Key Risk Indicators - The Crystal Ball of Business
Organizations are generally familiar with the idea of Key Performance Indicators (KPIs). They are measures of how well things are being done and results you have already realized. An example is sales trends, i.e. customer shipments and receivable write-offs over the past month or quarter. On the other hand, Key Risk Indicators (KRIs) are different in that they are an early indicator of emerging risks that could cause harm to the business, such as a macroeconomic shift that could impact customer collection in the future.Read more
The Lumber Industry, a Complicated Area for Insurance
Since the withdrawal of LUA in 2011, many insurers have seen their market shares in the lumber industry increase dramatically. Indeed, at that time, insurance products were particularly sought out by sawmill owners who, were slowly emerging from a market plagued by one of the most dramatic crises experienced by their industry.Read more
The Board’s ‘GPS’ for Better Corporate Governance: The Value of ERM
You find yourself in a foreign city wandering around aimlessly looking for a particular location. You have no paper map and the rushing fear of feeling lost is slowly coming over you. Does this scenario sound familiar?Read more
The key to 'Client Intimacy' in this modern business world : Are you a relationship-style seller or a transactional-style seller?
Client intimacy is the cultivation of relationships with clients to make them feel like they are in a partnership with a provider rather than in a pure business arrangement. Companies accomplish this through communications tailored to the needs of the client and marketing campaigns that create a sense of connection with the company and the products. This concept rose to prominence in the 1990s as many companies started to make it part of their business strategy.Read more