The next financial crisis will strike within the first half of this decade. That’s according to three quarters of the world’s senior banking and compliance officers polled for a survey by compliance software provider, Complinet, which found that the majority of regulatory experts questioned predicted the next significant economic downturn before 2015. 77% say recent reforms were insufficient to avoid another crash similar to the 2008 collapse.
Travel litigation specialists at London and South East law firm Penningtons Solicitors LLP have won a €1.25 million compensation claim for William Kane, a 55 year old man from Newcastle, who was badly injured in a hit-and-run accident involving a drink driver in County Kildare, Ireland, while working on an overseas contract for a UK based construction company.
Corporate governance requires more attention in UAE, where compliance and enterprise risk management are increasing in relevance, according to broker Marsh
The Scottish Government's Improvement Service has taken a new approach to risk management. Citicus ONE has been employed to improve risk identification and management for the different systems and programmes within Customer First. The initial focus was on its Citizen Account Records System, OneScotland Gazetteer database and Customer Service Professional, supporting an accredited training and qualification scheme.
VAT-registered businesses are being urged to get ready now for major changes to VAT return filing and payment due in April. HM Revenue & Customs (HMRC) has advised all 1.9m VAT-registered businesses that from 1 April 2010, those with an annual turnover of £100,000 or more (excluding VAT) will have to file their VAT returns online and pay their VAT electronically.
Crawford & Company has named Charles H Ogburn, a current board member and executive director at international investment firm Arcapita, as non-executive chairman of the board. This latest appointment comes after Thomas W. Crawford, former president and chief executive officer at the firm, stepped down as chairman last month after five years at Crawford and over 40 years in the insurance industry.
As the Met Office confirms that minimum temperatures have dropped to their lowest for 15 years, with heavy snowfall across the entire country, the Forum for Private Business is warning that the cost of a single day of employee absenteeism because of the freezing winter conditions could be at least £230 million.
A preoccupation with personnel change and structural reorganisation as a key to improving performance is undermining the investment made by European businesses in personnel development and exacerbating the challenge of retaining their best staff. This insight features among the key findings of a new research report published by global consultancy Corporate Executive Board (CEB).
Liberty Syndicates has appointed Kirk Maddern to the position of chief operating officer. Mr Maddern will oversee all of Liberty Syndicates' operational functions, including IT and management information and support the business' underwriting and claims activities. He has over 21 years' experience in the London insurance market and spent the last seven years as chief operating officer for the specialty insurance lines of one of the world's largest insurance brokers.
ICM Business Continuity Services, part of the Phoenix group of companies, has acquired the UK arm of Office Shadow. The cash consideration payable amounts to £447,000 for the business and assets with a further £250,000 payable to a third party software developer, EPAM, for the completion of an updated version of the main software suite, due for delivery in Q2 2010.
Martin Caddick has left Marsh to head up business continuity management at PricewaterhouseCoopers
QBE European Operations has purchased the Evergreen portfolio from Lloyd's underwriting agency, MSP
An appearance of "chaos and despair" among delegates and few signs of progress towards a global consensus, says Datamonitor
Enterprise architecture firm, Mega International has launched a new software product
Norwegian Risk Management Association, NORIMA, joins the European Risk Mangagement Association, FERMA
PricewaterhouseCoopers LLP has gained certification to BS 25999, the UK standard for business continuity management
Cabin crew at UK-based airline British Airways are scheduled to go on strike over Christmas period
Almost two thirds of staff don't know their company business continuity strategy, according to data resilience firm Adam Continuity
A small business support group has hit out at the hike in NI Contributions announced as part of today's Pre-Budget Report
Insurance rates for both property and casualty risks could fall by up to 10% in 2010. So says risk adviser Marsh, whose head of placement for large corporate accounts, Tim Pritchard, says competition for good risks remains strong, with plentiful capacity in both sectors.
IBM has acquired database monitoring and protection provider Guardium
World Health Organisation issues its 76th update since an "influenza-like illness" was reported in the US and Mexico in April
The Government says it will move quickly to implement the reforms of bank pay and governance proposed by Sir David Walker
Marsh has signed an exclusive agreement with UDrive Solutions to offer driver and motor fleet assurance products
Small firms set to be overlooked in expected decision on bank charges
Swiss Re announces $75m of extreme mortality risk protection, including cover for H1N1
Marsh outlines the immediate recovery actions for businesses affected by flooding
WHO: Mutation of H1N1 virus has been detected, public health significance as yet unclear
Insurer competitiveness and high capacity will make for a softer market for energy firms in 2010
Aon: insurers may reduce the amount of capital they're willing to commit to the food industry
Businesses face potential new challenges in securing energy supplies as a result of the economic climate
Uneven and uncertain economic recovery, coupled with new social risk and security issues will present business with a more complex risk terrain over the coming year
Time to recover and cost reduction biggest backup challenges, according to a recent poll
SunGard announces imminent launch of a new risk assessment software module
PageOne has secured an exclusive agreement with the Cabinet Office to supply MTPAS-enabled 2-way pagers to Category 1 & 2 responders
Chloride continues its expansion with the purchase of standby power solutions manufacturer, Emergency Power Systems
Long waiting times and shoddy customer service could cost utilities and FS firms dear as customer loyalty wanes
All UK financial services policies must clearly recognise that banking and insurance are different activities with different risk profiles, says the IUA
A study by the Forum of Private Business (FPB) has revealed vast differences in the amount of time British councils take to pay their suppliers
Almost half of senior executives in large UK companies see investment in new technologies as a key priority, according to BT Global Services
New alliance in environmental consultancy forms the Environmental Scientifics Group
Tougher standards are required for the European insurance industry, says CEIOPS
Marsh: IPO and capital raising activity behind surge in interest in D&O
This week represents a milestone in planning for Solvency II, says Towers Perrin
Emergency notifications services provider, Send Word Now to launch new service modules
Broker Aon is now offering cover for costs incurred in the event that buildings or surrounding areas are officially closed due to a pandemic
Consumers and companies continue to be a prime target for criminal hackers, following Guardian hack
Royal Mail issues a statement defending its vetting procedures in the run up to seasonal staff hires
Chloride launches Trinergy, its most energy efficient Class 1 UPS
Risk analysis firm sees sales revenues jump in Middle East and North Africa
Shred Easy launches a new hard drive destruction service
SunGard Availability Services has today launched SunGard-as-a-Service, a fully managed private cloud service in the UK
Research highlights organisations at risk of abestos exposures ahead of predicted claims peak
BSI has published a code of practice for the provision of lone worker device services
XL has launched an insurance offering to Netherlands-based Middle Market companies
XL Re becomes first London Market reinsurer to complete ACORD standards implementation
Over 20,000 UK companies are to face increases in overall energy costs of at least £55,000 from next year, insurer RSA says
A new 200-seat recovery centre will open next month in Edinburgh
Chubb warns of the wider implications of a recent High Court remediation ruling
The Forum of Private Business has launched a guide to help small businesses comply with upcoming changes to employment law
BSI has launched a new online tool for personal information management
The British Insurance Brokers' Association has welcomed the shadow chancellor's clarification of FSA comment
Zurich warns that environmental and health risks set Asia apart from other continents. And not in a positive way
BT Global Services has launched a series of new business continuity offerings
A new Food Security Risk Index shows the USA as the world's most stable food supplier
The Cabinet Office has today published a revised set of planning assumptions for A(H1N1) swine flu
Insurer initiative launches free business continuity planning toolkit for SMEs
The recent lull in Gulf of Aden pirate attacks has resulted in a rate reduction of about 30% on kidnap and ransom cover, but not for long, warns Aon
Concerns over mutation of the swine flu virus may be eased, following new research
Negative outlook set in for global insurance industry, according to Fitch Ratings
Medium sized business fighting for flat renewals; complex and large business beholden to market appetite, according to Aon
Markel International expands into Canada with its acquisition of Elliott Special Risks
Standards and assessment body, BSI, has published a new standard which complements BS ISO/IEC 27001
Human rights violations pose significant risks to business in emerging economies, according to new reports
Insurance premium rate reductions slowed for property and casualty business across EMEA in the first half of 2009, says Marsh
Disruptions may be possible in the capital this week as protestors get ready for this year's Climate Camp for Action protests
The credit crunch spells lapsed or reduced cover, according to insurance group, Aviva
Mobile messaging solutions provider, PageOne, has launched Voiceblast, a new emergency notification service
The first live message has been sent across the Lloyd's Exchange
Sound risk management and insurer competition to keep professional indemnity costs flat for large law firms, according to Marsh
The ongoing problem of cross site scripting (XSS) flaws has hit the Ministry of Defence, according to experts
Economic conditions force companies to apply more stringent assessment of supply chains
The International Organization for Standardization has endorsed the first international standard for risk management, available in October
UK government could breathe new life into the once promising credit insurance scheme by following in the French government's footsteps, says Aon
The Forum of Private Business today said it was 'furious' over the introduction of a 'scandalous' tax on businesses' own parking spaces
GLA's plans may harm London's recovery, says the British Retail Consortium
BIBA is offering consumer help on evidencing swine flu insurance claims
A new report finds companies ill at ease with external threat pressures
Insurance Industry Working Group publishes report into challenges and opportunities
Insurers could be spending more than £100m a year for wind-storm claims that are simply caused by poor maintenance, says Cunningham Lindsey
Recession stimulates a 22% rise in unfair dismissal conciliation cases
Pharmaceutical giant GSK has developed a new face mask designed to protect wearers by inactivating viruses on contact with an innovative coating
XL GAPS launches a new internet-based property loss prevention solution for commercial and industrial customers
A review of corporate governance in the UK banking industry may bring sweeping changes to the way banks are run
The CBI has urged firms to consider contingency measures such as remote working
The $2 billion deal lifts the Bermuda reinsurer to the world's fourth-largest
The FSA has been warned that additional regulation is not needed and will jeopardise the UK's status as a business location
The financial markets crisis and the recessions could swamp the insurer's reserves, says Barclays Capital
The insurer says a number of companies around the world have responded since the January launch
The credit crunch has placed it top of the risk agenda, a report suggests
Fears of rate hikes and a capacity crunch are largely unfounded, a mid-year report finds
Towers Perrin and Watson Wyatt have agreed to join forces
Stephen Riley said the London insurance market could suffer the impact of restraints on banks
Its new president says European insurance buyers still have concerns over the new capital adequacy regime
Blue chips want the "comply or explain" mechanism to be replaced
The Lloyd's insurer says healthcare and educational groups are increasingly at risk
The National Performance Model for public services risk management is part of a benchmarking programme
Regional squads will be developed, in response to claims that the police must do more to combat online crime
The industry is increasingly bullish on the prospects for new projects, says Willis
Aviva reports that the credit crunch has added to stress among workers
Businesses should use their right to claim interest and compensation from late payers, says Lovetts
Government department Defra has issued a policy statement for local authorities
More lawsuits are being filed in the US, while UK firms are buying higher limits
AIRMIC has announced an initiative to speed up claims payments to firms whose cashflow is affected by major losses
A risk financing decision platform, already offered to Aon's US clients, is being launched in Europe
British companies are putting their ambitions to grow internationally on hold because of the recession
The chief executives of multinationals admit that the recession caught them napping
But brokers and underwriters have different views on how ePlacement should work
A survey by Deloitte finds many firms still fail to carry out adequate testing
The World Health Organisation's chief plans to consult with governments
The government has bowed to business calls to extend eligibility to more firms
John McLaren-Stewart's new venture launches after two years in development
Job fears have made workers more conscientious, a survey suggests
But more companies will seek to transfer pension scheme risk, a report predicts
Aon's latest Terrorism Threat Map indicates South Asia has become more hazardous
The latest purchase will strengthen the Lloyd's insurer's presence in continental Europe
Many of the UK's micro firms have failed to take advantage of grants and schemes
The proposed new system looks set for fast-track approval
Businesses have paid little heed to FSA recommendations, a survey shows
The group says that risk managers can follow three basic steps to improve accuracy
A report praises the insurance market's conservative investments and robust risk management
XL Insurance will offer cover to BRC-certified producers
A creative industries coalition wants tougher action against online piracy
New figures suggest that the recession is fuelling more incidents of fraud
The world's largest chipmaker is accused of abusing its market position
A report suggests that some employees resist requests for personal details and vehicle data
The new policy will reverse the Bush stance of non-intervention
The FRSB says its scheme launched two years ago has helped limit the number of complaints
An AIRMIC survey shows most companies have contingency plans in place
The directive passed another milestone towards implementation in 2012
Creditors are being cheated by abuses of the system, they allege
The landmark case alleges confidential information was passed to a hedge fund manager
It says the Environment Agency should have a statutory duty to reduce flood risk
Complacent bosses are told they are storing up problems for the future
Many systems laid for post-war buildings are collapsing as they wear out
A survey suggests the public is sceptical of other regulators' ability to maintain business ethics
The group says the new facility will track changes in the p/c reinsurance market
A joint study by Lloyd's and the IISS focuses on four main areas and the resulting business issues
Little change to advice from the World Health Organisation, despite rapidly changing situation
The building workers' union is campaigning for tougher penalties against companies that neglect safety
New figures show a 16% year-on-year rise across EU countries in 2008
The watchdog has called for whistle-blowers to report and suspicious activity
The ABI said the value of fraudulent claims last year was 30% up on 2007
Government to help businesses suffering from the drought in the credit insurance market
Businesses are being urged to step up security when disposing of confidential information
The economic cost could reach E3 billion, but insured losses are estimated at E200 million to E400 million
Broker Aon says many companies going to the wall might have been saved by effective risk management
British companies have been quicker to lay off staff than in other countries, a survey indicates
The watchdog has indicated its approval of insurance industry-developed recommendations
Companies are warned on the hidden costs created by former employees
Companies plan to allocate more funding despite tighter IT budgets
The directive now goes before the European parliament later this month
Its latest report finds the market has held up relatively well
The legislation, now one year old, is likely to gain more momentum
Business groups oppose equalities bill: companies could be forced to disclose details such as the gender and race of employees
China's watchdog wants tougher risk management but the country's insurance industry is financially stable
Industry bodies are stressing that new rules for banking may be inappropriate for insurance
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