Although more than half of firms surveyed were hit with a high-impact/low-probability event last year, not all adjusted their risk management practices to contend with future ones, and fewer than half have an end-to-end supply chain loss control process in place, a new study revealed.
The "Excellence in Risk Management Study," conducted by the Risk and Insurance Management Society and Marsh, listed major natural disasters, subprime market issues and product recalls as examples of high-impact/low-probability events.
According to results released at the recent RIMS annual conference in San Diego, 57 percent of firms surveyed were impacted by such an event, which might also include a terrorist threat, significant loss of brand or significant internal fraud, in the last 12 months.
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