From a recent presentation at the Enterprise Risk Management Symposium in Chicago, Max Rudolph, Fellow of the Society of Actuaries (FSA), Chartered Enterprise Risk Analyst (CERA) and owner of Rudolph Financial Consulting LLC, discussed key findings on the pandemic in relation to the 1918 outbreak.
Focusing on the risks to businesses from a pandemic, Rudolph recommends companies put preparedness plans in place not only for today, but also for the next six to nine months, taking a more long-term, comprehensive look at managing risks. Rudolph stated that the pandemic's effect on the supply-chain could become a huge issue as it involves healthcare, food and energy services.
Rudolph also noted several key tips for businesses in dealing with the pandemic impact:
* Communication: Be part of the solution in advance and think about pay/absentee policies so employees/customers are not surprised.
* Liquidity: Have currency and credit on hand that can be pulled when times are bad. Be prepared to be flexible that customers might be cash strapped. Maintain relationships with multiple bank locations in case one is unavailable.
* Redundancy: Use more than one supplier if possible. Think about short-term solutions if employees are unavailable because they or their family are sick.
* Enterprise-wide Risk Management: Businesses should think about combinations of risks. A pandemic in combination with other emerging risks could create additional complexities.
An audio recording of clips from Rudolph's pandemic presentation is available on the SOA Newsroom at: http://www.soa.org/news-and-publications/newsroom/erm.
About Actuaries
Actuaries bring a complex future into focus by applying unique insight to risk and opportunity. Known for their comprehensive approach, actuaries enable smart, more confident decisions.
http://news.prnewswire.com/DisplayR...STORY=/www/story/06-12-2009/0005042862&EDATE=
Focusing on the risks to businesses from a pandemic, Rudolph recommends companies put preparedness plans in place not only for today, but also for the next six to nine months, taking a more long-term, comprehensive look at managing risks. Rudolph stated that the pandemic's effect on the supply-chain could become a huge issue as it involves healthcare, food and energy services.
Rudolph also noted several key tips for businesses in dealing with the pandemic impact:
* Communication: Be part of the solution in advance and think about pay/absentee policies so employees/customers are not surprised.
* Liquidity: Have currency and credit on hand that can be pulled when times are bad. Be prepared to be flexible that customers might be cash strapped. Maintain relationships with multiple bank locations in case one is unavailable.
* Redundancy: Use more than one supplier if possible. Think about short-term solutions if employees are unavailable because they or their family are sick.
* Enterprise-wide Risk Management: Businesses should think about combinations of risks. A pandemic in combination with other emerging risks could create additional complexities.
An audio recording of clips from Rudolph's pandemic presentation is available on the SOA Newsroom at: http://www.soa.org/news-and-publications/newsroom/erm.
About Actuaries
Actuaries bring a complex future into focus by applying unique insight to risk and opportunity. Known for their comprehensive approach, actuaries enable smart, more confident decisions.
http://news.prnewswire.com/DisplayR...STORY=/www/story/06-12-2009/0005042862&EDATE=