https://newsroom.fmglobal.co.uk/cats/risk_management.xmlRisk Management - FM Global UK2024-03-26T10:54:17.899905+00:00python-feedgenRisk Managementhttps://newsroom.fmglobal.co.uk/releases/new-2023-fm-global-resilience-index-fuels-business-continuity-and-sustainable-growthNew 2023 FM Global Resilience Index fuels business continuity and sustainable growth 2024-03-26T10:54:17.921624+00:00unspecified<![CDATA[<p><strong>LONDON, UK, 13<sup>th</sup> June, 2023</strong> – Commercial property insurer <a href="http://www.fmglobal.co.uk/">FM Global</a> today revealed the <a href="https://www.fmglobal.co.uk/research-and-resources/tools-and-resources/resilienceindex">2023 FM Global Resilience Index</a>, an online, interactive tool that supports strategic decision-making for global businesses. The index ranks countries on 15 measures of economic, risk quality and supply chain resilience.</p>
<p>The FM Global Resilience Index is considered an essential tool for site selection, supply chain design and market targeting amid critical business risks like climate change, economic volatility and geopolitical tensions. Several global organisations have found the data-rich index so valuable they have integrated it into their site-selection/enterprise risk management software for strategic decision-making, demonstrating the power of the Resilience Index.</p>
<p>“Objective data should support most major business decisions, and in the Resilience Index we’ve aggregated salient data to help companies build resilience for decades to come,” said <a href="https://www.linkedin.com/in/pentti-tofte-556485/" target="_blank"><strong>Pentti Tofte</strong></a>, staff senior vice president, data analytics, FM Global. “When potential disruptions loom, a resilient company can mitigate losses of revenue, market share and growth – losses that may have been unrecoverable.”</p>
<p><strong>Data drives decisions</strong></p>
<p>FM Global’s data, both proprietary and aggregated from respected third parties, places these 10 countries/territories atop this year’s Resilience Index:</p>
<ol>
<li>Denmark</li>
<li>Singapore</li>
<li>Luxembourg</li>
<li>Germany</li>
<li>Switzerland</li>
<li>United States Region 3 (Central)</li>
<li>United States Region 1 (East)</li>
<li>Sweden</li>
<li>Finland</li>
<li>Austria</li>
</ol>
<p>The bottom three are:</p>
<ol>
<li value="128">Ethiopia</li>
<li value="129">Venezuela</li>
<li value="130">Haiti</li>
</ol>
<p>The biggest riser was the Dominican Republic, which rose from 99<sup>th</sup> to 95<sup>th</sup> based on a higher climate risk quality ranking in this year’s index. The biggest faller was Lebanon, which dropped from 101<sup>st</sup> to 106<sup>th</sup>, due in part to a lower ranking in health care spending.</p>
<p>The UK ranks in 13th place in the FM Global Resilience Index, as in 2022.</p>
<p><strong>Facts support good decisions</strong></p>
<p>The FM Global Resilience Index provides relevant data around some of the most pivotal topics that companies face today.</p>
<p><strong>Climate change</strong> is one of them. The index uses facts about each country’s <em>climate risk exposure</em> and <em>climate risk quality</em> to help companies prosper. </p>
<p>The <strong>global economy</strong> is another concern, and more<em> productive</em> countries (those with higher GDP per capita) generally have more resilient business environments. <em>Health expenditure </em>per capita<em>, energy intensity</em> and high <em>urbanisation rates</em> also affect resilience. Data on all of these economic drivers is captured in the index to keep companies growing strong.</p>
<p>As<strong> geopolitics</strong> continue to shift, companies can consult the index’s <em>political risk</em> rankings to enhance stability for future growth.</p>
<p><strong>Rankings</strong></p>
<p>FM Global has chosen to make the <a href="https://www.fmglobal.co.uk/research-and-resources/tools-and-resources/resilienceindex">Resilience Index</a> freely accessible to any individual or company seeking to improve resilience, reduce risk and achieve their environmental, social and governance (ESG) goals. It’s part of an exclusive <a href="https://www.fmglobal.co.uk/products-and-services/products/climate">suite of products</a> designed to support FM Global clients in a changing world. The Resilience Index consistently attracts thousands of global business leaders representing numerous sectors, including chemicals, education, forest products, governments, healthcare, mining, molten materials, pharma/biotech, power generation and semiconductors.</p>
<p><strong>Explore the 2023 FM Global Resilience Index:</strong></p>
<ul>
<li><a href="https://fmglobalpublic.hartehanks.com/AssetDisplay?acc=11FM&itemCode=P17062">Executive Summary</a></li>
<li><a href="https://fmglobalpublic.hartehanks.com/AssetDisplay?acc=11FM&itemCode=P17095">Frequently Asked Questions</a></li>
<li><a href="https://fmglobalpublic.hartehanks.com/AssetDisplay?acc=11FM&itemCode=W00234">Methodology</a></li>
</ul>
<p style="text-align: center;"><span>###</span></p>
<p><strong>About FM Global</strong></p>
<p>Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every four Fortune 500 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.</p>
]]>The definitive ranking of countries’ business environments helps companies select new sites, create stronger supply chains, and target new markets.2023-06-13T14:00:00+00:00https://newsroom.fmglobal.co.uk/releases/fm-global-releases-new-worldwide-freeze-map-to-support-climate-resilienceFM Global releases new Worldwide Freeze Map to support climate resilience2024-03-26T10:54:17.954152+00:00unspecified<![CDATA[<p><strong>LONDON, UK, February 7, 2023</strong>—To help businesses maintain continuity and develop future prosperity, <a href="http://www.fmglobal.co.uk/">FM Global</a> is today announcing the release of its new <a href="https://www.fmglobal.com/research-and-resources/nathaz-toolkit/about-global-flood-map"><strong>Worldwide Freeze Map</strong></a>, providing information to allow businesses to more effectively assess and address their specific climate risk profile. As the increasing impact of climate change continues to expose businesses to exacerbated climate risks, this task has never been so vital.</p>
<p>Freely available to all, the map is based on 100-year return period daily minimum temperatures (100-year DMT) and can be used to determine necessary freeze protection for essential business hardware. This includes, for example, pipes, tanks, and outdoor equipment which may be susceptible to freezing. Geographical regions having a significant weather-related freeze hazard are identified by the 20°F (-6.7°C) or colder temperature bands, which are a good indicator for freeze damage based on historic losses as well as laboratory and field experiments.</p>
<p>"It's common to think that only warm climate areas are at risk of the freeze hazard," says Jessica Waters, vice president and manager of natural hazards and structures at FM Global. "However, loss history shows that the hazard is just as prevalent in areas accustomed to cold weather. The extreme cold brought by polar vortexes has caused lots of freeze damage, especially when facilities are shut down for a weekend or holiday.</p>
<p>Waters summarises, "A power outage from severe weather will result in disruption. But if the building loses heat, the freeze can cause a much bigger disaster and a lot more headaches." The <strong>Worldwide Freeze Map</strong> gives businesses the information to understand if their operations are exposed to the risk of freeze and take the necessary precautions to protect their business today and prosper tomorrow. </p>
<p>The new <strong>Worldwide Freeze Map</strong> is the latest addition to FM Global’s growing climate solutions portfolio, which includes two recently launched <a href="https://www.fmglobal.co.uk/products-and-services/products/climate">first-of-their-kind climate resilience products</a>: the <strong>FM Global Climate Risk Report</strong> and the <strong>FM Global Climate Reporting Aid</strong>. The <strong>Climate Risk Report</strong> scores each client organisation based on the actions they have taken to address climate risk and their unique exposure to events like flood, windstorms, hail and wildfire. This data enables business leaders to effectively prioritise their most critical investments in climate resilience, setting themselves up to thrive in the year ahead and beyond. The recently launched <strong>Climate Reporting Aid </strong>also assists with this, acting as a guide that helps clients disclose acute and chronic climate-related financial risks to investors and the public, according to widely-adopted frameworks like the <a href="https://www.fsb-tcfd.org/press/statement-of-mary-schapiro-on-the-secs-proposed-rules-to-enhance-and-standardize-climate-related-disclosures-for-investors/">international Task Force on Climate-related Financial Disclosures (TCFD),</a></p>
<p>FM Global is also soon set to launch a new predictive Climate Change Impact Report tool that will provide insights on clients’ unique chronic risk based on the evolving impact of climate change on natural hazards, further bolstering FM Global’s suite of climate resilience solutions.</p>
<p><strong>Mitigating Potential Freeze Damage – Next Steps </strong></p>
<p>Freeze risk regularly impacts equipment and infrastructure which is often hidden and enclosed within a building. Take, for instance, the pipe behind the wall without adequate insulation; the sprinkler riser in the parking garage that stands unprotected where the water and air meet. Under winter conditions, these can lead to major freeze losses.</p>
<p>The <strong>Worldwide Freeze Map</strong> will help businesses understand how specifically their operations may be exposed to potential freeze events. But what comes next? The answer lies in the practical steps businesses can take to reduce their risk exposure. Steps like closing vents and regularly checking exposed pipes can be essential, allowing businesses to maintain continuity when faced by freezing temperatures.</p>
<p>Downloadable assets for understanding freeze and freeze emergency checklists are available at <a href="https://www.fmglobal.com/research-and-resources/nathaz-toolkit/severe-weather">FM Global’s NatHaz Toolkit</a>.</p>
<p><strong>About FM Global</strong></p>
<p>Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every four Fortune 500 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.</p>
<p align="center">###</p>
]]>The Freeze Map will help businesses understand how their operations may be exposed to their potential freeze risk.2023-02-07T15:00:00+00:00https://newsroom.fmglobal.co.uk/releases/fm-global-opens-first-experiential-risk-management-facility-in-asia-pacificFM Global opens first experiential risk management facility in Asia Pacific2024-03-26T10:54:17.991217+00:00unspecified<![CDATA[<p><strong>LONDON, UK, 8 November 2022</strong> – <a href="http://www.fmglobal.co.uk/">FM Global</a>, one of t­he world’s largest commercial and industrial property insurers, today opened the company’s first client-centered experiential risk management facility in Asia Pacific, situated in Singapore Science Park. Designed to meet the complex and diverse needs of the Asia-Pacific region, the FM Global Centre aims to empower clients and prospects in the region to protect their assets today while increasing their longer-term resilience. </p>
<p>"The FM Global Centre embodies how businesses can take action to realise the business value of risk improvement and increased resilience,” said Malcolm Roberts, FM Global president and chief executive officer. “With the opportunity for first-hand experience in the science of risk management, companies will be empowered to elevate conversations about risk improvement, and can more effectively address the challenges of increasing climate risk as well as growth and infrastructure challenges in the region.”</p>
<p>The FM Global Centre enables organisations to learn about and experience solutions grounded in the company’s scientific research and engineering expertise, not only to protect property and assets, but to keep their businesses going and growing strong. The SGD$80 million, 6-storey facility spanning 11,613 square metres houses a series of interactive simulation labs and learning spaces, including an immersive theatre that demonstrate how investment in risk improvement can prevent losses and deliver business value. These insights can help organisations make the best decisions to strengthen supply chains, protect owned locations, or locate new facilities and ultimately generate business value. The Centre’s interactive simulation labs have a specific focus on natural hazards, demonstrating how property losses resulting from high-wind events, floods and earthquakes can be prevented through a focus on greater climate resilience. Other experiential areas include material impact testing, flood simulations, and a virtual warehouse simulation to demonstrate the risks posed by natural hazards.</p>
<p>The Centre is also home to the company’s Asia operations. Present in the Asia Pacific region for 50 years and headquartered from Singapore for nearly 40 of these, FM Global has a regional focus on the pharmaceuticals, healthcare and technology manufacturing sectors, as well as supporting the expansion of global clients into Singapore and Asia Pacific.</p>
<p>It is hoped that the FM Global Centre will contribute significantly to Asia Pacific’s growing loss prevention culture and encourage regional businesses to take action in enhancing their resilience. “We are a global business with a strong commitment to improving the resilience of our clients in Singapore and across the region to help them better serve their communities and customers. Our fundamental belief is that the majority of loss is preventable, and the FM Global Centre reflects this combination of engineering and insurance insight,” said Tan Hian Hong, operations senior vice president, operations manager, Asia.</p>
<p>The FM Global Centre, which has incorporated Asian design principles to achieve a harmony with the landscape, was developed by Ascendas-Singbridge, supported by main contractor Nakano, consultant and designer PT Consultants, M&P Consultants JRP, and interior designers Gensler and Cundall. It is built to FM Global’s FM Approved standards and represents one of the most resilient and well-protected buildings in Asia Pacific.</p>
<p align="center">###</p>
<p> </p>
<p><strong>About FM Global</strong></p>
<p>Established nearly two centuries ago, and present in the Asia Pacific region for 50 years, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every three Fortune 500 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.</p>
<p>Singapore’s FM Global Centre complements the US-based FM Global Research Campus, which is regarded as the world’s premier centre devoted to preventing physical threats to its clients’ properties from turning into real-life catastrophes. Here, real-time simulations anticipate what preparations and protection the client’s facilities need to mitigate disasters.</p>
<p>FM Global has established partnerships with educational, technical and governmental organisations around the world, including the Institute of Catastrophe Risk Management, which serves as a trusted advisor to standards and risk-focused organisations in Singapore and across the region.</p>
<p> </p>
<p><strong>About the FM Global Centre </strong></p>
<p>Located in Singapore Science Park, the 6-storey building spanning 11,613 square metres includes an immersive media theatre with capacity for 80 people and offers robust hands-on loss prevention education across 10 interactive simulation laboratories and four learning spaces, including:</p>
<ul>
<li><strong>Natural Hazards Lab</strong>: Learn from a series of interactive physical and virtual demonstrations how to prevent property losses from the impact of natural hazards, including high-wind events, floods and earthquakes. Live demonstrations include large flying debris impact testing apparatus, flood simulations and mitigation solutions, and a virtual warehouse simulation that shows the risks posed by earthquake, fire, wind, and flooding, complemented by life-like sounds.</li>
<li><strong>Fire Pump Lab</strong>: Using projection mapping and lighting, we demonstrate the importance of a well-designed and well-maintained fire pump as part of an effective fire prevention strategy.</li>
<li><strong>Riser Lab</strong>: Understand the four different types of risers as part of a fire protection system and what is involved in their maintenance and testing. Using augmented reality, you will experience the importance of having the right fire protection system and special protection systems for your facility. </li>
<li><strong>Sprinkler Lab</strong>: Learn how sprinklers work with live demonstrations of various sprinkler discharge characteristics. The Sprinkler Lab illustrates the strengths and limitations of various types of sprinklers, showcasing their uses in the event of different fire hazards.</li>
<li><strong>Warehouse Lab</strong>: Witness how fast a fire spreads based on the nature of materials and how they are stored. You will see how a warehouse is configured in a series of visual demonstrations and learn about the best practices in warehouse protection. The aim is to help you identify and understand deficiencies in rack storages and shelves.</li>
<li><strong>Building Assemblies Lab</strong>: Material selection helps determine your property’s resilience. We share which FM Approved roof and wall assemblies are best suited to withstand wind hazards, and various insulation materials for protection against fire hazards.</li>
<li><strong>Utilities and Production Lab</strong>: We identify the various hazards and safeguards associated with industrial equipment such as boilers, generators, turbines and fuel tanks. Learn more about FM Global’s recommended testing and maintenance practices to maximise resilience. </li>
<li><strong>Electrical Lab</strong>: Through electrical fire losses, learn about electrical risks, one of the major causes of loss across all industries. This insider experience allows you to appreciate a range of risks as well as the implementation of strategies to prevent property damage and business interruption from electrical damages.</li>
<li><strong>Ignitable Liquid Use and Storage Labs</strong>: These two labs utilise virtual simulation setup to provide insights on how to recognise and control ignition sources in a range of liquid storage scenarios, as well as identify process hazards and solutions to improve your company’s risk profile. These two labs also showcase a range of different devices used to mitigate risk.</li>
</ul>
]]>To meet the complex and diverse needs of the Asia-Pacific region, the FM Global Centre empowers businesses to increase their long-term resilience.2022-11-08T14:00:00+00:00https://newsroom.fmglobal.co.uk/releases/fm-global-releases-climate-risk-report-and-climate-reporting-aidFM Global Releases Climate Risk Report and Climate Reporting Aid 2024-03-26T10:54:18.022225+00:00unspecified<![CDATA[<p><strong>Climate Risk Report scores businesses on their vulnerability to climate-related threats; Climate Reporting Aid supports ESG disclosures</strong></p>
<p>LONDON, UK—Climate change poses a serious risk to businesses globally, but which of your facilities are at highest risk, and in what ways? And how can you best protect your business today and ensure you prosper in the future?</p>
<p><a href="https://www.fmglobal.co.uk/">FM Global</a> today answered these questions for policyholders by introducing two new <a href="https://www.fmglobal.com/products-and-services/products/climate">first-of-their-kind climate resilience products</a>: the <strong>FM Global Climate Risk Report</strong> and the <strong>FM Global Climate Reporting Aid</strong>. Both are available to FM Global clients, which include many of the world’s largest organisations, including one of every four Fortune 500 companies.</p>
<p>Climate-related losses at commercial properties with the highest climate risk are 30 times more likely to occur and be 180 times more severe than at properties with the lowest climate resilience, according to FM Global research.</p>
<p>“We’ve analysed losses from climate risk and the value of climate resilience,” said Randall E. Hodge, executive vice president, staff insurance operations, at FM Global. “These new climate resilience products provide our clients with informed guidance from which they can prioritise their climate-risk-mitigation investments, ultimately leading to a more resilient tomorrow.”</p>
<p><strong>Risk prioritisation</strong></p>
<p>The <strong>Climate Risk Report</strong> scores each client organisation based on the actions they have taken to address climate risk and their unique exposure to events like flood, windstorms, hail and wildfire. A client’s score is based on both <em>actionable</em> risks—those that can be mitigated by actions like installing flood barriers—and <em>inherent</em> risks, such as exposure to extreme weather. This information helps CEOs, CFOs, chief sustainability officers, risk managers and other business leaders prioritise their most critical investments in climate resilience.</p>
<p>The Climate Risk Report is based on billions of property-risk data points FM Global has collected in more than 60,000 engineering visits each year to client sites. The report is also underpinned by artificial intelligence, machine learning and predictive analytics to help clients prioritise their risk improvement efforts.</p>
<p>The Climate Risk Report complements FM Global’s recently announced <a href="https://newsroom.fmglobal.co.uk/releases/fm-global-allocates-us-300-million-first-of-its-kind-resilience-credit-to-help-policyholders-proactively-invest-in-climate-resilience">Resilience Credit</a>, a 5% premium offset to FM Global policyholders. Those companies can invest the credit—which totals approximately US$300 million across FM Global’s client base—in priorities identified in their Climate Risk Report. It has the potential to help those organisations reduce total loss expectancies from those exposures by more than US$120 billion.</p>
<p><strong>Help with ESG reporting</strong></p>
<p>The second new product, the <strong>Climate Reporting Aid</strong>, is a guide that helps clients disclose acute and chronic climate-related financial risks to investors and the public, according to widely-adopted frameworks like the <a href="https://www.fsb-tcfd.org/press/statement-of-mary-schapiro-on-the-secs-proposed-rules-to-enhance-and-standardize-climate-related-disclosures-for-investors/">international Task Force on Climate-related Financial Disclosures (TCFD),</a> consisting of representatives from across the G20. “We are learning from our clients, and in particular from their chief sustainability officers, that this data is very valuable in completing these financial disclosures, and that data can be difficult and costly to obtain otherwise,” said Hodge.</p>
<p>Climate risk disclosure is an integral component of reporting on environmental, social and governance (ESG) factors, a pressing responsibility for global organisations. Data from a custom Climate Risk Report can support reporting on climate-related opportunities and planned actions toward greater climate resilience.</p>
<p>The Climate Risk Report and Climate Reporting Aid also will be provided to policyholders of <a href="https://www.affiliatedfm.com/">AFM</a>, FM Global’s middle-market business unit.</p>
<p><strong>A set of climate resilience products</strong></p>
<p>These new products bolster a climate portfolio that includes the publicly available <a href="http://www.fmglobal.co.uk/resilienceindex">FM Global Resilience Index</a>. The online index ranks the relative resilience of the business environments of nearly 130 countries and territories and includes interactive climate risk and ESG filters. Coming soon is a predictive Climate Change Impact Report that will provide insights on clients’ unique chronic risk based on the evolving impact of climate change on perils such as drought, extreme temperatures, increased precipitation, intensifying winds and rising sea levels.</p>
<p> </p>
<p><strong>About FM Global</strong></p>
<p>Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every four Fortune 500 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.</p>
<p> </p>
<p style="text-align: center;">###</p>
]]>New products help businesses build their climate resilience.2022-10-11T13:00:00+00:00https://newsroom.fmglobal.co.uk/releases/fm-global-allocates-us-300-million-first-of-its-kind-resilience-credit-to-help-policyholders-proactively-invest-in-climate-resilienceFM Global allocates US$300 million, first-of-its-kind ‘resilience credit’ to help policyholders proactively invest in climate resilience2024-03-26T10:54:18.052168+00:00unspecified<![CDATA[<p>LONDON, UK—Policyholders of <a href="https://www.fmglobal.co.uk/" target="_blank">FM Global</a>, which include one of every three Fortune 500 companies and similar size organisations worldwide, will collectively receive approximately US$300 million in a first-of-its-kind ‘resilience credit,’ providing them with additional means to invest in climate resilience solutions. The credit has the potential to help those organisations reduce total loss expectancies related to wind, flood and wildfire exposure by more than US$120 billion which, in turn, can magnify their positive impact on customers, colleagues and communities, according to FM Global data.</p>
<p>“With rising business disruption due to climate risk and companies increasingly focused on ESG strategies, the resilience credit is a potential game-changer for our clients, many of which are key contributors to the economy and society,” said Malcolm Roberts, president and chief executive officer. “This credit is made possible through our mutual ownership structure and risk engineering focus to support their business continuity and climate risk mitigation efforts.”</p>
<p>In addition to the credit, later this year, FM Global will introduce a new suite of climate resilience solutions that can help clients assess climate risk exposures and prioritise their risk improvement investments. “Combined, this new suite of tools, along with the resilience credit, represents a significant investment in helping keep our clients' businesses going and growing strong,” Roberts added.</p>
<p>The credit will be applied as a 5% premium offset against FM Global policies with renewals or anniversaries between Oct. 1, 2022, and Sept. 30, 2023, and will be calculated based on eligible in-force premium in effect 90 days prior to the renewal or anniversary date of the current policy.</p>
<p align="center">###</p>
<p><strong>About FM Global</strong></p>
<p>Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every three Fortune 500 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.<br />
</p>
]]>The credit has the potential to help those organisations reduce total loss expectancies related to wind, flood and wildfire exposure by more than US$120 billion.2022-08-08T09:30:00+00:00https://newsroom.fmglobal.co.uk/releases/just-updated-2022-fm-global-resilience-index-enhanced-to-support-business-executives-seeking-long-term-sustainable-outcomesJust updated: 2022 FM Global Resilience Index enhanced to support business executives seeking long-term sustainable outcomes2024-03-26T10:54:18.086080+00:00unspecified<![CDATA[<div class="textImage textImage-right" style="float: right; width: 360px; margin: 10px 10px 10px; font-size: 90%; font-style: italic;"><img align="right" alt="Global-Resilience-1200x62732_mid" author="" class="widget-image" custom_size="false" data-imgheight="188" data-imgwidth="360" file_id="629f4aa6b3aed322c4836bf2" height="188" src="https://s3.amazonaws.com/cms.ipressroom.com/315/files/20225/Global-Resilience-1200x62732_mid.jpg" title="" width="360" /></div>
<p>LONDON, UK—For companies seeking to grow and expand around the world responsibly and serve new customers and communities, the online <strong>2022 FM Global Resilience Index</strong> [<a href="http://www.fmglobal.com/resilienceindex">fmglobal.com/resilienceindex</a>], has just been released and enhanced. It now includes 15 economic, risk quality, and supply chain measures that offer executives insights into the vulnerabilities of a country’s business environment and, conversely, its resilience.</p>
<p>The interactive web tool enables decision makers to find, slice, dice, and compare objective data about 130 countries and territories to inform strategic decisions as they site new facilities, evaluate their supply chains, assess their business risk around the world, and perform due diligence for mergers and acquisitions.</p>
<p><strong>Climate risk and ESG-related enhancements</strong></p>
<p>Two new index measures for 2022, <em>climate risk exposure</em> and <em>climate risk quality</em>, help businesses intensify their focus on emerging environmental perils. The former measure reflects such threats as severe floods and wind storms, while the latter reflects building codes, code enforcement, and facilities improvements.</p>
<p>Notably, the Republic of Korea’s <em>climate risk quality</em> rose in rank for this measure since last year, climbing 36 places, from 89 to 53, as the country demonstrated its commitment by releasing national flood maps in 2021. The Resilience Index also indicates countries which are relatively better able than others to address climate-related risks such as the United Kingdom. While ranked 111th for <em>climate risk exposure</em>, the U.K. sits in 17th place for <em>climate risk quality</em> this year.</p>
<p>Conversely, as businesses struggle to manage supply chain strains, this year’s index reveals manufacturing nations that rank low for both <em>climate risk exposure</em> and <em>climate risk quality</em> including China region 1 (East) and region 2 (Southwest and some coastal locations), India and Vietnam.</p>
<p>With stakeholder demands on companies increasing, the 2022 Resilience Index now includes country filters that present specific index data related directly to businesses’ climate risk and Environmental, Social and Governance (ESG) interests, as organisations strive to become more transparent in their commitments and values. The two filters enable index users to focus exclusively on the climate risk- and ESG-related measures within the Resilience Index to better understand inherent country risks and identify opportunities through these lenses.</p>
<p>Additionally, in recognition of the impact of pandemic risk, the 2022 Resilience Index includes two new measures: <em>health expenditure and supply chain timeliness</em>. Also, due to the availability of better-quality data, the Resilience Index now contains improved measures for <em>cyber risk</em> and <em>energy intensity</em>, a more comprehensive measure for 2022, broadened from fossil fuels to now include renewable and clean energy sources.</p>
<p>“Building resilience to achieve long-term sustainable outcomes is critical to business success, whether adjusting to war, navigating a pandemic, dealing with the threat of a changing climate, or meeting ESG demands,” said <a href="https://www.linkedin.com/in/pentti-tofte-556485/"><strong>Pentti Tofte</strong></a>, staff senior vice president, data analytics, FM Global. “The 2022 FM Global Resilience Index is designed to support senior executives with preparing for—and adapting to—a dynamic risk landscape and to building business resilience responsibly.”</p>
<p><strong>Helping businesses build resilience against disruptive events</strong></p>
<p>The Resilience Index sees nearly 20,000 visits per year from global business leaders from numerous sectors including chemicals, education, forest products, healthcare, mining, molten materials, pharma/biotech, power generation, governments, and semiconductors. A number of global companies have integrated the index into their executive dashboards as well.</p>
<p><strong>Additional Resilience Index Resources</strong></p>
<ul>
<li><a href="https://fmglobalpublic.hartehanks.com/AssetDisplay?acc=11FM&itemCode=P17062">Executive Summary </a></li>
<li><a href="https://fmglobalpublic.hartehanks.com/AssetDisplay?acc=11FM&itemCode=P17095">Frequently Asked Questions</a></li>
<li><a href="https://fmglobalpublic.hartehanks.com/AssetDisplay?acc=11FM&itemCode=W00234">Methodology</a></li>
</ul>
<p> </p>
<p><strong>About FM Global</strong></p>
<p>Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every three Fortune 500 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.</p>
<p> </p>
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]]>For companies seeking to grow and expand around the world responsibly and serve new customers and communities, the online 2022 FM Global Resilience Index [fmglobal.com/resilienceindex], has just been released and enhanced.2022-06-07T12:53:00+00:00https://www.strategic-risk-europe.com/home/moving-towards-net-zero/1440941.articleMoving towards net zero2024-03-26T10:54:18.121504+00:00unspecified<![CDATA[]]>As organisations around the world look to transition to a low-carbon economy, there are several risks that need to be considered carefully. FM Global's Dr Lou Gritzo provides more information in this feature for StrategicRISK.2022-04-20T08:23:00+00:00https://newsroom.fmglobal.co.uk/releases/three-weeks-three-honors-for-fm-global-innovationThree weeks, three honors for FM Global innovation2024-03-26T10:54:18.135897+00:00unspecified<![CDATA[<p>LONDON, UK—Although <a href="http://www.fmglobal.co.uk/">FM Global</a>, for nearly two centuries, has constantly found new ways to make clients resilient, rarely has its diligence gained such recognition as it has this month, when the commercial property insurer won three awards spotlighting its innovative work.</p>
<p>This week, FM Global won an award for <strong><em>Systemic Risk Solution of the Year</em></strong> at the <a href="https://europeanriskmanagementawards.com/European21/en/page/winners-21">European Risk Management Awards</a> for its approach to helping clients build climate resilience strategies. The award, selected by <a href="https://europeanriskmanagementawards.com/European21/en/page/judges-2021">senior executives in risk management and corporate performance</a>, highlights “innovation” and “creative thinking” among other practices. The honor recognised FM Global’s collaboration with a manufacturing client that was facing a constant flood risk: six inches of water could cost the company GDP£50 million in losses. A special FM Global team used geographic information system tools and hydraulic models to define the flood exposure. The team oversaw the implementation of a flood-protection solution and collaborated on an emergency plan. FM Global also helped the client evaluate sites for new factories in the context of their climate risk. The client was able to eliminate exposures and adapt to the changing climate while reducing construction and future maintenance costs, all based on FM Global’s engineering-based approach to climate resilience.</p>
<p>On Dec. 9, FM Global won a gold award at the <a href="https://www.insurancetimes.co.uk/news/revealed-which-firms-came-out-on-top-at-2021s-insurance-times-awards/1439747.article">2021 <em>Insurance</em> <em>Times </em>Awards</a> in London for <strong><em>Insurer Innovation of the Year</em></strong>. Selected by a <a href="https://awards.insurancetimes.co.uk/itawards/speakers/">panel of insurance industry luminaries</a>, the win acknowledged the company’s Remote Servicing app, which allows FM Global engineers to conduct virtual walk-throughs of client facilities—a necessity during the pandemic lockdown. Through Remote Servicing, FM Global has been able to conduct more than 15,000 remote visits of client facilities. These visits have resulted in over 11,000 risk improvement recommendations being completed by clients, mitigating over US$85 billion of potential loss exposure.</p>
<p>A week earlier, FM Global’s online <a href="https://risk.fmglobal.com/tropical-storm/p/1">Hurricane, Typhoon and Cyclone Resilience Center</a> microsite was selected by <em>National Underwriter Property Casualty 360</em> for a <a href="https://www.propertycasualty360.com/2021/12/02/propertycasualty360-2021-risk-management-innovation-honorees/"><strong><em>2021 Risk Management Innovation</em></strong><strong> award</strong></a>. FM Global’s entry was among nearly 180 judged by a diverse panel of the publication’s newsroom leaders. “This educational resource has helped thousands of global business leaders think more deeply about catastrophic preparedness,” the publication wrote of the Center. “By making decisions about what preparations to take in advance of an upcoming hurricane, visitors more thoroughly understand the risk. At the end, they receive actionable steps for risk mitigation.” The Center employs dramatic video, industry factoids, and an interactive quiz to captivate visitors.</p>
<p>For more information on managing climate-related risk, visit <a href="http://www.fmglobal.co.uk/nathaz">www.fmglobal.co.uk/nathaz</a>.</p>
<p><strong>About FM Global</strong></p>
<p>Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.<br />
</p>
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]]>Although FM Global, for nearly two centuries, has constantly found new ways to make clients resilient, rarely has its diligence gained such recognition as it has this month.2021-12-17T09:46:00+00:00https://newsroom.fmglobal.co.uk/releases/new-podcast-episode-bouncing-forward-from-business-disruptionsNew podcast episode: Bouncing ‘forward’ from business disruptions2024-03-26T10:54:18.170017+00:00unspecified<![CDATA[<div class="textImage textImage-left" style="float: left; width: 150px; margin: 10px 10px 10px; font-size: 90%; font-style: italic;"><img align="left" alt="forward" author="" class="widget-image" custom_size="false" data-imgheight="149" data-imgwidth="150" file_id="614b1337b3aed37b714d1123" height="149" src="https://s3.amazonaws.com/cms.ipressroom.com/315/files/20218/614b1337b3aed37b714d1123_forward/forward_s.jpg" title="" width="150" /></div>
<p>When an unexpected event derails your business, you must be ready to bounce back. That’s resilience. Our guest, from Germany’s acclaimed Fraunhofer Society, proposes doing even better: bouncing forward and emerging from crisis better than you started.</p>
<p>Listen to the latest <em>Resilience Is A Choice</em> podcast and past episodes at <a href="http://www.anchor.fm/fmglobal">www.anchor.fm/fmglobal</a> and on major podcast platforms.</p>
]]>When a fire, cyberattack, or hurricane derails your business, you must be ready to bounce back. That’s resilience. In this episode, our guest describes the prospect of doing even better: bouncing forward, or emerging from a crisis in better shape than...2021-09-23T14:00:00+00:00https://www.continuitycentral.com/index.php/news/resilience-news/6674-why-now-is-the-time-to-build-climate-resilience-and-how-to-make-a-startWhy now is the time to build climate resilience: and how to make a start2024-03-26T10:54:18.200789+00:00unspecified<![CDATA[]]>Developing climate resilience is now essential for organisations looking to ensure long-term continuity but it is not a simple task. Here, our VP for Research, Dr Louis Gritzo, explains how breaking down assessment and planning into three distinct areas - property, operations and people - can help ensure this continuity.2021-09-21T09:51:00+00:00