For every business, risk management is a critical component of business resilience, profitability, and success. In 2023, there are some signs of insurance market stability and rate moderation. Businesses with a preferred risk profile will be in the strongest position to get the best rates and terms. The same can be said for individuals in the personal lines and private client space.
Risk Assessment and Preparedness
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The past year challenged families to react to adverse trends to protect their enterprise and build capabilities to achieve their vision. The journey from uncertainty to impact requires an elevated enterprise mindset and determination to persevere throughout the four-stage evolution to position the family enterprise for long-term success and positive community impact.
The Global Risks Report 2023
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Developed in collaboration with the World Economic Forum, this 18th edition of The Global Risks Report outlines the major risk issues and trends leaders like you will face in the coming years. This go-to resource provides detailed insights into the priorities and strategies of your peers—and gives you actionable steps to build resilience in this turbulent risk environment.
The Global Risks Report 2023: The Executive Summary
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We have seen a return of "older" risks—inflation, cost-of-living crises, trade wars, capital outflows from emerging markets, geopolitical confrontation, and the specter of nuclear warfare—which few of this generation's business leaders have experienced.
The Evolving Risk Landscape: Discovering New Ways for Organizations to Assess and Manage Risk
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How can an organization be confident it is agile enough to react to the unknown and the evolving risk landscape? One of the best ways is by establishing a strong risk culture. In this e-book, Baker Tilly practitioners take a closer look at some of the critical risks that organizations are dealing with now, how those risks have evolved in recent years, and some basic strategies to effectively manage those risks.
Cybersecurity: Action Items for Every Family Office
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As family offices expand their technology footprint, cyberattacks are rising. Hackers continue to refine their approaches, but security controls and proactive planning can strengthen your family office cybersecurity defenses. Initially, focus on the key action items to validate your existing security setup and inform your plans to address any shortcomings you identify within your family office 5.0 model.
Hurricane Safety Checklist
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Being prepared and knowing how to respond to a hurricane or storm makes the difference in minimizing damage and protecting you, your family, and property. Here is a checklist to help guide you on what to do before and during hurricane season.
Key Recovery Considerations: A Checklist for Your Business Following a Natural Disaster
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In the aftermath of a natural disaster, businesses will need to take the important steps to recovery. Here is a checklist to help guide you through that process. For additional tips and guidance on how to prepare for other disasters, see the following:
Family Office Crisis Response and Recovery
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The list of compounding emergencies – both natural disasters and beyond – that we face today seems increasingly difficult to manage. A resilient family office is able to efficiently lead through crisis, recover essential family office functions, leverage lessons learned, and continuously improve their capabilities. Though practical guidance abounds for the large commercial enterprise, few explore right-sizing these methods for the unique circumstances and mission of the family office.
Before a hurricane or storm hits, plan in advance by having an evacuation “Grab and Go” checklist, with special considerations made for children, infants, and pets. Continue to follow all evacuation orders and allow for enough time to pack and inform family and friends if you need to leave your home.