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“ A ship is safe in harbor, but that’s not what ships are for.” William Shedd
Hurricane Katrina formed over the Bahamas on August 23, 2005. One week later Hurricane Katrina would decimate the United States Gulf Coast Region. In Louisiana, the flood protection system in New Orleans failed in 53 different places. Nearly every levee in metro New Orleans breached as Hurricane Katrina passed subsequently flooding 80% of the city. At least 1,836 people lost their lives in Hurricane Katrina and in the subsequent floods, making it the deadliest U.S. hurricane since 1928. The storm is estimated to have been responsible for $81.2 billion in damage, making it the costliest natural disaster in U.S. history.
New Orleans, Louisiana, United States 29 °58 N 90°03 W August 31, 2005
How is giving away $20 million of shareholder money part of a well constructed Enterprise Risk Management program? ERM is a comprehensive view of risk from both operational and strategic perspectives and is a process that supports the reduction of uncertainty and promotes the exploitation of opportunities. What is Enterprise Risk Management?
Audit Legal Financial Strategic Operational Safety Civil Criminal Regulatory Contracts Interest Rates F/X Insurance/ Financing Brand Reputation Service Alliances Technology Information Security Continuity Safety Security Employee Benefits Financial Controls Process Risks Fraud Cross Functional View of Risks
0 .5 1 Probability of Loss Severity of Loss ¥ € $ Risk Management Matrix Transfer / Insurance Retention / Self Insurance Retention / Loss Control Avoidance / Hedged
39.99 °N 75.14°W Philadelphia, Pennsylvania, United States
<ul><li>Started at 8:30 pm on the 22 nd floor due to rags soaked in linseed oil left by a contractor. </li></ul><ul><li>Fire burned for 19 hours. </li></ul><ul><li>Caused over $100 million in property loss. </li></ul><ul><li>Meridian Bank resumed operations within 2 business days </li></ul>One Meridian Plaza Philadelphia Pennsylvania February 23, 1991
Chicago, Illinois, United States 41.53 °N, 87.39° W Autumn, 1982
<ul><li>7 people in the Chicago Area died after ingesting Extra Strength Tylenol laced with potassium cyanide poison. </li></ul><ul><li>Market share dropped from 35% to 8% </li></ul>Tylenol Scare Chicago, Illinois Autumn, 1982
Global Risk Management Survey 2007 Based on responses from 320 organizations in 29 countries. Participating organizations have annual revenues of $ 1 billion or greater. Survey includes a broad range of industry sectors in the Americas, Europe and Asia/Pacific.