Business continuity management and disaster preparedness and recovery team specialists need to add a recent article written by Julian Evans and posted on the Wall Street Journal website to their resource library of relevant material to support their business continuity planning processes and procedures.
As Mr. Evans states, “In a world where almost every company relies on global supply chains and an international network of outsourced activities, a freak event many thousands of miles away can have a potentially devastating impact on business at home. In this environment, it is critical that companies have a firm strategy in place to deal with the unexpected and a thorough knowledge of the insurance industry. Never was this shown to be more important than in 2010 – the so-called year of the catastrophe.”
He also adds that “…the insurance company Swiss Re estimates that worldwide economic losses from natural catastrophes and man-made disasters reached $222 billion last year – more than triple the losses in 2009. Moreover, the number of deaths due to catastrophe reached 260,000 in 2010, which is the highest figure since 1976, and more than the total killed through terrorism over the last 40 years.”
Click here to read Mr. Evans’ full article and learn how he advises his readers to “Weather the Storm”.
If applicable, please pass this on to those supply chain and risk management, disaster preparedness and business continuity strategy planning team members in your organization. Further, if your organization is a private-sector entity, then also pass this along to those PS-Prep strategy planning team members.