Concerns raised over Grenfell review
Concerns have been raised over Judith Hackitt's review of building regulations following the Grenfell Tower Fire in June 2017. Reports that the review is unlikely to put an outright ban on flammable cladding or desktop assessments is unlikely to drastically improve the UK’s position when it comes to fire resilience.
Nicky Morgan takes brokers' concerns to regulator
Issues surrounding the burden of regulation are critical to those the Financial Conduct Authority (FCA) regulates and BIBA has asked the Treasury Select Committee to raise these issues. Chair of the Treasury Select Committee, Nicky Morgan, said “The Treasury Select Committee quizzes senior officials from the FCA several times a year so the issue of the burden of regulation is very alive to those the FCA regulates and they will ask the Treasury Select Committee to raise these issues.”
Castel bolsters portfolio with political risk offering
Castel Specialty has expanded its portfolio with the launch of Castel Political Risk. Led by Tom White, Castel Political Risk will primarily underwrite contract frustration and political risk coverages, typically focusing on business in Latin America, the Middle East and Africa. White was previously senior underwriter at ANV, now AMTrust, where he helped to establish its political risk book. Prior to this he was political risk underwriter at Liberty Syndicates and spent a number of years at Willis Towers Watson, also within its political risk team.
Rolls-Royce and AXA in autonomous shipping partnership
Rolls-Royce and AXA Corporate Solutions have signed a letter of intent to explore ways in which they can combine the Rolls-Royce Ship Intelligence systems with AXA’s risk analytics capabilities to support current sailing and future vessels. Rolls-Royce Ship Intelligence products, including the recently launched Intelligent Awareness product, use a wide array of on-board sensors, streaming data, allowing AXA Corporate Solutions to deliver a new level of service to marine vessels.
VIEW: A lesson in risk management for disruptors
To lose US$27bn from the value of your company in one day is extraordinary by anyone’s standards. For Mark Zuckerberg, who owns 60% of Facebook, although the figure has fluctuated, at one stage this meant a personal hit of US$16bn. Yet the issues that brought about the company’s reputational dive and the serious long-term damage it is likely to cause were all eminently foreseeable. The greater regulation, tighter controls on the use of data, more careful choice of business partners and higher ethical standards promised by Zuckerberg in the wake of the crisis could and should have been put in place long ago – not as a panic measure in response to the flight of advertisers. Instead of having a crisis plan in place, the response appears to have been fragmented and ad hoc. The same tendency can be seen in a number of other recent high-tech road crashes at companies that grew with breathtaking speed.
MPs blast Carillion directors
Carillion's directors presided over a "rotten corporate culture" two committees of MPs have concluded, and have called for the break-up of the big four audit firms, all engaged at some level in the company and its demise. Carillion, a company that collapsed with GBP 1.5bn debt, had employed 43,000 people, and had many constructive ESG and education programmes. But it was the delivery of major public projects that was its undoing, as it underbid in order to win the contracts and its directors failed to anticipate or avoid the financial strain.
BOOK: Digital Human, by Chris Skinner
We are all connected. Mobile connectivity has eroded boundaries and digitisation is bringing about a major transformation in the way we live and work. The digital age has already begun to affect human and business relationships; the ‘fourth industrial revolution’ is well underway and it’s a party to which everyone is invited.
GDPR: Readiness figures disappoint
With a week to go until the GDPR comes into effect, a new report suggests some 85% of firms in Europe and the United States will not be ready on time. It goes on to suggest that one in four will not even be compliant by the end of the year.