This document is a benchmark report for the retail trade/wholesale trade industry grouping from a global risk management survey. It provides data on 126 respondents from this industry. The data includes information on the respondents' regions, company types, employee counts, revenues, number of countries operated in, and roles of individuals providing the survey answers. It also identifies the top ten risks for these organizations currently and perceived in three years. For each of the top ten risks, it indicates what percentage of organizations have plans or formal reviews in place to address them and what percentage resulted in losses over the past 12 months.
Coronavirus Impact Assessment And Mitigation Strategies In Automobile Industr...SlideTeam
Understanding the impact of coronavirus over various sectors and industry is a crucial part of developing a mitigation strategy for multiple risks. Initially this presentation highlights the overview of the impact of COVID 19 over the entire automobile industry, as it displays key stats such as 15 percent decline in sales of automobile, decrease in global GDP in 1 percent etc. it also highlights the key challenges faced by automobile sector and the optimistic, realistic and pessimistic approach for the recovery of the automobile sector. Once the overview is analyzed the key risks that may affect the automobile sector are carefully studied these risk can be effects on sale and manufacturing due to social distancing, the lower employee productivity due to COVID, the stress in the supply chain sector due to factory closures in China, the impact of recession, unemployment and investment pullback on the economy. Based on carefully analysis of the risks, mitigation strategies to minimize the impact of COVID these strategies can be developed such as risk assessment matrix, developing a business contingency plan, mitigation strategy for OEMs etc. In the end various policies for minimizing risk within the origination and a survey for developing maturity model is taken and implementation plan is developed. https://bit.ly/30wOrGb
Politically connected firms (PCFs) in Lebanon create more jobs than non-PCFs, but also reduce overall job creation in their sectors. The study finds that for every additional PCF in a sector, net job creation is reduced by 6.8% on average in that sector annually. Additionally, PCFs are larger, less productive, pay higher wages, and dominate the sectors they operate in compared to non-PCFs. The negative effect of PCFs on sector job creation is driven by their impact on reducing the growth of non-PCFs through unfair competitive advantages.
Coronavirus Impact Assessment And Mitigation Strategies On Manufacturing Indu...SlideTeam
According to 2018 statistics, manufacturing sector is a major part of economy as it contributes for nearly 16 percent to the global GDP. Today, world is facing severe economic fallout due to coronavirus outbreak. This presentation will allow an organization to address a collection of COVID 19 outbreak impact assessment and mitigation strategies reported in manufacturing industry. Our presentation compromises mainly four sections namely manufacturing industry overview, risk assessment and its impact, how risks are mitigated and risk maturity model survey questionnaire. At first, manufacturing industry overview section will help the organization in addressing coronavirus impact on manufacturing industry in china, impact on manufacturing firms operating in china and impact on global as well as country wise purchasing manager index for manufacturing. Risk assessment and its impact section will cover five major risk caused by coronavirus in manufacturing industry namely disruption due to social distancing, plummeting employee productivity, stressed supply chain, recession, unemployment and investment pullout, economic instability and civic unrest. How risks are mitigated section will help the organization to address measure taken by manufacturing sector to tackle COVID 19 outbreak. Sub headings covered in the section are business impact analysis, risk readiness assessment, risk management plans, business continuity plans, policy management and incident management. Finally, risk maturity model survey questionnaire section will help the organisation to address survey results of questionnaires asked from manufacturers. https://bit.ly/38Cvp5W
The document analyzes Milco's financial performance and competitive position in the aerospace and defense industry. It finds that Milco has higher profitability measures than peers. It recommends that Milco sell its unprofitable Military Facility Construction segment. It also suggests Milco expand its profitable MRO business through acquisition and expand into new international markets.
1) The document provides an analysis of Altria Group Inc., the largest tobacco company in the US. It discusses Altria's subsidiaries, business segments, financial performance, and stock valuation.
2) The analysis finds that Altria's stock is undervalued based on dividend growth and relative valuation models. It recommends a short-term "buy" but long-term "hold" given uncertainties in the tobacco industry.
3) A sensitivity analysis shows Altria's stock price is highly sensitive to changes in terminal growth rate and cost of equity, though a 2% terminal growth rate matches US economic forecasts.
The CFO Survey is firmly established with media and policy makers as an authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major UK corporate users of capital that gauges attitudes to valuations, risk and financing.
To read the full report, visit www.deloitte.co.uk/cfosurvey
The COVID-19 pandemic is having a major financial and operational impact on the industrial manufacturing sector. Many manufacturing jobs cannot be done remotely, and slowed economic activity has reduced demand for industrial products globally. Plant closures and layoffs have already occurred as manufacturers struggle with declining revenues and demand. The crisis has also disrupted global supply chains. Manufacturers face continued pressure and uncertainty as the duration of the pandemic is unknown. They must take steps to ensure workforce safety, financial stability, and supply chain resilience to prepare for a prolonged recovery period.
The document provides a summary of key findings from a survey of UK logistics experts conducted by the Chartered Institute of Logistics and Transport and Statista. It finds:
1) Logistics experts have mixed views on the UK economy and infrastructure but are more negative about political conditions. However, most have a positive outlook on their own company's situation and expect increased turnover over the next 5 years.
2) Customer demands and cost pressures are seen as the most pressing issues, and while companies rate their ability to address customer demands as good, their ability to deal with cost pressures is seen as mediocre.
3) Applicant qualifications and low wages are viewed as the greatest challenges to hiring. The majority
Coronavirus Impact Assessment And Mitigation Strategies In Automobile Industr...SlideTeam
Understanding the impact of coronavirus over various sectors and industry is a crucial part of developing a mitigation strategy for multiple risks. Initially this presentation highlights the overview of the impact of COVID 19 over the entire automobile industry, as it displays key stats such as 15 percent decline in sales of automobile, decrease in global GDP in 1 percent etc. it also highlights the key challenges faced by automobile sector and the optimistic, realistic and pessimistic approach for the recovery of the automobile sector. Once the overview is analyzed the key risks that may affect the automobile sector are carefully studied these risk can be effects on sale and manufacturing due to social distancing, the lower employee productivity due to COVID, the stress in the supply chain sector due to factory closures in China, the impact of recession, unemployment and investment pullback on the economy. Based on carefully analysis of the risks, mitigation strategies to minimize the impact of COVID these strategies can be developed such as risk assessment matrix, developing a business contingency plan, mitigation strategy for OEMs etc. In the end various policies for minimizing risk within the origination and a survey for developing maturity model is taken and implementation plan is developed. https://bit.ly/30wOrGb
Politically connected firms (PCFs) in Lebanon create more jobs than non-PCFs, but also reduce overall job creation in their sectors. The study finds that for every additional PCF in a sector, net job creation is reduced by 6.8% on average in that sector annually. Additionally, PCFs are larger, less productive, pay higher wages, and dominate the sectors they operate in compared to non-PCFs. The negative effect of PCFs on sector job creation is driven by their impact on reducing the growth of non-PCFs through unfair competitive advantages.
Coronavirus Impact Assessment And Mitigation Strategies On Manufacturing Indu...SlideTeam
According to 2018 statistics, manufacturing sector is a major part of economy as it contributes for nearly 16 percent to the global GDP. Today, world is facing severe economic fallout due to coronavirus outbreak. This presentation will allow an organization to address a collection of COVID 19 outbreak impact assessment and mitigation strategies reported in manufacturing industry. Our presentation compromises mainly four sections namely manufacturing industry overview, risk assessment and its impact, how risks are mitigated and risk maturity model survey questionnaire. At first, manufacturing industry overview section will help the organization in addressing coronavirus impact on manufacturing industry in china, impact on manufacturing firms operating in china and impact on global as well as country wise purchasing manager index for manufacturing. Risk assessment and its impact section will cover five major risk caused by coronavirus in manufacturing industry namely disruption due to social distancing, plummeting employee productivity, stressed supply chain, recession, unemployment and investment pullout, economic instability and civic unrest. How risks are mitigated section will help the organization to address measure taken by manufacturing sector to tackle COVID 19 outbreak. Sub headings covered in the section are business impact analysis, risk readiness assessment, risk management plans, business continuity plans, policy management and incident management. Finally, risk maturity model survey questionnaire section will help the organisation to address survey results of questionnaires asked from manufacturers. https://bit.ly/38Cvp5W
The document analyzes Milco's financial performance and competitive position in the aerospace and defense industry. It finds that Milco has higher profitability measures than peers. It recommends that Milco sell its unprofitable Military Facility Construction segment. It also suggests Milco expand its profitable MRO business through acquisition and expand into new international markets.
1) The document provides an analysis of Altria Group Inc., the largest tobacco company in the US. It discusses Altria's subsidiaries, business segments, financial performance, and stock valuation.
2) The analysis finds that Altria's stock is undervalued based on dividend growth and relative valuation models. It recommends a short-term "buy" but long-term "hold" given uncertainties in the tobacco industry.
3) A sensitivity analysis shows Altria's stock price is highly sensitive to changes in terminal growth rate and cost of equity, though a 2% terminal growth rate matches US economic forecasts.
The CFO Survey is firmly established with media and policy makers as an authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major UK corporate users of capital that gauges attitudes to valuations, risk and financing.
To read the full report, visit www.deloitte.co.uk/cfosurvey
The COVID-19 pandemic is having a major financial and operational impact on the industrial manufacturing sector. Many manufacturing jobs cannot be done remotely, and slowed economic activity has reduced demand for industrial products globally. Plant closures and layoffs have already occurred as manufacturers struggle with declining revenues and demand. The crisis has also disrupted global supply chains. Manufacturers face continued pressure and uncertainty as the duration of the pandemic is unknown. They must take steps to ensure workforce safety, financial stability, and supply chain resilience to prepare for a prolonged recovery period.
The document provides a summary of key findings from a survey of UK logistics experts conducted by the Chartered Institute of Logistics and Transport and Statista. It finds:
1) Logistics experts have mixed views on the UK economy and infrastructure but are more negative about political conditions. However, most have a positive outlook on their own company's situation and expect increased turnover over the next 5 years.
2) Customer demands and cost pressures are seen as the most pressing issues, and while companies rate their ability to address customer demands as good, their ability to deal with cost pressures is seen as mediocre.
3) Applicant qualifications and low wages are viewed as the greatest challenges to hiring. The majority
The fourth of its kind since 2007, this biennial survey helps companies stay abreast of emerging issues and learn what their peers are doing to manage risks and capture opportunities
This survey covers the following topics:
Top risk concerns facing companies today and in the future
How companies identify and assess risk
Approach to risk management and board involvement
Risk management functions
Insurance markets
Risk financing
Global programs
Captives
This document discusses strategic analysis of the external environment. It provides an overview of tools for assessing the nature of the organization's environment and scanning environmental influences. These include analyzing the general, industry, and competitive environments. Key frameworks covered are PESTEL analysis, Porter's five forces, and the SWOT analysis. SWOT involves identifying internal strengths and weaknesses and external opportunities and threats. It is used to formulate strategies by matching strengths to opportunities and threats, and weaknesses to opportunities and threats.
SCL Event - Louis Ferretti - IBM - Project Executive, Product Environmental ...Global Business Intel
1) The document discusses managing risks in globalized supply chains and the importance of assessing supplier and supply chain risks.
2) It provides an overview of IBM's approach to supply chain risk management, including their total risk assessment tool, risk mitigation planning, and ongoing monitoring.
3) Managing supply chain risks is important for business continuity as disruptions can impact revenue and profits. A systematic approach is needed to identify, assess, and address risks.
Why a Unified Approach to Critical Event Management Improves Operational Resi...Doreen Loeber
This document discusses the benefits of taking a unified approach to critical event management. It finds that over 40% of organizations suffer 2 or more critical events per year, which impact safety, operations, and revenue. However, less than 1/3 of organizations have optimized critical event response tools and procedures. Siloed teams and slow response are common challenges. Adopting a unified critical event management approach can mitigate impacts by improving coordination, response times, and defined roles. Companies report benefits like faster resolution times and improved workflows. However, few organizations formally track key metrics like time to detect, respond and recover from incidents. The Everbridge critical event management maturity model aims to improve resilience through a common operating platform.
Aon Retail & Wholesale Inperspective Nov 2016Graeme Cross
A rapidly shifting social, business, political and economic environment is placing UK retailers on continuous watch as they adapt and react to new threats and challenges.
Historic risk management norms like crime and security are giving way to external threats in the registers of modern companies; but many of these are intangible such as protecting brand equity and are often considered very hard to measure or mitigate.
Meanwhile the increasing influence of technology affects almost every corner of the industry from distribution and the way shoppers interact with a brand; to the supply chain and its continuing search for peak efficiency.
As a result, technology, rather than store networks or stock, is becoming one of the single greatest assets and vulnerabilities identified by the industry’s risk management community.
The document summarizes key concepts from Chapter 3 of a strategic management textbook. It outlines the external assessment process, including analyzing industrial organization forces, social/demographic trends, economic/political factors, technological changes, and competitive forces using models like Porter's Five Forces. Key steps are identifying opportunities/threats, performing an external audit using various sources, and creating matrices like the EFE and CPM to evaluate external factors and competitors.
Emerging supply chain risks how will you control themLarry Smith
This document discusses how to control supply chain risks. It defines supply chain risk as something that can go out of control and impact a business. It explains that supply chain risk controls are important to minimize current and future disruptions because risks in one part of the supply chain can quickly spread and affect other stakeholders. The document outlines how to develop a risk control and monitoring framework that identifies risks, assesses them, implements controls, monitors thresholds, evaluates causes and effects of risks, and communicates violations.
Emerging supply chain risks. How will you control them?Larry Smith
1) The document discusses how to control supply chain risks. It defines supply chain risk and explains why controlling risks is important to minimize disruptions.
2) It describes the difference between risk identification/assessment and risk control/monitoring. It also outlines how to develop a risk control and monitoring framework.
3) The framework involves capturing risk data, implementing control processes, monitoring risks, evaluating risks, and communicating risks to stakeholders. It requires the right skills, processes, technologies, and frameworks to achieve control over supply chain risks.
The document provides information on marketing opportunities for environmental, health, and safety (EHS) publications from BLR Media, including details on:
- The EHS publications which reach over 150,000 subscribers across safety and environmental newsletters and websites.
- The engaged audience of EHS decision-makers at large companies that the publications target.
- Various sponsorship and advertising opportunities available across the publications' newsletters, websites, events, and custom content.
The document discusses a PESTLE analysis framework for analyzing a company's macroenvironment. PESTLE stands for Political, Economic, Sociocultural, Technological, Legal, and Environmental factors that can impact a business from outside. It provides a template to analyze opportunities and threats from each of these external factors on a company's operations and strategy.
How will you control your emerging supply chain risks without extra slidesLarry Smith
1) The document discusses how to control risks in a supply chain. It defines supply chain risk and explains why controlling risks is important to minimize disruptions.
2) It describes how risks flow through a supply chain and provides an example using the food industry. Both operational and risk information must flow between all entities.
3) The document outlines how to develop a risk control and monitoring framework including using risk technologies, implementing risk-focused processes, and developing skills in risk analysis, monitoring, and communication. It provides examples of how each component contributes to managing supply chain risks.
The document provides an overview of key topics related to business environment including:
- Internal and external factors that comprise the business environment
- Micro and macro environmental factors such as economic conditions, technology, competition, and regulations
- Tools for analyzing opportunities and threats like PEST analysis, SWOT analysis, and competitive indexes
- India's ranking in global competitiveness and the ranking of competitive cities within India based on factors like infrastructure and skilled workforce.
The document provides an overview of key topics related to business environment including economic factors, socio-cultural factors, technological factors, macroeconomic environment, financial environment, industrial environment, characteristics of business, Indian companies in the Fortune 500 list, government control, diversification strategies, globalization, nature of competition, business challenges, internal and external environment, micro and macro environment, economic and non-economic factors, tools for analyzing the environment like PEST analysis and SWOT analysis, relevance of WTO for Indian companies, and rankings of most competitive cities in India.
The document outlines key concepts from Chapter 3 of Strategic Management: Concepts and Cases including performing an external audit to identify opportunities and threats. It discusses evaluating economic, social/demographic, political/legal, technological, and competitive forces using tools like Porter's Five Forces model and the External Factor Evaluation matrix. The purpose is to understand the external environment and its impact on an organization's strategy.
Air Pollution Control Systems Market PPT 2024: Size, Growth, Demand and Forec...IMARC Group
The global air pollution control systems market size reached US$ 84.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 150.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032.
More Info:- https://www.imarcgroup.com/air-pollution-control-systems-market
Andrew Kakabadse, Paul Moore and Dominic Carter gave this presentation on a risk survey they conducted at Risk Minds, the world's largest risk management conference on 8th December 2009.
Findings include:
- executives to blame for financial crisis
- cultural problem at banks NOT a regulatory problem (the cost to benefit of risk taking is not weighted correctly;
- remuneration too high; culture does not encourage effective change management
- Executives should have a right to tell their side of the story though
- full report due in Jan 2010 so check back at http://www.kakabadse.com
Udit Batra, CEO of Life Science at Merck KGaA, presented at the UBS Global Healthcare Conference in New York on May 23, 2016. Merck KGaA is a leader in the life science industry with a portfolio of three high-tech businesses: Life Science, Performance Materials, and Healthcare. The integration of the Sigma-Aldrich acquisition is on track to deliver cost synergies while maintaining sales momentum in the Life Science business. Merck KGaA expects mid-single digit organic growth in Life Science in 2016, driven primarily by the Process Solutions business unit.
The document discusses strategies, tactics, and practices for managing risk and opportunity in commercial relationships. It addresses assessing risk through a strategic lens, defining core and non-core activities, and ensuring contracts address key risks. Tactics discussed include commitment management, applying best practices flexibly, and focusing on relationships over contracts alone. The benefits of risk resilience and its links to corporate governance are also covered.
A surety bond is a financial instrument through which an insurance company guarantees the successful performance of an Aon
client to a third party, known as a beneficiary or employer. It is a written agreement that provides compensation in the event
that specified obligations are not performed within a stated period.
More Related Content
Similar to Retail & Wholesale Global Risk Management Survey 2015
The fourth of its kind since 2007, this biennial survey helps companies stay abreast of emerging issues and learn what their peers are doing to manage risks and capture opportunities
This survey covers the following topics:
Top risk concerns facing companies today and in the future
How companies identify and assess risk
Approach to risk management and board involvement
Risk management functions
Insurance markets
Risk financing
Global programs
Captives
This document discusses strategic analysis of the external environment. It provides an overview of tools for assessing the nature of the organization's environment and scanning environmental influences. These include analyzing the general, industry, and competitive environments. Key frameworks covered are PESTEL analysis, Porter's five forces, and the SWOT analysis. SWOT involves identifying internal strengths and weaknesses and external opportunities and threats. It is used to formulate strategies by matching strengths to opportunities and threats, and weaknesses to opportunities and threats.
SCL Event - Louis Ferretti - IBM - Project Executive, Product Environmental ...Global Business Intel
1) The document discusses managing risks in globalized supply chains and the importance of assessing supplier and supply chain risks.
2) It provides an overview of IBM's approach to supply chain risk management, including their total risk assessment tool, risk mitigation planning, and ongoing monitoring.
3) Managing supply chain risks is important for business continuity as disruptions can impact revenue and profits. A systematic approach is needed to identify, assess, and address risks.
Why a Unified Approach to Critical Event Management Improves Operational Resi...Doreen Loeber
This document discusses the benefits of taking a unified approach to critical event management. It finds that over 40% of organizations suffer 2 or more critical events per year, which impact safety, operations, and revenue. However, less than 1/3 of organizations have optimized critical event response tools and procedures. Siloed teams and slow response are common challenges. Adopting a unified critical event management approach can mitigate impacts by improving coordination, response times, and defined roles. Companies report benefits like faster resolution times and improved workflows. However, few organizations formally track key metrics like time to detect, respond and recover from incidents. The Everbridge critical event management maturity model aims to improve resilience through a common operating platform.
Aon Retail & Wholesale Inperspective Nov 2016Graeme Cross
A rapidly shifting social, business, political and economic environment is placing UK retailers on continuous watch as they adapt and react to new threats and challenges.
Historic risk management norms like crime and security are giving way to external threats in the registers of modern companies; but many of these are intangible such as protecting brand equity and are often considered very hard to measure or mitigate.
Meanwhile the increasing influence of technology affects almost every corner of the industry from distribution and the way shoppers interact with a brand; to the supply chain and its continuing search for peak efficiency.
As a result, technology, rather than store networks or stock, is becoming one of the single greatest assets and vulnerabilities identified by the industry’s risk management community.
The document summarizes key concepts from Chapter 3 of a strategic management textbook. It outlines the external assessment process, including analyzing industrial organization forces, social/demographic trends, economic/political factors, technological changes, and competitive forces using models like Porter's Five Forces. Key steps are identifying opportunities/threats, performing an external audit using various sources, and creating matrices like the EFE and CPM to evaluate external factors and competitors.
Emerging supply chain risks how will you control themLarry Smith
This document discusses how to control supply chain risks. It defines supply chain risk as something that can go out of control and impact a business. It explains that supply chain risk controls are important to minimize current and future disruptions because risks in one part of the supply chain can quickly spread and affect other stakeholders. The document outlines how to develop a risk control and monitoring framework that identifies risks, assesses them, implements controls, monitors thresholds, evaluates causes and effects of risks, and communicates violations.
Emerging supply chain risks. How will you control them?Larry Smith
1) The document discusses how to control supply chain risks. It defines supply chain risk and explains why controlling risks is important to minimize disruptions.
2) It describes the difference between risk identification/assessment and risk control/monitoring. It also outlines how to develop a risk control and monitoring framework.
3) The framework involves capturing risk data, implementing control processes, monitoring risks, evaluating risks, and communicating risks to stakeholders. It requires the right skills, processes, technologies, and frameworks to achieve control over supply chain risks.
The document provides information on marketing opportunities for environmental, health, and safety (EHS) publications from BLR Media, including details on:
- The EHS publications which reach over 150,000 subscribers across safety and environmental newsletters and websites.
- The engaged audience of EHS decision-makers at large companies that the publications target.
- Various sponsorship and advertising opportunities available across the publications' newsletters, websites, events, and custom content.
The document discusses a PESTLE analysis framework for analyzing a company's macroenvironment. PESTLE stands for Political, Economic, Sociocultural, Technological, Legal, and Environmental factors that can impact a business from outside. It provides a template to analyze opportunities and threats from each of these external factors on a company's operations and strategy.
How will you control your emerging supply chain risks without extra slidesLarry Smith
1) The document discusses how to control risks in a supply chain. It defines supply chain risk and explains why controlling risks is important to minimize disruptions.
2) It describes how risks flow through a supply chain and provides an example using the food industry. Both operational and risk information must flow between all entities.
3) The document outlines how to develop a risk control and monitoring framework including using risk technologies, implementing risk-focused processes, and developing skills in risk analysis, monitoring, and communication. It provides examples of how each component contributes to managing supply chain risks.
The document provides an overview of key topics related to business environment including:
- Internal and external factors that comprise the business environment
- Micro and macro environmental factors such as economic conditions, technology, competition, and regulations
- Tools for analyzing opportunities and threats like PEST analysis, SWOT analysis, and competitive indexes
- India's ranking in global competitiveness and the ranking of competitive cities within India based on factors like infrastructure and skilled workforce.
The document provides an overview of key topics related to business environment including economic factors, socio-cultural factors, technological factors, macroeconomic environment, financial environment, industrial environment, characteristics of business, Indian companies in the Fortune 500 list, government control, diversification strategies, globalization, nature of competition, business challenges, internal and external environment, micro and macro environment, economic and non-economic factors, tools for analyzing the environment like PEST analysis and SWOT analysis, relevance of WTO for Indian companies, and rankings of most competitive cities in India.
The document outlines key concepts from Chapter 3 of Strategic Management: Concepts and Cases including performing an external audit to identify opportunities and threats. It discusses evaluating economic, social/demographic, political/legal, technological, and competitive forces using tools like Porter's Five Forces model and the External Factor Evaluation matrix. The purpose is to understand the external environment and its impact on an organization's strategy.
Air Pollution Control Systems Market PPT 2024: Size, Growth, Demand and Forec...IMARC Group
The global air pollution control systems market size reached US$ 84.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 150.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032.
More Info:- https://www.imarcgroup.com/air-pollution-control-systems-market
Andrew Kakabadse, Paul Moore and Dominic Carter gave this presentation on a risk survey they conducted at Risk Minds, the world's largest risk management conference on 8th December 2009.
Findings include:
- executives to blame for financial crisis
- cultural problem at banks NOT a regulatory problem (the cost to benefit of risk taking is not weighted correctly;
- remuneration too high; culture does not encourage effective change management
- Executives should have a right to tell their side of the story though
- full report due in Jan 2010 so check back at http://www.kakabadse.com
Udit Batra, CEO of Life Science at Merck KGaA, presented at the UBS Global Healthcare Conference in New York on May 23, 2016. Merck KGaA is a leader in the life science industry with a portfolio of three high-tech businesses: Life Science, Performance Materials, and Healthcare. The integration of the Sigma-Aldrich acquisition is on track to deliver cost synergies while maintaining sales momentum in the Life Science business. Merck KGaA expects mid-single digit organic growth in Life Science in 2016, driven primarily by the Process Solutions business unit.
The document discusses strategies, tactics, and practices for managing risk and opportunity in commercial relationships. It addresses assessing risk through a strategic lens, defining core and non-core activities, and ensuring contracts address key risks. Tactics discussed include commitment management, applying best practices flexibly, and focusing on relationships over contracts alone. The benefits of risk resilience and its links to corporate governance are also covered.
Similar to Retail & Wholesale Global Risk Management Survey 2015 (20)
A surety bond is a financial instrument through which an insurance company guarantees the successful performance of an Aon
client to a third party, known as a beneficiary or employer. It is a written agreement that provides compensation in the event
that specified obligations are not performed within a stated period.
With an ever-changing political scene and limited time left to conclude the negotiations for the United Kingdom’s (UK) exit from the European Union (EU), attention is now beginning to turn to the potential consequences of Brexit. This paper discusses the issues that insurers face and considers the interplay between insurers’ contractual obligation to continue to service policies (including paying claims) versus the practical impact that local regulation might have on their ability to do so.
The document introduces Aon's BioEnergy practice and the solutions it provides clients in the biomass and energy from waste industries. It outlines Aon's BioGen facility, which offers a seamless insurance product covering the project lifecycle with a focus on risk engineering and fire protection. It also describes Aon's risk consulting services, benchmarking and analytics tools, expertise in policy wordings, and online knowledge sharing portal. The goal is to help clients in this specialized industry reduce risks and insurance costs.
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The new IFRS 9 rules effective January 2018, and equivalent US GAAP standards (ASU 2016-13) effective in 2019, are aimed at
increasing the accuracy and transparency of how credit risk is represented on a company’s Balance Sheet and P&L. Both new
standards include requirements around the use of both historic as well as forward looking credit information in order to calculate
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Aon’s cyber capabilities can support organisations in embracing
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Reducing an organisation’s property total cost of risk
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property and business interruption risk management
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and analytical tools to quantify risk exposure. By
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indicators, Aon Property Laser helps organisations
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insurance policy work more effectively should a loss
occur. Our property experts benchmark pre-loss and
post-loss risk management practices, activities and
results, to help assess and optimise an organisation’s
property risk profile.
Many businesses and governments have been reporting on environmental and climate data for over 15 years now, but the way they do is set to change. Following the UN’s Paris
Agreement to address climate risk by cutting greenhouse gas emissions, financial regulators are increasingly concerned about the systemic risks that climate change poses to the financial
system. After the 2008 financial crisis, regulators do not want any disorderly transitions in the market due to a misallocation of capital
Aon has developed a proprietary diagnostic tool to help risk leaders quickly assess their organization’s global supply chain exposures across a variety of key marketplace supply chain indicators.
In the complex and dynamic global risk environment, risk managers play an increasingly vital role in helping their organizations understand, prioritize and manage critical exposures affecting their operations and supply chains.
Today, along with catastrophic property risks, expanding cyber threats, terrorism, supplier insolvency, product integrity and reputational issues, businesses relying on global supply chains must navigate widening geopolitical challenges brought by rising nationalism.
As business leaders, planning, finance and operations executives strive to anticipate how these developments might affect their cross-border trade relationships, effective and forward-looking supply chain risk management is critical to sound decision-making. Aon’s Supply Chain Diagnostic helps clients flag supply chain vulnerabilities and improve resiliency.
Global supply chain management brochureGraeme Cross
Aon’s Approach to supply chain management recognizes the wide spectrum of risks that can negatively impact our clients’ business operations, some of which are common to all industries and others very specific to a particular segment. We bring efficiency to the process by triaging each client’s specific supply chain needs, and deploying a hand-picked team of specialists that can develop industry specific solutions ranging from risk identification and quantification to tailored risk financing programs and claim resolution strategies.
The Aon Global Client Network is the backbone of Aon Risk Solutions’ international network, connecting clients and colleagues with expertise, counsel and resources available in over 120 countries in which Aon Risk Solutions is represented. Aon’s network is the largest majority owned network, unsurpassed in geographic breadth and depth of talent.
Aon Global Client Network provides risk management, reinsurance, and human resources services globally. It operates through owned, management controlled, correspondent, and coordinated offices across the Americas, Europe, Africa, the Middle East, Asia, and Australasia/Pacific regions serving over 200 countries and territories.
On June 27, 2017, a widespread WannaCry ransomware variant referred to by a number of names, including GoldenEye, Petya, NotPetya, and ExPetr, began impacting computer systems around the world. Similar to the recent WannaCry ransomware attack, victims are being asked to pay a ransom of $300 in bitcoin.
Are you a risk or finance leader of an organization with exposures across multiple territories?
Take our Global Optimization Index survey. The 75 questions are
directly related to international risk management and will help you to measure your company’s risk management practices as compared to Aon’s best practice standards and find areas of focus to enhance the performance of your multinational risk management approach.
Aon’s continually growing directory of intellectual capital provides the latest insights into innovative ways of identifying, quantifying, and managing a wide range of current and emerging risks.
Aon’s guide to Political Risk, Terrorism & Political Violence
The Political Risk Map primarily focuses on economic and fiscal risks, specifically in emerging economies, while the Terrorism and Political Violence Map consider issues such as civil commotion and war and has a global focus.
While comparisons are possible across the two maps and certain countries will be affected by both sets of perils, these are two specific risks with accompanying sub-sets of perils that help to establish ratings for each country.
Together these maps are helping our clients to better understand the challenges facing them when operating in diverse, international geographies. We would welcome the opportunity to discuss these challenges in more detail with you and explain how Aon’s Crisis Management teams can help identify, manage and mitigate risks to help insulate your people, assets and operations wherever they are located in the world.
Environmental insurance market status Q1 2017Graeme Cross
This paper provides an update on the status of the marketplace for environmental insurance as of early 2017. It starts with a look at the environmental risks associated with a number of common industrial, commercial and institutional activities, and then considers various aspects of the marketplace, with a look at the insurance companies that sell environmental coverage, a review of who buys it and what is new in the market for this year.
Global Cyber Market Overview June 2017Graeme Cross
The document provides an overview of the global cyber insurance market, including:
- The cyber insurance market is still in its infancy globally but has grown significantly in recent years, especially in the US where it is estimated to be worth $1.5 billion in 2015.
- The largest market is the US, driven by data breach legislation, high-profile cyber attacks increasing awareness, and demand from companies storing personal data.
- The upcoming European GDPR regulation coming into effect in 2018 is expected to be a major driver for the growing but still relatively nascent European cyber insurance market.
- Various industries like retail, healthcare, and financial institutions are among the largest buyers of cyber insurance.
Aon GDPR prepare and protect solution placematGraeme Cross
The EU’s General Data Protection
Regulation (GDPR) comes into effect on
the 25th of May 2018, enforcing strict
new measures for any organisation
globally handling the personal data
of EU individuals.
Organisations have steps to take to
comply with GDPR and meet the
ongoing data privacy rights of their
clients and employees.
Failure to comply may result in enforcement
action, including fines of up to €20 million
or 4% of your organisation’s annual
worldwide revenue, whichever is greater.
“The European Union data privacy landscape is about to undergo dramatic change, with lasting enterprise wide implications for the way that organisations handle, protect and use the personal data of EU individuals.
Organisations of all sizes, across all industries, and geographies that process personal data of EU residents need to take steps now to comply with the new EU General Data Protection Regulation by 2018, to satisfy management fiduciary duties
and avoid potentially costly penalties.”
Retail & Wholesale Global Risk Management Survey 2015
1. Benchmark Report for: Industry Grouping -
Retail Trade/ Wholesale Trade
Global Risk
Management Survey
2. Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade (126 Respondents)
General Information
1: Please select the main industry sector that applies to your organization.
Retail Trade/ Wholesale Trade Overall
Agribusiness 0% 2%
Aviation 0% 2%
Banks 0% 4%
Beverages 0% 0%
Chemicals 0% 4%
Conglomerate 0% 1%
Construction 0% 8%
Consumer Goods Manufacturing 0% 4%
Educational and Nonprofits 0% 4%
Food Processing and Distribution 0% 3%
Government 0% 2%
Health Care 0% 5%
Hotels and Hospitality 0% 1%
Insurance, Investment and Finance 0% 7%
Lumber, Furniture, Paper, and Packaging 0% 2%
Machinery and Equipment Manufacturers 0% 4%
Metal Milling and Manufacturing 0% 3%
Natural Resources (Oil, Gas and Mining) 0% 4%
Non-Aviation Transportation Manufacturing 0% 2%
Non-Aviation Transportation Services 0% 4%
Pharmaceuticals and Biotechnology 0% 3%
Printing and Publishing 0% 1%
Professional and Personal Services 0% 5%
Real Estate 0% 3%
Restaurants 0% 1%
Retail Trade 63% 6%
Rubber, Plastics, Stone and Cement 0% 2%
Technology 0% 3%
Telecommunications and Broadcasting 0% 2%
Textiles 0% 0%
Utilities 0% 4%
Wholesale Trade 37% 3%
2: What is the home region of your organization?
Retail Trade/ Wholesale Trade Overall
North America 33% 33%
Europe 51% 46%
Asia Pacific 3% 9%
Latin America 11% 11%
Middle East & Africa 2% 1%
3: Which company type most applies to your organization?
Retail Trade/ Wholesale Trade Overall
Public 39% 35%
Private 57% 52%
Government/Government owned corporation 1% 5%
Not for Profit 0% 6%
Other 3% 2%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 2 GRMS (2015) - Aon Risk Solutions
3. 4: What is your current employee count?
Retail Trade/ Wholesale Trade Overall
0 - 249 27% 23%
250 - 499 5% 8%
500 - 2,499 13% 23%
2,500 - 4,999 6% 12%
5,000 - 14,999 16% 16%
15,000 - 49,999 16% 11%
50,000 + 17% 8%
5: What is your total annual revenue (turnover) for the most recent financial period? (Total Annual Revenue in US Dollars)
Retail Trade/ Wholesale Trade Overall
USD 0 - USD 99M 17% 23%
USD 100M - USD 249M 10% 11%
USD 250M - USD 499M 10% 10%
USD 500M - USD 999M 7% 9%
USD 1BN - USD 1.9BN 6% 8%
USD 2BN - USD 2.9BN 8% 6%
USD 3BN - USD 3.9BN 5% 3%
USD 4BN - USD 4.9BN 2% 3%
USD 5BN - USD 9.9BN 11% 7%
USD 10BN - USD 14.9BN 7% 3%
USD 15BN - USD 19.9BN 2% 1%
USD 20BN - USD 24.9BN 2% 2%
USD 25BN + 10% 4%
Cannot Disclose 4% 6%
6: In how many countries does your organization operate?
Retail Trade/ Wholesale Trade Overall
1 30% 35%
2 - 5 29% 20%
6 - 10 13% 11%
11 - 15 3% 5%
16 - 25 8% 7%
26 - 50 10% 10%
50+ 6% 11%
7: What is the role of the person who is providing the majority of the survey answers?
Retail Trade/ Wholesale Trade Overall
Chief Executive 2% 6%
President 0% 2%
Chief Financial Officer 16% 12%
Treasurer 2% 3%
Company Secretary 1% 1%
Chief Operations Officer 1% 1%
Chief Administration Officer 2% 1%
Chief Risk Officer 5% 8%
Chief Counsel /Head of Legal 3% 3%
Head of Human Resources 1% 1%
Managing Director/Partner 2% 1%
Risk Manager or Insurance Manager 42% 38%
Risk Consultant 2% 2%
Finance Manager 4% 5%
General Business Manager 2% 2%
Other 15% 14%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 3 GRMS (2015) - Aon Risk Solutions
4. Key Risk Issues
8.1: Please review the following risk issues and indicate the TEN KEY RISKS for your organization (No other ranking or prioritization required).
Retail Trade/ Wholesale Trade Overall
Corporate - Corporate social responsibility/sustainability 26 22
Corporate - Damage to reputation/brand 2 Most Frequently Selected 1 Most Frequently Selected
Corporate - Directors & Officers personal liability 21 20
Corporate - Failure to innovate/meet customer needs 6 Most Frequently Selected 6 Most Frequently Selected
Corporate - Growing burden and consequences of corporate
governance/compliance
29 16
Corporate - Loss of intellectual property/data 27 25
Corporate - Failure to implement or communicate strategy 19 26
Corporate - Outsourcing 43 Least Frequently Selected 38
Corporate - Merger/acquisition/restructuring 35 28
Corporate - Joint venture failure 49 Least Frequently Selected 48 Least Frequently Selected
Crime/Security - Terrorism/sabotage 41 41
Crime/Security - Kidnap and ransom/extortion 43 Least Frequently Selected 52 Least Frequently Selected
Crime/Security - Crime/theft/fraud/employee dishonesty 13 24
External Factors - Climate change 45 Least Frequently Selected 45 Least Frequently Selected
External Factors - Commodity price risk 12 11
External Factors - Economic slowdown/slow recovery 3 Most Frequently Selected 2 Most Frequently Selected
External Factors - Globalization/emerging markets 38 36
External Factors - Increasing competition 1 Most Frequently Selected 4 Most Frequently Selected
External Factors - Natural resource scarcity/availability of raw materials 37 40
External Factors - Pandemic risk/health crises 52 Least Frequently Selected 44 Least Frequently Selected
External Factors - Political risk/uncertainties 21 15
External Factors - Regulatory/legislative changes 7 Most Frequently Selected 3 Most Frequently Selected
External Factors - Social media 30 46 Least Frequently Selected
External Factors - Sovereign debt 49 Least Frequently Selected 51 Least Frequently Selected
External Factors - Weather/natural disasters 16 18
External Factors - Accelerated rates of change in market factors and
geopolitical risk environment
31 34
Financial - Asset value volatility 40 42
Financial - Capital availability/credit risk 24 19
Financial - Cash flow/liquidity risk 23 12
Financial - Counter party credit risk 16 27
Financial - Exchange rate fluctuation 14 17
Financial - Interest rate fluctuation 45 Least Frequently Selected 37
Financial - Pension scheme funding 49 Least Frequently Selected 50 Least Frequently Selected
Financial - Share price volatility 41 49 Least Frequently Selected
Human Capital - Absenteeism 45 Least Frequently Selected 47 Least Frequently Selected
Human Capital - Failure to attract or retain top talent 8 Most Frequently Selected 5 Most Frequently Selected
Human Capital - Harassment/discrimination 52 Least Frequently Selected 53 Least Frequently Selected
Human Capital - Inadequate succession planning 31 30
Human Capital - Injury to workers 18 23
Human Capital - Understaffing 45 Least Frequently Selected 43
Human Capital - Unethical behavior 38 38
Human Capital - Workforce shortage 34 32
Human Capital - Aging workforce and related health issues 31 35
IT - Computer crime/hacking/viruses/malicious codes 4 Most Frequently Selected 9 Most Frequently Selected
IT - Lack of technology infrastructure to support business needs 27 31
IT - Technology failure/system failure 9 Most Frequently Selected 13
Operational - Business interruption 10 Most Frequently Selected 7 Most Frequently Selected
Operational - Distribution or supply chain failure 5 Most Frequently Selected 14
Operational - Environmental risk 36 29
Operational - Failure of disaster recovery plan/business continuity plan 24 21
Operational - Property damage 11 10 Most Frequently Selected
Operational - Product recall 19 33
Operational - Third party liability 15 8 Most Frequently Selected
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 4 GRMS (2015) - Aon Risk Solutions
5. 8.2: For each of the ten key risks identified for your organization, please tick whether a plan is in place or a formal review has been undertaken.
Retail Trade/ Wholesale Trade Overall
Corporate - Corporate social responsibility/sustainability 86% 69%
Corporate - Damage to reputation/brand 64% 56%
Corporate - Directors & Officers personal liability 60% 69%
Corporate - Failure to innovate/meet customer needs 71% 60%
Corporate - Growing burden and consequences of corporate
governance/compliance
83% 58%
Corporate - Loss of intellectual property/data 80% 62%
Corporate - Failure to implement or communicate strategy 73% 56%
Corporate - Outsourcing 60% 62%
Corporate - Merger/acquisition/restructuring 75% 62%
Corporate - Joint venture failure 33% 50%
Crime/Security - Terrorism/sabotage 50% 68%
Crime/Security - Kidnap and ransom/extortion 60% 59%
Crime/Security - Crime/theft/fraud/employee dishonesty 76% 69%
External Factors - Climate change 25% 32%
External Factors - Commodity price risk 50% 53%
External Factors - Economic slowdown/slow recovery 40% 39%
External Factors - Globalization/emerging markets 25% 44%
External Factors - Increasing competition 56% 49%
External Factors - Natural resource scarcity/availability of raw materials 30% 51%
External Factors - Pandemic risk/health crises 100% 69%
External Factors - Political risk/uncertainties 36% 39%
External Factors - Regulatory/legislative changes 38% 53%
External Factors - Social media 69% 52%
External Factors - Sovereign debt 0% 46%
External Factors - Weather/natural disasters 69% 56%
External Factors - Accelerated rates of change in market factors and
geopolitical risk environment
33% 44%
Financial - Asset value volatility 43% 53%
Financial - Capital availability/credit risk 64% 68%
Financial - Cash flow/liquidity risk 62% 71%
Financial - Counter party credit risk 62% 76%
Financial - Exchange rate fluctuation 66% 68%
Financial - Interest rate fluctuation 50% 66%
Financial - Pension scheme funding 100% 82%
Financial - Share price volatility 50% 55%
Human Capital - Absenteeism 25% 57%
Human Capital - Failure to attract or retain top talent 60% 60%
Human Capital - Harassment/discrimination 100% 63%
Human Capital - Inadequate succession planning 53% 51%
Human Capital - Injury to workers 86% 86%
Human Capital - Understaffing 25% 46%
Human Capital - Unethical behavior 62% 68%
Human Capital - Workforce shortage 23% 46%
Human Capital - Aging workforce and related health issues 47% 54%
IT - Computer crime/hacking/viruses/malicious codes 82% 82%
IT - Lack of technology infrastructure to support business needs 65% 71%
IT - Technology failure/system failure 89% 84%
Operational - Business interruption 65% 73%
Operational - Distribution or supply chain failure 57% 63%
Operational - Environmental risk 64% 74%
Operational - Failure of disaster recovery plan/business continuity plan 82% 68%
Operational - Property damage 68% 81%
Operational - Product recall 58% 66%
Operational - Third party liability 74% 73%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 5 GRMS (2015) - Aon Risk Solutions
6. 8.3: For each of the ten key risks identified for your organization, please tick those that have resulted in a loss of income in the past 12 months.
Retail Trade/ Wholesale Trade Overall
Corporate - Corporate social responsibility/sustainability 0% 3%
Corporate - Damage to reputation/brand 3% 7%
Corporate - Directors & Officers personal liability 12% 5%
Corporate - Failure to innovate/meet customer needs 38% 25%
Corporate - Growing burden and consequences of corporate
governance/compliance
28% 21%
Corporate - Loss of intellectual property/data 5% 7%
Corporate - Failure to implement or communicate strategy 19% 19%
Corporate - Outsourcing 40% 20%
Corporate - Merger/acquisition/restructuring 17% 11%
Corporate - Joint venture failure 0% 18%
Crime/Security - Terrorism/sabotage 0% 4%
Crime/Security - Kidnap and ransom/extortion 0% 0%
Crime/Security - Crime/theft/fraud/employee dishonesty 70% 45%
External Factors - Climate change 25% 20%
External Factors - Commodity price risk 36% 40%
External Factors - Economic slowdown/slow recovery 51% 46%
External Factors - Globalization/emerging markets 12% 14%
External Factors - Increasing competition 53% 49%
External Factors - Natural resource scarcity/availability of raw 20% 22%
External Factors - Pandemic risk/health crises 0% 10%
External Factors - Political risk/uncertainties 28% 34%
External Factors - Regulatory/legislative changes 21% 28%
External Factors - Social media 6% 7%
External Factors - Sovereign debt 0% 18%
External Factors - Weather/natural disasters 52% 35%
External Factors - Accelerated rates of change in market factors and
geopolitical risk environment
27% 25%
Financial - Asset value volatility 14% 23%
Financial - Capital availability/credit risk 14% 15%
Financial - Cash flow/liquidity risk 38% 20%
Financial - Counter party credit risk 55% 39%
Financial - Exchange rate fluctuation 44% 42%
Financial - Interest rate fluctuation 25% 18%
Financial - Pension scheme funding 33% 27%
Financial - Share price volatility 17% 23%
Human Capital - Absenteeism 50% 41%
Human Capital - Failure to attract or retain top talent 13% 18%
Human Capital - Harassment/discrimination 50% 26%
Human Capital - Inadequate succession planning 13% 5%
Human Capital - Injury to workers 54% 34%
Human Capital - Understaffing 25% 25%
Human Capital - Unethical behavior 38% 22%
Human Capital - Workforce shortage 8% 24%
Human Capital - Ageing workforce and related health issues 27% 21%
IT - Computer crime/hacking/viruses/malicious codes 4% 8%
IT - Lack of technology infrastructure to support business needs 60% 25%
IT - Technology failure/system failure 16% 17%
Operational - Business interruption 18% 22%
Operational - Distribution or supply chain failure 22% 20%
Operational - Environmental risk 27% 13%
Operational - Failure of disaster recovery plan/business continuity plan 0% 4%
Operational - Property damage 37% 36%
Operational - Product recall 31% 27%
Operational - Third party liability 35% 30%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 6 GRMS (2015) - Aon Risk Solutions
7. 8.4: Please indicate what you perceive the TOP FIVE KEY RISKS to your organization will be three (3) years from now (No other ranking or prioritization required)
Retail Trade/ Wholesale Trade Overall
Corporate - Corporate social responsibility/sustainability 22 20
Corporate - Damage to reputation/brand 4 Most Frequently Selected 5 Most Frequently Selected
Corporate - Directors & Officers personal liability 24 34
Corporate - Failure to innovate/meet customer needs 5 Most Frequently Selected 4 Most Frequently Selected
Corporate - Growing burden and consequences of corporate
governance/compliance
22 10 Most Frequently Selected
Corporate - Loss of intellectual property/data 40 28
Corporate - Failure to implement or communicate strategy 14 17
Corporate - Outsourcing 40 39
Corporate - Merger/acquisition/restructuring 27 13
Corporate - Joint venture failure 45 Least Frequently Selected 44 Least Frequently Selected
Crime/Security - Terrorism/sabotage 43 Least Frequently Selected 42
Crime/Security - Kidnap and ransom/extortion 45 Least Frequently Selected 52 Least Frequently Selected
Crime/Security - Crime/theft/fraud/employee dishonesty 14 31
External Factors - Climate change 32 38
External Factors - Commodity price risk 9 Most Frequently Selected 8 Most Frequently Selected
External Factors - Economic slowdown/slow recovery 2 Most Frequently Selected 2 Most Frequently Selected
External Factors - Globalization/emerging markets 34 27
External Factors - Increasing competition 1 Most Frequently Selected 1 Most Frequently Selected
External Factors - Natural resource scarcity/availability of raw 34 40
External Factors - Pandemic risk/health crises 45 Least Frequently Selected 43
External Factors - Political risk/uncertainties 12 9 Most Frequently Selected
External Factors - Regulatory/legislative changes 9 Most Frequently Selected 3 Most Frequently Selected
External Factors - Social media 30 46 Least Frequently Selected
External Factors - Sovereign debt 51 Least Frequently Selected 48 Least Frequently Selected
External Factors - Weather/natural disasters 24 22
External Factors - Accelerated rates of change in market factors and
geopolitical risk environment
30 28
Financial - Asset value volatility 45 Least Frequently Selected 45 Least Frequently Selected
Financial - Capital availability/credit risk 18 18
Financial - Cash flow/liquidity risk 18 13
Financial - Counter party credit risk 16 23
Financial - Exchange rate fluctuation 6 Most Frequently Selected 15
Financial - Interest rate fluctuation 38 37
Financial - Pension scheme funding 45 Least Frequently Selected 51 Least Frequently Selected
Financial - Share price volatility 45 Least Frequently Selected 49 Least Frequently Selected
Human Capital - Absenteeism 43 Least Frequently Selected 50 Least Frequently Selected
Human Capital - Failure to attract or retain top talent 8 Most Frequently Selected 6 Most Frequently Selected
Human Capital - Harassment/discrimination 51 Least Frequently Selected 53 Least Frequently Selected
Human Capital - Inadequate succession planning 24 32
Human Capital - Injury to workers 27 30
Human Capital - Understaffing 40 41
Human Capital - Unethical behavior 51 Least Frequently Selected 47 Least Frequently Selected
Human Capital - Workforce shortage 38 24
Human Capital - Ageing workforce and related health issues 18 25
IT - Computer crime/hacking/viruses/malicious codes 3 Most Frequently Selected 7 Most Frequently Selected
IT - Lack of technology infrastructure to support business needs 18 26
IT - Technology failure/system failure 9 Most Frequently Selected 20
Operational - Business interruption 12 12
Operational - Distribution or supply chain failure 6 Most Frequently Selected 19
Operational - Environmental risk 34 35
Operational - Failure of disaster recovery plan/business continuity plan 32 33
Operational - Property damage 27 16
Operational - Product recall 34 35
Operational - Third party liability 16 11
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 7 GRMS (2015) - Aon Risk Solutions
8. Major Risk Assessment
9: What is the primary method(s) you use to IDENTIFY the major risks facing your organization?
Retail Trade/ Wholesale Trade Overall
Structured enterprise-wide risk identification process 40% 46%
Board and/or management discussion of risk during annual planning, risk
assessment or other processes
49% 63%
Senior management judgement and experience 63% 62%
Risk information from other function-led processes (e.g. internal audit,
disclosure, compliance, etc.)
47% 54%
Industry analysis, external reports 34% 36%
Other 2% 3%
10: What is the primary method(s) you use to ASSESS the likelihood and potential impact of major risks?
Retail Trade/ Wholesale Trade Overall
Structured enterprise-wide risk assessment process supported by a
standard toolkit and methodology
34% 40%
Board and/or management discussion of risk during annual planning, risk
assessment or other processes
48% 56%
Senior management judgement and experience 63% 65%
Risk modeling / risk quantification analysis 23% 34%
Consult with external service provider/advisor 24% 32%
Other 1% 2%
11: How well do you feel your organization is prepared to identify, assess and manage current and emerging risks facing your organization? (Please rate on a 1 to 10 scale, 10 being the
most prepared)
Retail Trade/ Wholesale Trade Overall
1 1% 1%
2 2% 1%
3 3% 3%
4 6% 5%
5 11% 10%
6 14% 14%
7 32% 32%
8 26% 25%
9 4% 7%
10 1% 2%
12: What is the primary method(s) your organization uses to determine what limits of insurance should be purchased?
Retail Trade/ Wholesale Trade Overall
Benchmark against peers 43% 47%
Industry claims data/large losses 33% 32%
Risk Modelling 28% 27%
Cost benefit analysis premium cost vs. limits purchased 46% 49%
Scenario analysis 28% 28%
Management judgement and experience 50% 59%
Rely on broker or independent consultant 53% 57%
Other 1% 3%
13: Which of the following elements of Total Cost of Insurable Risk do you measure?
Retail Trade/ Wholesale Trade Overall
Risk transfer costs (e.g. insurance premiums) 76% 77%
Risk retention costs (e.g. actual or expected retained losses funded within
deductibles or self insurance vehicles such as a captive)
54% 55%
External risk management costs (e.g. professional fees paid to third parties
for services related to risk management)
45% 37%
Internal risk management costs (e.g. internal expenses for all employees
involved in the risk management and insurance function)
29% 28%
We are not measuring any of these elements of Total Cost of Insurable Risk 16% 16%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 8 GRMS (2015) - Aon Risk Solutions
9. 14: Have you completed a formal cyber risk assessment?
Retail Trade/ Wholesale Trade Overall
Yes 46% 42%
No 54% 58%
15: Have you experienced changes in your risk profile due to an ageing workforce?
Retail Trade/ Wholesale Trade Overall
Yes 24% 28%
No 76% 72%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 9 GRMS (2015) - Aon Risk Solutions
10. Approach to Risk Management and Board Involvement
16: In the past two years, what have been the most important external drivers to strengthen risk management in your organization?
Retail Trade/ Wholesale Trade Overall
Increased focus from regulators 30% 38%
Economic volatility 39% 37%
Political uncertainty 11% 15%
Natural weather events 19% 17%
Demand from investors for greater disclosure and accountability 15% 20%
Pressure from customers 27% 26%
Pressure from competitors 27% 21%
Exposure from suppliers/vendors 17% 15%
Workforce issues 23% 15%
Large third party liability losses/litigation 18% 18%
Risk events/black swan events 14% 18%
Cyber threat environment 39% 22%
Random acts of violence 3% 2%
Globalization 8% 11%
Other 8% 8%
17: Has your Board of Directors or a Board Committee established policies on risk oversight and management?
Retail Trade/ Wholesale Trade Overall
Yes, formally 29% 43%
No 14% 16%
Partially/informally 40% 31%
Don't know 14% 8%
18: What methods do you utilize to evaluate the effectiveness of your risk management program?
Retail Trade/ Wholesale Trade Overall
Do not measure effectiveness 26% 29%
Lower Total Cost of Risk 43% 32%
Compare historical results from risk events against effectiveness of risk
management programs
33% 36%
Compare historical results of safety and loss control programs (i.e.
decreasing losses, faster return-to-work)
33% 31%
Identify/track involvement of risk management within organization 29% 34%
Evaluate opportunity cost associated with business investments that would
not have been possible without risk management
12% 12%
Identify income generated or other financial/strategic benefits associated
with a company captive
8% 9%
Other 7% 5%
19: To what extent do you feel your risk management programs assist your organization in establishing and delivering on your business objectives? (Please rate on a 1 to 5 scale, 5
being the highest)
Retail Trade/ Wholesale Trade Overall
1 8% 6%
2 12% 14%
3 45% 39%
4 26% 34%
5 9% 8%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 10 GRMS (2015) - Aon Risk Solutions
11. Risk Management Department/Function
20: Does your organization have a Chief Risk Officer (CRO)?
Retail Trade/ Wholesale Trade Overall
Yes, but this role does not include insurance risk management 8% 11%
Yes, and this role includes insurance risk management 13% 17%
No, but we are considering creating this position 9% 8%
No, and we do not plan to create such a position 67% 59%
Don't know 3% 5%
21: Does you organization have a formal risk management/insurance department/function? (If you answer Yes, you will be taken to Q23)
Retail Trade/ Wholesale Trade Overall
Yes 69% 71%
No 31% 29%
22: Who handles risk management responsibilities? (You will now be taken to the next section)
Retail Trade/ Wholesale Trade Overall
Chief Executive, President 22% 26%
Chief Financial Officer 38% 33%
Treasurer 3% 5%
Legal 8% 4%
Human Resources 0% 2%
Safety/Security 5% 2%
Internal Audit 0% 4%
Risk Committee 3% 4%
Other 22% 20%
23: Where does risk management report in your organization?
Retail Trade/ Wholesale Trade Overall
Finance/Treasury/Chief Financial Officer 68% 49%
Company Secretary 0% 2%
General Counsel/Legal 9% 11%
Chief Risk Officer (CRO) 2% 8%
Chief Executive, President 9% 13%
Human Resources 1% 2%
Safety/Security 1% 1%
Internal Audit 0% 2%
Chief Administrative Officer 2% 2%
Controller 0% 2%
Other 7% 8%
24: What is the total number of people in your risk management/insurance department/function?
Retail Trade/ Wholesale Trade Overall
1-2 36% 45%
3-5 36% 31%
6-8 10% 8%
9-11 5% 5%
12-15 0% 3%
16-20 5% 2%
21-25 1% 1%
26-30 4% 1%
31-35 0% 0%
36-40 0% 0%
41+ 4% 3%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 11 GRMS (2015) - Aon Risk Solutions
12. 25: How involved is the Risk function in the following employee benefits management issues?
25.1: Benefits design
Retail Trade/ Wholesale Trade Overall
Not involved 65% 58%
Interested party with other functions 20% 19%
Stakeholder (involved in decisions) with other functions 10% 13%
Decision maker / authorization 4% 5%
Don't know 1% 5%
25.2: Financing & funding (pooling, captives)
Retail Trade/ Wholesale Trade Overall
Not involved 32% 35%
Interested party with other functions 22% 21%
Stakeholder (involved in decisions) with other functions 23% 20%
Decision maker / authorization 20% 19%
Don't know 2% 5%
25.3: Delivery & administration
Retail Trade/ Wholesale Trade Overall
Not involved 32% 33%
Interested party with other functions 26% 24%
Stakeholder (involved in decisions) with other functions 16% 18%
Decision maker / authorization 26% 19%
Don't know 0% 5%
25.4: Governance & compliance
Retail Trade/ Wholesale Trade Overall
Not involved 36% 30%
Interested party with other functions 31% 28%
Stakeholder (involved in decisions) with other functions 20% 26%
Decision maker / authorization 12% 11%
Don't know 1% 4%
26: Does your organization plan to increase their focus on risk management with additional spend/resources on programs over the next 12 months?
Retail Trade/ Wholesale Trade Overall
No, decrease 7% 3%
No, stay the same 44% 44%
Unsure 21% 21%
Yes, marginally 25% 25%
Yes, significantly 2% 7%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 12 GRMS (2015) - Aon Risk Solutions
13. Insurance Market
27: How important are the following to you in your choice of insurers? (Rank in order the following options from 1-10 with 1 being the most important. You may use each numeric choice
only once)
Retail Trade/ Wholesale Trade Overall
Ability to execute and deliver risk finance support proximate to global
locations
10 9
Capacity 6 5
Claims service & settlement 3 2
Coverage Terms and Conditions 1 1
Financial stability/rating 4 4
Flexibility/innovation/creativity 8 8
Industry experience 7 6
Long-term relationship 5 7
Speed and quality of documentation 9 10
Value for money / price 2 3
29: What changes would you like to see in the insurance market?
Retail Trade/ Wholesale Trade Overall
Broader coverage / better terms and conditions 62% 64%
Recognition of investments in internal risk management efforts through
lower premiums
50% 50%
Increased capacity 21% 22%
More flexibility (i.e. underwriting, coverages, pricing) 65% 65%
More sophisticated claims information technology (IT) systems 36% 31%
Streamline/innovate underwriting process 31% 30%
Improved documentation accuracy and timeliness (policy issuances and
endorsement processing)
39% 37%
More product innovation 30% 32%
More globally compliant and consistent coverage across multinational
programs
20% 29%
Other 1% 4%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 13 GRMS (2015) - Aon Risk Solutions
14. Risk Financing
30a: Please indicate the total limit purchased for Directors & Officers Liability insurance. (Please convert limits to US Dollar amount and enter full number.)
Retail Trade/ Wholesale Trade Overall
Minimum 100,000 50,000
Mean 72,196,949 60,059,122
Mode N/A 10,000,000
Maximum 625,000,000 1,129,000,000
30b: Please indicate the total limit purchased for Umbrella/Excess Liability insurance. (Please convert limits to US Dollar amount and enter full number.)
Retail Trade/ Wholesale Trade Overall
Minimum 100,000 50,000
Mean 114,657,033 111,596,700
Mode N/A 100,000,000
Maximum 700,000,000 1,500,000,000
31: Please indicate how the deductibles/retentions for your current programs have changed compared to the prior year: (Consider only the retention for any one loss. If multiple
retentions apply, choose the one most reflective of your overall program.)
31.1: Workers Compensation / Employers Liability
Retail Trade/ Wholesale Trade Overall
Higher 9% 11%
Lower 3% 3%
Same 88% 86%
31.2: General Liability / Public Liability
Retail Trade/ Wholesale Trade Overall
Higher 14% 12%
Lower 4% 4%
Same 82% 84%
31.3: Products Liability (if separate)
Retail Trade/ Wholesale Trade Overall
Higher 9% 9%
Lower 5% 4%
Same 85% 87%
31.4: Auto / Motor Vehicle Liability (not Physical Damage)
Retail Trade/ Wholesale Trade Overall
Higher 7% 8%
Lower 4% 5%
Same 89% 86%
31.5: Directors & Officers Liability
Retail Trade/ Wholesale Trade Overall
Higher 13% 10%
Lower 3% 3%
Same 84% 87%
31.6: Professional Indemnity / Errors and Omissions
Retail Trade/ Wholesale Trade Overall
Higher 11% 11%
Lower 0% 3%
Same 89% 86%
31.7: Property (Property Damage and Business Interruption)
Retail Trade/ Wholesale Trade Overall
Higher 12% 16%
Lower 6% 6%
Same 82% 78%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 14 GRMS (2015) - Aon Risk Solutions
15. 32: Do you currently purchase cyber insurance coverage or do you plan to purchase in the next 12 months? (If you do not currently purchase cyber insurance, you will be taken to Q35)
Retail Trade/ Wholesale Trade Overall
Insurance currently purchased 37% 21%
Plan to purchase 21% 18%
Not purchased and no plans to purchase 43% 61%
33: Do you feel your terms and conditions for cyber coverage are sufficiently effective?
Retail Trade/ Wholesale Trade Overall
Yes 78% 78%
No 22% 22%
34: Do you feel your limits of liability for cyber coverage are sufficient?
Retail Trade/ Wholesale Trade Overall
Yes 47% 65%
No 53% 35%
35: Does your organization have or are you considering creating a captive insurance company or protected cell company (PCC)? (Select all that apply: If No Captive or PCC held, you
will be brought to the next section)
Retail Trade/ Wholesale Trade Overall
Plan to create a new or additional captive or PCC in the next 3 years 2% 6%
Currently have an active captive or PCC 21% 18%
Have a captive that is dormant / run-off 1% 2%
Plan to close a captive in the next 3 years 4% 1%
No Captive or PCC 72% 74%
36: What is the primary reason for the captive?
Retail Trade/ Wholesale Trade Overall
Strategic Risk Management Tool 38% 32%
Control on Insurance Programs 17% 9%
Access to Reinsurance Market 12% 8%
Cost Efficiencies 12% 15%
Ability to Establish Reserves 0% 3%
Reduction of Insurance Premiums 8% 11%
Tax Optimization 0% 4%
Cashflow Optimization 4% 3%
Risk Finance Expense Optimization 4% 8%
Not Applicable 4% 3%
Other 0% 4%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 15 GRMS (2015) - Aon Risk Solutions
16. 37.1: What risks is your captive currently underwriting?
Retail Trade/ Wholesale Trade Overall
Auto Liability 23% 25%
Aviation 5% 7%
Catastrophe 18% 15%
Credit/Trade Credit 14% 7%
Crime/Fidelity 14% 15%
Cyber Liability/Network Liability 18% 8%
Directors & Officers Liability 14% 15%
Employee Benefits (Excluding Health/Medical and Life) 0% 7%
Employers Liability/Workers Compensation 36% 28%
Employment Practices Liability 5% 12%
Environmental/Pollution 18% 12%
Financial Products 0% 4%
General/Third Party Liability 55% 45%
Health/Medical 0% 7%
Life 0% 6%
Marine 23% 18%
Product Liability and Completed Operations 41% 27%
Professional Indemnity/Errors and Omissions Liability 14% 26%
Property (Property Damage and Business Interruption) 64% 59%
Terrorism 18% 12%
Third-Party Business 18% 10%
Owner Controlled Insurance Program/Contractor Controlled Insurance
Program
9% 5%
Sub-contractor default insurance 0% 2%
Warranty 0% 4%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 16 GRMS (2015) - Aon Risk Solutions
17. 37.2: Looking forward over the next five years, please identify what risks you plan to continue to underwrite in your captive along with any new risks you plan to underwrite.
Retail Trade/ Wholesale Trade Overall
Auto Liability 35% 32%
Aviation 4% 6%
Catastrophe 17% 19%
Credit/Trade Credit 17% 15%
Crime/Fidelity 22% 22%
Cyber Liability/Network Liability 43% 23%
Directors & Officers Liability 13% 17%
Employee Benefits (Excluding Health/Medical and Life) 17% 18%
Employers Liability/Workers Compensation 48% 31%
Employment Practices Liability 17% 19%
Environmental/Pollution 17% 19%
Financial Products 0% 4%
General/Third Party Liability 61% 47%
Health/Medical 4% 13%
Life 4% 8%
Marine 35% 23%
Product Liability and Completed Operations 43% 26%
Professional Indemnity/Errors and Omissions Liability 17% 30%
Property (Property Damage and Business Interruption) 52% 56%
Terrorism 17% 14%
Third-Party Business 22% 12%
Owner Controlled Insurance Program/Contractor Controlled Insurance
Program
13% 8%
Sub-contractor default insurance 0% 3%
Warranty 4% 8%
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 17 GRMS (2015) - Aon Risk Solutions
18. Global Insurance Program
38: Do you purchase/control insurance for most of your operations where you operate? (Select one)
Retail Trade/ Wholesale Trade Overall
No, each operation buys its own insurance with no coordination from
corporate headquarters
12% 10%
Corporate headquarters controls some lines and leaves local office to
purchase other lines
48% 40%
Corporate headquarters controls procurement of ALL insurance programs
(global/local)
33% 41%
Don't know 7% 8%
39: If Corporate headquarters purchases programs with global and local policies, which line(s) of coverage do you purchase in this style:
Retail Trade/ Wholesale Trade Overall
Property (Property Damage and Business Interruption) 85% 79%
General Liability/Public Liability 72% 81%
Auto/Motor Vehicle Liability 36% 42%
Workers Compensation/Employers Liability 51% 48%
Directors & Officers Liability 64% 73%
Crime 38% 42%
Marine/Ocean Cargo 57% 49%
Trade Credit 17% 17%
Product Recall and Contamination 17% 18%
Don't know 4% 2%
Other 6% 11%
40: If Corporate headquarters purchases "programs" with global policies issued to parent and local policies issued to local operations, please rate the following from 1 - 10 in terms of
importance to purchasing decision. (1 representing the highest priority)
Retail Trade/ Wholesale Trade Overall
Cost - This approach is more economical 3.7 4.1
Certainty of Coverage - Knowledge of what coverage is included in the
program
3.6 3.9
Statutory Compliance - Access to local admitted coverage where
nonadmitted is prohibited
4.0 4.2
Fiscal Compliance - Ability to pay insurance premium and related taxes 4.7 4.8
Program Performance - Access to local claims and/or other services from
local insurer/policy provider
5.0 4.8
Accounting - Ability to allocate risk transfer costs to local operations vs. pay
from corporate
5.9 5.3
Benchmark Report for: Industry Grouping - Retail Trade/ Wholesale Trade Page 18 GRMS (2015) - Aon Risk Solutions