What’s New: In Brief (August 20, 2009)

The Institute for Catastrophic Loss Reduction (ICLR), with support from the City of Toronto, has retrofitted a Toronto home to reduce the risk of basement flooding.
ICLR also issued its Handbook for Reducing Basement Flooding, a publication providing comprehensive information on how to mitigate flood risk for individuals and communities.
The ICLR retrofitted a Toronto home located at 53 Parkview Ave. to demonstrate measures that homeowners can take to reduce the risk of flooding.
The measures taken at 53 Parkview Ave. include:
•    A licensed plumber conducted a thorough plumbing investigation, including a search for cracks in the foundation walls and basement floor, and ensured that a backwater valve was installed and was functioning properly.
•    Extensions and splash pads were placed on eavestrough downspouts.
•    A French drain was installed on one downspout to prevent it from draining directly onto the driveway.
•    The foundation drain was disconnected from the sanitary sewer lateral. A sump-pit and sump-pump were installed to convey foundation drainage to the lots’ surface.
•    Gaps were sealed around the furnace and water heater exhaust vents.
•    The basement is not finished.
•    Basement windows are relatively high off the ground.

Business leaders feel comfortable managing internal risks such as reputation and corporate liability, but are they are less confident about handling external risks, such as currency fluctuation and cancelled orders, according to a new report by Lloyd’s of London.
The report, Risk priorities and preparedness, was produced in conjunction with the Economist Intelligence Unit. It is based on the results of a survey of 570 board level-executives from around the globe, who were asked to identify their top 20 risks and how prepared they are – or think they are – to deal with them.
The report reveals a potential disparity between what companies think threatens them and what their exposure to a particular risk actually may be.
The report also highlights the “rise of the risk manager” in the wake of the financial crisis. “They are now taking centre stage as boards apply more stringent filters to business activities and seek to fully assess threats,” Lloyd’s says.