Description: Although crisis management remain often seen through a “communication lens”, it has in reality more in common with risk management than usually thought. Both crisis and risk management are anticipatory endeavors, with most of the work being carried out in peace time; both require a deep understanding of the organization’s activities and ecosystem; both have the same overarching objective to enable the organization to survive a brutal change to its usual operating conditions. Developing integration between the two functions would thus go a long way toward a more resilient organization.

Description: Rote utilitarianism is prone to subjective bias and other risks when used to support decisions on the evolving ethical gray zone.

Description: Many top-performing businesses aren’t just risk aware, but rather risk intelligent. Such a posture helps prepare companies for a major event and can demonstrate to a regulator or auditor that an appropriately strong control framework is in place. Better still, companies gain real strategic value from a “risk adjusted” understanding not only of their threats and vulnerabilities, but also the upside opportunities associated with various risks. It starts with having both qualitative and quantitative information to identify, assess and manage risks. Strategic risk management, at its core, is about creating value by increasing transparency and accountability, and quality of information. More than a mere compliance exercise, effective risk management enables more informed strategic decision making, increased accountability and transparency, a greater likelihood of organizational success, and – ultimately – competitive advantage, as borne out by many studies that correlate risk management and financial results.

Description: Article Description * “Agile” development is all the buzz in the IT world. You may have heard your IT teams talk about scrums, sprints, and the war room and wondered if they were playing a strange new sport. Or perhaps you are already applying agile techniques in your product development. This article will discuss what agile methodology is, pros and cons, and how you might apply it to insurance product development.

Description: Career planning

Description: Part 1 of a 2-part series exploring implementation issues for the Mental Health Parity and Addiction Equity Act of 2008 MHPAEA. Part 2 addresses the new enforcement safe harbor, how the regulations could impact the business of behavioral health care and the impending decisions for payors, employers, providers, and insureds.

Description: The Internal Revenue Code includes certain rules that apply when a taxpayer has a change in method of accounting. A special rule applies when a life insurance company changes its basis of computing reserves. The article discusses two recent court cases, Bosamia v. Commissioner and Capital One Financial Corp. v. Commissioner, that address change-in-method-of-accounting issues. The article examines whether and how the courts' conclusions in these two cases might apply to changes in basis of computing reserves to correct errors.

Description: A look at cognitive biases, which are common tendencies of people when thinking about issues and when making decisions. Confirmation bias and sunk cost effects.

Description: Hear from the editor’s on the December 2018 issue of Risk Management published by the JRMS.