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The Exclusive Agency System is often contrasted with the Independent Agency System. All the following statements are TRUE regarding the differences between these two marketing systems EXCEPT: Copyright Connor Harrison 2023 Independent Agents own their book of business whereas Exclusive Agents do not own their expirations or renewals Exclusive Agents receive strong support from services to entry-level agents whereas Independent Agents are generally responsible for ensuring their agents are trained Independent Agents are paid the same commission percentage on new and renewal premiums whereas Exclusive Agents are paid a lower commission on renewal business Exclusive Agents are employees of the insurance company they represent whereas Independent Agents work with many insurers and have contracts with those insurers management program may be challenging for a firm because Copyright Connor Harrison 2023 ERM programs may be viewed as overreach by many managers at the firm ERM programs run counter to the highly successful of silo management approach used at most firms ERM programs are known to be less efficient because many safety responsibilities are shifted away from line managers ERM programs they are ultimately driven by human resources who filter out people not willing to change their perspective on managing risk your state. In your state, the insurer would be considered a(n) Copyright Connor Harrison 2023 Alien insurer Reciprocal insurer Nonadmitted insurer Foreign insurer Katherine has been hired by the university to head its risk management effort. The university is a major research institution. The previous risk manager focused on addressing hazard risk and the process used was not well-documented. Katherine creates a chart to better understand the risks faced by the university. The chart shows the risk category, who is primarily responsible for the risk, the maximum possible and maximum probable loss, the risk severity score untreated and the risk severity score after risk management measures are applied. The chart Katherine created is called a Copyright Connor Harrison 2023 Risk map Risk management information system Risk management matrix Risk register.

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Formal policies and processes for enterprise risk management (ERM) are common among large corporations, such as those in finance and healthcare. However, most technology-focused companies consider ERM an obstacle to innovation. When properly implemented and maintained, an enterprise risk management program can lessen risk, accelerate strategic development, drive innovation and bolster bottom-line growth.

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Running head: RISK MANAGEMENT AND INSURANCE RISK MANAGEMENT AND INSURANCE 9 Risk Management and Insurance Name Institution Risk Management and Insurance A risk is a term used to describe the probability or chance of defining something that will not go according to plan either as a result of the occurrence of a certain event or even because a certain sequence that was supposed to be followed in the required series. A risk management plan, on the other hand, refers to the process of evaluating and assessing the risk an organization stands, analyzing this risk to establish the root causes and the possible alternatives the organization can take to reduce the risk involved and finally, the management and handling of the risk using the best possible alternative for the reduction of the risks that are posed. For every organization, there four major categories of risks, including technical, procedural, programmatic and cost risks (Baker & Griffith, 2007). In the insurance industry, risk assessment entailed the identification of different hazards that could occur in the workplace, then defining them as linking them with the hazards they could result to. Its role as a procedural and systematic process is to ensure that the work environment is safe especially occupationally for the staff. It involves monitoring the work environment and careful investigating it to prevent the occurrence of dangerous situations (Baker & Griffith, 2007). This case study conducts a risk assessment of Merrica Insurance company Risk Description and Causes 1. Ergonomic and physical disadvantages that could be as a result of siting in the wrong furniture for long hours. 2. Social severity and psychological stress to employees due to the high pressure nature of insurance jobs 3. The safety of the machines, equipment and other tools used at work like computers and technology based apparatus. 4. Occupational accidents, and diseases as well as work-related stress could induce health hazards to employees of the company 5. Personal qualifications of the employees risk being either misused or underused at the workplace 6. Inability of Company projects to take off as a result of the lack of control and direction 7. Poor contract management 8. Appointment of inexperienced teams that are incapable of carrying out their responsibility 9. Inability to correctly convey information and work instructions (Pennacchi, 2006). People at risk The risks identify pose a great threat to the employees of the company, and the outsourced staff. Risk management methods · Effectively use of safety devices and methods to reduce the risk of unsafety · Repairing the work-related deficiencies to ensure that the deficiencies that cause objectives not to be achieved · Using ergonomically designed furniture and equipment to ensure the furniture and equipment do not cause the employee any long-term effects. · Smooth operation at the insurance company because the consequenc ...

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ERM: Evolving From Risk Assessment to Strategic Risk Management hfma.org/Content.aspx Changes in the healthcare system are bringing new risks, which hospitals and health systems need to manage effectively to remain competitive. The U.S. healthcare ecosystem represents a $5 trillion market and is projected to grow to a $5.5 trillion market by 2025. The exponential growth comes from several thematic drivers, including the shift from volume to value and the rise of the consumer, both of which are turning the industry on its head as new payment models and greater expansion of consumer options are being introduced to the marketplace. Other drivers include evolving mobile strategies, new entrants, an aging population, and continued uncertainty in political and regulatory environments. With medical device cybersecurity vulnerabilities being reported at record levels, it is evident that new risks are constantly threatening the quality of patient care and providers’ long-term prosperity. As the healthcare market expands and evolves, the inherent risks also are increasing, as shown in the sidebar. Moving Beyond Risk Identification Traditionally, the healthcare industry has exceled in risk identification and assessment. The industry has been less proficient at prioritizing and managing risk, however, and it has a vital need to tackle these areas. To do so, healthcare providers must invest more in building enterprise risk management (ERM) capabilities. As a defensive strategy, a focus on avoiding risk may seem to hold promise, but no hospital or health system can avoid risk entirely. By giving an organization insight into how to take the right risks at the right time, an effective ERM program can help the organization more successfully execute its strategic imperatives. Getting Beyond Basic Effectiveness Despite the growing importance of programs today, and the raised awareness of their importance, many healthcare providers have been slow to adopt a more sophisticated approach. As shown in the exhibit below, the current state for most providers falls between “basic” and “evolving” maturities for ERM programs. Levels of ERM Maturity a b 1/5 http://www.hfma.org/Content.aspx?id=60137 Organizations classified as basic recognize the implications of risk to achieving the organization’s objectives and are just beginning to have important discussions on the topics of risk. Often defined as hazards and considered only in the context of their adverse consequences, risks managed at a basic maturity levels are identified on an annual basis; risk mitigation and controls are seldom factored in, and reporting is seldom, most often biannually at best. Organizations at basic maturity also may have disparate risk management processes that aren’t managed in a coordinated method (e.g., compliance, IT/cyber security, operations, and legal/insurance) and that exist outside normal management processes or cadences. Moreover, the internal ERM risk assessment is s.

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STRATEGIC PLANNING Managing Risks: A New Framework by Robert S. Kaplan and Anette Mikes FROM THE JUNE 2012 ISSUE W Editors’ Note: Since this issue of HBR went to press, JP Morgan, whose risk management practices are highlighted in this article, revealed significant trading losses at one of its units. The authors provide their commentary on this turn of events in their contribution to HBR’s Insight Center on Managing Risky Behavior. hen Tony Hayward became CEO of BP, in 2007, he vowed to make safety his top priority. Among the new rules he instituted were the requirements that all employees use lids on coffee cups while walking and refrain from texting while driving. Three years later, on Hayward’s watch, the Deepwater Horizon oil rig exploded in the Gulf of Mexico, causing one of the worst man-made disasters in history. A U.S. investigation commission attributed the disaster to management failures that crippled “the ability of individuals involved to identify the risks they faced and to properly evaluate, communicate, and address them.” Hayward’s story reflects a common problem. Despite all the rhetoric and money invested in it, risk management is too often treated as a compliance issue that can be solved by drawing up lots of rules and making sure that all employees follow them. Many such rules, of course, are sensible and do reduce some risks that could severely damage a company. But rules-based risk management will not diminish either the likelihood or the impact of a disaster such as Deepwater Horizon, just as it did not prevent the failure of many financial institutions during the 2007–2008 credit crisis. Identifying and Managing Preventable Risks In this article, we present a new categorization of risk that allows executives to tell which risks can be managed through a rules-based model and which require alternative approaches. We examine the individual and organizational challenges inherent in generating open, constructive discussions about managing the risks related to strategic choices and argue that companies need to anchor these discussions in their strategy formulation and implementation processes. We conclude by looking at how organizations can identify and prepare for nonpreventable risks that arise externally to their strategy and operations. Managing Risk: Rules or Dialogue? The first step in creating an effective risk-management system is to understand the qualitative distinctions among the types of risks that organizations face. Our field research shows that risks fall into one of three categories. Risk events from any category can be fatal to a company’s strategy and even to its survival. Category I: Preventable risks. These are internal risks, arising from within the organization, that are controllable and ought to be eliminated or avoided. Examples are the risks from employees’ and managers’ unauthorized, illegal, unethical, incorrect, or inappropriate actions and the risks from br.

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CHAPTER 34 Turning Crisis into Opportunity Building an ERM Program at General Motors MARC S. ROBINSON Assistant Director, Enterprise Risk Management, GM LISA M. SMITH Assistant Director, Enterprise Risk Management, GM BRIAN D. THELEN General Auditor, GM This case study chronicles the ground-up implementation of enterprise riskmanagement (ERM) at General Motors Company (GM), starting in 2010through the first four years of implementation. Discussion topics include lessons learned during implementation and some of the unique approaches, tools, and techniques that GM has employed. Examples of senior management reporting are also included. I think risk management is an element of all good executive management teams and boards. It will ensure viability in downturns and high-risk periods. I think if that is done not only within the automotive industry, but on a global and specif- ically on a national scale, economies will be in better shape because it is additive. If everybody is doing their job in assessing and understanding risk, the ultimate outcome will be much more positive for our national economy and society, and it is incumbent that corporate leadership understands that responsibility. —Daniel F. Akerson, Chairman and Chief Executive Officer, General Motors, October 2012 BACKGROUND AND IMPLEMENTATION The enterprise risk management (ERM) program at General Motors was founded in late 2010 at the direction of GM’s then newly appointed chief executive officer (CEO), Daniel F. Akerson, who sought to leverage the program as another means to achieve a competitive advantage in the industry. Having gone through bankruptcy in 2009 as a new board member, Akerson felt that a more robust risk management program would help guide the organization around the drivers of killer risks1 going forward. His goal was to help the company ensure that it was prepared, 607 www.it-ebooks.info 608 Implementing Enterprise Risk Management agile, and fast to respond in an ever-changing world. Perhaps most importantly, Akerson wanted an ERM program that would focus not only on risks but on oppor- tunities as well. A chief risk officer (CRO) was selected and appointed from within, and the Finance and Risk Policy Committee of the board of directors was chartered to over- see risk management as well as financial strategies and policies. In support of the program, a senior manager and director joined the team. Risk officers were also identified and aligned to all direct reports of the CEO; this helped to ensure that all aspects of the business were covered. The CEO is the ultimate chief risk officer, and his direct reports are the ultimate risk owners. Members of the risk officer team were carefully selected by senior leadership based on their strong business expe- rience, financial acumen, and most of all their ability to lead in the identification and discussion of risk in an objective and transparent manner. These representa- tives were expected to actively p ...

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Gandu Discussion-14 COLLAPSE Top of Form The ERM implementation at Workers’ Compensation Fund and Zurich Insurance Group are similar in many ways. For example, both organizations have an established Chief Risk Officer (CRO) with distinct roles. The CRO position at Workers’ Compensation Fund was established in 2010, and the purpose of the office was to develop and monitor the organization’s ERM strategy, processes, and policies as directed by the CEO, the Risk Oversight Committee, and the Board (Fraser, Simkins, and Narvaez, 2014, p. 209-10). Zurich Insurance Group also has a CRO whose central role is to provide the CEO, the Board, and the Risk Committee with risk-related information (Fraser et al., 2014, p. 258-59). Besides having similar roles, the CROs of both organizations report to the same authorities. Both organizations also have an independent risk audit. At the Workers’ Compensation Fund, auditing is external, and the CRO introduced it in 2011 as a "third-party review” (Fraser et al., 2014, p. 215). Similarly, Zurich Insurance Group consults external expertise on risk matters. For example, the company seeks external knowledge from the Natural Catastrophe Advisory Council (Fraser et al., 2014, p. 261). Zurich Insurance Group, however, has an internal audit function that forms the "third line of defense" in its risk governance approach (p. 256). Another aspect that is conspicuously similar between the two organizations is the role of the Board in ERM. Both companies have a risk committee made up of board members. Workers’ Compensation Fund, the board’s ERM functions are carried out through the Risk Oversight Committee. At Zurich Insurance Group, a Board-level Risk Committee exists, and it defines the Board's Role in ERM. Also, ERM is considered a part of all business operations, including strategic planning and budgeting. The implementation of ERM depends on the size of an organization and the level of risks it faces. In implementing an ERM, I would follow the strategies used by these two organizations because they offer a clear path to achieving ERM. A step-by-step process used to implement ERM is depicted, and it is initiated and governed by not only the CRO but also the CEO and the Board. In the future, ERM implementation will get better. New risk assessment matrices will make risk identification more comfortable, and the role of CRO's will become easier when all members of the organization, including CEOs and the Board of Directors, assume active roles in ERM implementation. Reference Fraser, J., Simkins, B., & Narvaez, K. (2014). Implementing enterprise risk management: Case studies and best practices. John Wiley & Sons. Bottom of Form Thumma Discussion COLLAPSE Top of Form The initial phase in making a successful hazard the executives framework is to comprehend the subjective differentiations among the kinds of dangers that associations face. Our field explore shows that dangers can be categorized as one of three classificatio ...

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