Last year marked the 100th anniversary of the first and only voyage of the RMS Titanic. On Apri 15, 1912, the demise of the “unsinkable” ocean liner caused 1,502 fatalities, one of the deadliest maritime accidents of all time. For more than a century, scholars have researched the many contributing causes of the disaster, hoping to prevent future loss.
This enormous ship was designed to be the “state of the art” in safety, with no expense spared by the White Star Line to ensure first class passengers the utmost in comfort and luxury. Yet, the “biggest and the best in the industry” failed miserably—a statement that rings true in many industries, including insurance, today.
As noted by risk expert Michael Rasmussen in his recent blog post, “The Titanic: An Analogy of Enterprise Risk,” the lessons we learn from the Titanic can help us understand and make a case for enterprise risk management (ERM) today. In particular, one of the most significant lessons learned from the experience bears frequent repeating: Never underestimate human capital risk.
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