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'Business
continuity briefs' provides a summary of new product and services
press releases and other useful resources published in the last
24 hours.
Link Associates International has collated the findings from a range of official reports and published documents produced since the 7 July 2005 London bombings into a central source of reference. This document seeks to capture the lessons identified from the event with specific focus on the business continuity issues. A free copy of the report can be obtained by emailing link.administration@linkassociates.com
The Australian Prudential Regulation Authority (APRA) has released a paper setting out its response to industry submissions on its proposed approach to the advanced measurement approaches (AMA) to operational risk under the Basel II capital framework. More information
11th October has been designated the International Day of Disaster Reduction by the United Nations. The theme this year is ‘Disaster Risk Reduction Begins at School’. The UN says that it is essential to make disaster-risk education a component of national school curricula, and to ensure that children understand how natural hazards interact with the environment. Young people should also be included in community risk-mapping exercises, and have opportunities to share experiences and best practices with others, including their peers.
Control Risks, the international risk consultancy, and the international law firm Simmons & Simmons have published the fourth International Business Attitudes to Corruption report, highlighting the prevalence and cost of corruption, and the lack of awareness of anti-corruption laws. The report surveyed 350 senior business people from seven countries around the world and collated their responses, many of which said that corruption is likely to get worse, not better. The threat to honest companies is clear: globally, nearly half (43 percent) of all respondents have lost out on business contracts because a competitor paid a bribe. In the UK, 22 percent of companies say they lost out to a corrupt competitor in the last 12 months. This figure increases to 26 percent when the timeline is extended to the last five years. The worst-affected country is Hong Kong with 76 percent of companies saying they had lost business due to bribery in the last five years. Read the report (PDF)
Further building on the floodplain should be avoided as climate change increases the flood risk the Association of British Insurers has warned. In London alone 500,000 properties, 200 schools, 16 hospitals, and 8 power stations are already situated in the floodplain. Jane Milne, the ABI’s Head of Property, said: “Sensible planning now will reduce the significant costs in the future. ABI members are committed to continuing insurance wherever possible for existing customers, but will look more critically at new builds.”
On Monday October 9, Virginia Governor Timothy M. Kaine declared an emergency in Virginia, directing state agencies to take all necessary actions to aid individuals and localities in the recovery from severe thunderstorms and isolated flooding that began October 6.
FEMA has announced that federal disaster aid has been made available for the state of Indiana. The assistance will supplement state and local recovery efforts in the area struck by severe storms and flooding during the period of September 12-14, 2006. Low-interest loans from the US Small Business Administration will be available to cover business losses not fully compensated by insurance. http://www.fema.gov
FEMA daily SITREP
Worst floods in 11 years hit Thailand, Myanmar
Global warming seen pushing up insurance costs
Heavy rain causes widespread floods in Greece
•Date: 11th/12th October 2006• Region: Various
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