Home > Employee Benefits, Property & Casualty > WGA announces the Top Ten Risk Management issues for 2014

WGA announces the Top Ten Risk Management issues for 2014

riskTop10What will be the risk management stories in 2014? Risk managers and insurers are well underway preparing to mitigate new and emerging industry trends and challenges. We take a look at some of the biggest issues facing companies over the coming year and what we think will pose a threat to their business:

  1. Social Media Risk: New areas of risk continue to come to light each day, from securities litigation risk for CEO’s tweets to Facebook boycotts of Snapchat videos. With each new social media platform comes a host of risk issues.
  2. Digital Currencies: As Bitcoin filters into conversation and acceptance, its risks multiply.
  3. Biometric Risks: It’s not just about IRS scans and fingerprint security for an iPhone – biometrics will be built into many electronics in the coming year and will generate new risks.
  4. Flood Insurance: Risk managers cannot avoid headaches – coming from endangered wetland loss, to NFIP rate increases and new flood maps. The area of property and flood risk will surely continue to cause many problems in 2014.
  5. Internet of Things: Stovetops with built-in tablets computers, pets connected to the internet, cameras everywhere – its all adds up to an expansion of risks into the land of computer products that were so much simpler way back in 2013.
  6. Enterprise Risk Management: The traumas suffered in the banking industry’s regulatory environment are now spreading some concern about ERM to other industries. We will be sure to hear more organizations turning to this risk management methodology to deal with the fallout.
  7. Terrorism Risk: TRIA is set to expire on December 31, 2014 and there is every reason to expect another partisan long-knife battle over its extension.
  8. Jobs Act: IPO Activity ignites fear of a new bubble…but will it end in a new explosion of securities litigation?
  9. Talent Management: Everyone wants to attract the best team, but today it’s about doing more with less.
  10. Legalization of Marijuana: The recent legalization poses many questions for the insurance industry. Will prescriptions be covered for Workers Comp Disability? Can you still punish employees who test positive for pot? This area of risk has just begun to develop and will continue to do so in the coming year.

These are just a few important questions to consider when aiming to effectively manage your companies risks this year. We encourage you to discuss the impact of these and other risks with our team.


About the Author

Phil Edmundson is the Chairman and CEO of William Gallagher Associates, insurance brokers and consultants for businesses with over 30 years in the insurance industry. He manages strategy, talent acquisition and development, and management / acquisitions at WGA.

617.646.0229 | PEdmundson@wgains.com | Connect with Phil on LinkedIn |
Follow Phil @PhilEdmundson

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