The program is designed to reveal challenges and emerging risks within a company, as well as recommend solutions to help a company overcome those challenges.
“Technology firms, by their nature, are particularly susceptible to a variety of emerging, ever-changing risks that can, if not anticipated and managed, jeopardize their profitability, or even their very existence,” said David Allred, technology practice leader for Zurich North America Commercial. “For example, many firms have complex global supply chains that are susceptible to a variety of interruptions. ERM can also look at things like labor relations or the ability to keep research and development efforts functioning in the event of a physical loss at their facilities.”
According to Zurich, functions of the ERM HealthCheck Tool include:
• Protecting tangible and intangible assets
• Minimizing total cost of risk and barriers to achieving business objectives
• Maintaining creditworthiness
• Maximizing strategic growth opportunities
• Providing management assurance to regulators and stakeholders, and limiting damage to their reputation
