Ottawa’s Auditor General recommends improved IT mitigation strategies
November 27, 2015 by Canadian UnderwriterOttawa’s Auditor General has recommended that the city’s chief information officer (CIO) and city-wide managers “continue to improve the identification and assessment of IT and related mitigation strategies.” In his annual report tabled on Thursday, Auditor General Ken Hughes suggested…
Climate protection to become a core business for Allianz SE
November 26, 2015 by Canadian UnderwriterAllianz SE plans to integrate climate protection into its entire business portfolio – a move that will include ending financing of coal-based business models – the insurer announced in the run-up to the UN Climate Change Conference in Paris. “Our…
Report reinforces correlation between risk management, financial success of businesses: Aon
November 13, 2015 by Canadian UnderwriterReinforcing the direct relationship between strong risk management practices and superior operating performance for organizations, a report released Thursday by Aon Global Risk Consulting further identifies three key factors to help organizations boost risk maturity. “Our data confirms that organizations…
Panel appointed by Ontario Ministry of Finance recommends creation of new regulatory agency
November 5, 2015 by Canadian UnderwriterA panel appointed by the Ontario Ministry of Finance has recommended the creation of a new regulatory agency to operate as an “integrated regulator of financial services with distinct market conduct, pensions and prudential regulatory functions; operating independently of each…
Supply Teach
November 1, 2015 Sean van Zyl, Freelance WriterThe increase in Canadian enterprises engaged in foreign supply chain procurement has attracted the attention of authorities in pursuing prosecutions under foreign anti-bribery and corruption laws. Are Canadian enterprises and their Boards of Directors aware of the heightened risk associated with these foreign dealings?
Water scarcity creates risks for businesses, demands management: Zurich
October 14, 2015 by Canadian UnderwriterWater scarcity is leading to risks and exposures for businesses worldwide, necessitating that organizations put in place appropriate water management plans, argues a white paper issued Tuesday by Zurich Insurance. Businesses around the world are feeling the strain of water…
Compliance and cyber security competing priorities for U.S. insurers
October 13, 2015 by Canadian UnderwriterInsurers in the United States will face competing priorities for resources and time over the next 12 months, with cyber security preparedness challenging overall regulatory compliance readiness, argues Wolters Kluwer Financial Services. While both cyber security and regulatory readiness will…
Average annualized cost of cybercrime US$15 million, a nearly 20% increase year-over-year
October 6, 2015 by Canadian UnderwriterThe average annualized cost of cybercrime incurred by a benchmark sample of organizations in the United States was US$15 million, a nearly 20% increase year-over-year, according to a study conducted by the Ponemon Institute and sponsored by HP Enterprise Security.…
Canadian economy to grow in Q3, Q4 and next year, predicts Swiss Re’s chief economist
October 1, 2015 Jason Contant, Online EditorCanada could see a “moderate” 3% economic growth in the third and fourth quarters of this year and 2% next year, Swiss Re’s chief economist suggested during a presentation at the National Insurance Conference of Canada (NICC) in downtown Montreal…
Ontario politicians debate bill proposing condo insurance changes, licensing of condo managers
September 23, 2015 by Canadian UnderwriterA proposal to update Ontario’s condominium insurance rules, and to license condominium managers, is currently before the legislature. If passed into law, Bill 106 “would update rules and requirements relating to insurance when damage occurs to a unit or the…
Robust cybersecurity at risk as 44% of CFOs cite insufficient understanding of IT issues: EY study
September 21, 2015 by Canadian UnderwriterAlmost three-quarters (71%) of global chief financial officers (CFOs) have had increased involvement in the IT agenda in the last three years, but 44% cite insufficient understanding of IT issues as a barrier to collaboration with chief information officers (CIOs),…
Global benefits of cyber connectivity expected to outweigh costs by $160 trillion through 2030, report says
September 10, 2015 by Canadian UnderwriterThe accumulated global benefits of cyber connectivity should still outpace the costs through the year 2030 by nearly US$160 trillion (constant 2011 United States dollars), an 8% gain in the cumulative global GDP between 2010 and 2030, according to a…