning, inventory efficiency, supplier performance and supply chain risk.More

An executive order to prevent discrimination against LGBT workers
Center for American Progress
Under federal law it is entirely legal to fire someone based on his or her sexual orientation or gender identity. At the same time, lesbian, gay, bisexual, and transgender — or LGBT — Americans report widespread discrimination in the workplace, which forces many of them into the ranks of the unemployed and leaves them without an income to pay the mortgage, buy groceries, and otherwise make ends meet. Workplace discrimination is not only a problem for workers — it also presents problems for businesses by introducing inefficiencies and costs that cut into profits and undermine businesses’ bottom lines.More

Just-in-time shipping, manufacturing gaining popularity
The Strategic Sourceror
While some businesses may find it beneficial to get ahead in some regards, others are finding it cost effective and more productive to have some of their processes employ "just-in-time" strategies. This style of manufacturing and shipping has been growing more popular in recent years, and it's proving it can provide business cost reductions, smoother operations and better risk management strategies to those who test it.More

Companies concerned about legal risk of social media, but not enough to act
Business 2 Community
Last year the Altimeter group released some research into the key fears executives had when using, or not using, social media. The four biggest risks identified were: Damage to brand reputation, releasing confidential information, legal violations and ID theft. Some new research, conducted by agency Immediate Future, of U.K. companies supports this perception, with legal concerns topping the list of what executives are worried about. Despite this concern however, many are still not regarding mitigating this risk as a priority.More

Looking to share your expertise?
In an effort to enhance the overall content of RiskWire, we'd like to include peer-written articles in future editions. As a member of RIMS, your knowledge and experience in the industry can be of great help to your fellow members. And we're hoping you'll share this expertise with your peers through well-written commentary. Because of the digital format, there's no word or graphical limit, and our group of talented editors can help with final edits. If you're interested in participating, please contact Ronnie Richard to discuss logistics.More

Incorporating cloud-based recovery into business continuity plans
The Data Center Journal
Enterprises and governments are challenged by operational risks to their often complex and mission-critical IT environments. As businesses and IT become more tightly integrated than ever, forward-looking organizations understand the importance of maintaining IT-based business processes. As IT-dependent processes become more critical to the enterprise, downtime and data loss are less and less acceptable. Traditional recovery times — typically 24 to 72 hours from a most-recent tape backup — are inadequate for most important enterprise applications.More

10 easy steps to implement enterprise risk management
Risk Management Magazine
The Risk and Insurance Management Society defines enterprise risk management as a discipline, not in the sense of punishment, but as the mastery and continued maturation of risk competencies. Essentially, ERM is all about building risk management capabilities throughout the organization.More

The growing BYOD problem
Nearly 3 out of 5 enterprises believe that BYOD represents a growing problem for their organizations, according to a survey of 162 enterprises conducted by Osterman Research on behalf of Dell. While BYOD can improve employee job satisfaction and productivity, it also can cause a number of problems if not managed properly: support for personally owned devices is more difficult than it is for company-supplied devices, the cost of managing mobile devices can increase, content management becomes more difficult, network and application security are placed at higher risk and corporate governance can become very difficult to manage, according to the Osterman report.More

GRC a matter of optimization, alignment
Approaching governance, risk and compliance matters may seem daunting, but companies are already managing some form of GRC processes without even realizing it. This is according to Gennaro Scalo, EMEA GRC lead for RSA, the Security Division of EMC, who says effective GRC can be seen as a big problem and a big project. However, most organizations already have GRC processes in place.More

USDA report: Climate change threatens US agriculture
International Business Times
American farmers and ranchers are facing increasing risks to their livelihoods as a result of climate change, according to a recent report from the U.S. Department of Agriculture. "Climate change poses unprecedented challenges to U.S. agriculture because of the sensitivity of agricultural productivity and costs to changing climate conditions," the report said.More

S&P remove Residential Re 2011 & 2012 cat bond notes from CreditWatch and affirm
Rating agency Standard & Poor's have resolved the rating uncertainty on two aggregate tranches of catastrophe bond notes from USAA's Residential Reinsurance 2011 Ltd. (Series 2011-1) and Residential Reinsurance 2012 Ltd. (Series 2012-1) transactions. Both tranches had been on CreditWatch since Nov. 6, 2012, due to the potential impact of hurricane Sandy on the cat bonds sponsor USAA. Now the loss estimates have been updated and S&P has resolved the CreditWatch for both tranches.More

Managing organizational risk
Fire Engineering
At a time when public safety personnel must be vigilant in making sure their actions match their highly regarded reputation and intent, there seems to be a surplus of new challenges that could negatively affect the very attributes that define those professions. That's not to say that the need to ensure their continued positive perception in the eyes of the public has ever been a question, but events of the past few years have given concern to a gradual shift in the vision of their meaning and purpose. More

Making tattoos and piercings a workplace issue without breaking the law
Corporate Counsel
Just how far can employers go in acting against workers based on professional image alone? Legal issues related to employee lifestyle are rapidly changing, and lifestyle discrimination suits are catching many employers off-guard. The following advises businesses on a range of thorny labor and employment issues, including how to address self-expression in the workplace.More