Los Angeles Chapter of Risk and Insurance Management Society

News Items

California Unveils New Earthquake Warning System
California governor Gavin Newsom announced a new state-wide system, created in cooperation with the U.S. Geological Survey, that will provide California residents with an early warning for coming earthquakes. Part of the system is an emergency messaging system that sends text warnings, similar to those that cell phone users already get for floods and missing persons. The other component of the system is a new app called MyShake, which will give people "tens of seconds" advance notice before a quake strikes. If you are in a house, that might be enough time to get to a safe spot away from falling furniture. If you are on the road, it may be enough time to pull off the road or stop before a bridge or tunnel.

Strategies to Prevent Internal Fraud
As employees can be key perpetrators of fraud, creating and implementing best practices with regard to insiders is a key part of an enterprise's everyday risk management procedures. For example, developing internal controls that involve multiple layers of review for financial transactions, and arranging independent reviews of the company's financial records can prevent malfeasance, detect ongoing fraud and prevent it from continuing. In fact, according to Kroll's 2019 Global Fraud and Risk Report, businesses discovered insider fraud by conducting internal audits 38% of the time, through external audits 20% of the time and from whistleblowers 11% of the time.

Ahead of RIMS ERM Conference, Keynote Speaker Gretchen Anderson Talks Culture Change
At next month's RIMS ERM Conference 2019, the opening keynote speaker will be Gretchen Anderson, director of the Katzenbach Center at PwC and co-author of The Critical Few: Energize Your Company's Culture by Choosing What Really Matters. Her address will aim to provide risk professionals with a playbook for successful enterprise-wide culture change. She recently sat down with Risk Management Monitor for a preview, discussing the relationship between culture and productivity and the role of risk management in helping drive change.

Travel Company Thomas Cook Collapses, Stranding Customers Worldwide
The world's oldest travel company, UK-based Thomas Cook--which operates hotels and resorts around the world as well as its own airlines--all but collapsed this week, cancelling all of the company's bookings (including flights and holiday packages), and closing its retail locations. The shutdown left 600,000 customers stranded, and Reuters called the effort to get passengers home "the biggest ever peacetime repatriation," with 64 flights bringing 14,700 back to the United Kingdom on Monday, and hundreds of thousands more are expected to be transported over the next two weeks. The collapse also leaves more than 20,000 employees out of work.

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President's Message

Jeff Stolle
Fall is here, winter is coming! Hopefully that means we get some much needed rains and we reduce our risk of wild fires. We live here for many reasons, one being the weather, but by choosing this great climate it means we also choose to live in an environment that has a lot of natural risks, like wildfires and earthquakes. One of the keys to making it work is to be prepared – use your risk management instincts to prepare yourself and your family in case of disasters. Remember these strategies: "READY, SET, GO" & "DROP! COVER! HOLD ON!"

Join us as we finish out 2019! We have two more events that we hope to see you at.

On November 13 we are hosting our annual Education Day at The Proud Bird (near LAX). Sign-up now for this informative afternoon of educational sessions featuring great speakers talking about "Technology, Cyber and the Future of Insurance". The first 100 registrants will get a free, autographed copy of our keynote speaker's book, The End of Insurance as We Know It, come see the "The Most Interesting Man in Insurance" and see what he is talking about.

Also, plan on joining us in Burbank for our Holiday Party on December 5. It's a new look and format that we think you will like. Stay tuned for details!

Are you ready for 2020? LA RIMS is! The Board recently spent a Saturday working on a number of things, including the plans for 2020. While we had a very successful 2019, 2020 is looking to be even better. We are still working on the final schedule, but I wanted to share a sneak preview of what it is looking like – mark your calendars.

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