NU Online News Service, March 24, 3:02 p.m. EDT

Zurich, an insurer for 37 big technology firms, said it has launched a tool tech companies can use to evaluate the state of their enterprise risk management.

The Schaumburg, Ill.-based firm, which said it provides coverage for most of the technology companies listed in the 2009 Fortune 500, said its Zurich Enterprise Risk Management (ERM) HealthCheck Tool helps provide midsize-to-large technology companies with a realistic check of their current ERM preparedness.

ERM promotes a holistic, 360-degree approach to risk and opportunity management that can help to uncover and manage a company's business challenges, including operations and procedures, management styles and business strategies, industry issues, emerging risks, and more, said Zurich.

"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," David Allred, technology practice leader for Zurich North America Commercial, said in a statement.

He pointed out that many tech firms have complex global supply chains that are susceptible to a variety of interruptions.

ERM, he said, 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 facilities.

"With an effective ERM program in place, technology firms will be better prepared to manage the risks and challenges to profitability to enable improved strategic decision-making," said Mr. Allred.

Zurich said the new tool not only offers assessment of a technology firm's current ERM strategy and processes, it also provides the user with some recommendations on how to improve a businesses' current ERM preparedness.

This tool takes a broad look at ERM, the commitments involved in implementing it effectively, and the benefits that businesses can achieve as a result.

Linda Conrad, director of Strategic Business Risk for Zurich Services Corporation, said ERM can help businesses:

o Protect tangible and intangible assets

o Minimize total cost of risk and barriers to achieving business objectives

o Maintain creditworthiness

o Maximize strategic growth opportunities

o Provide management assurance to regulators and stakeholders

o Limit damage to their reputation

The free assessment can be taken by going to https://www.zurichnac.com/technology-ERM.