In today’s environment, it’s crucial for a company to have a compliance management system (a CMS) to manage risks associated with changing product and service offerings and also helps manage new regulations that are enacted to address developments in the marketplace. In this podcast, Consumer Protection attorney Anthony DiResta identifies the three main components of a CMS: board/management oversight, an effective compliance/monitoring program, and an audit system. Mr.
Risk Management
Resource Search
Extreme weather conditions such as hurricanes in Florida to historic drought and rains in California are intensifying natural disaster losses both in size and frequency. By having a better understanding of your insurance coverage, you can insure against the risks your property may face—be they wildfires, hurricanes, deep freezes or floods. Even if you have a broad all-perils policy, it will have a list of exclusions that will be important to find additional coverage well before you think you might need them.
The growth of ChatGPT and other artificial intelligence (AI) tools is not slowing down. From small startups to multinational corporations, employees across the spectrum are leveraging ChatGPT to enhance their productivity and streamline their workflows. Given the potential risks—including confidentiality and personal data and privacy violations—associated with the use of ChatGPT and similar tools, it’s crucial for companies to provide guidance to their employees.
With the increasingly complex patchwork of state privacy laws and regulatory compliance requirements, businesses operating in regulated industries, particularly in the financial services and healthcare sectors, need to ensure they are paying close attention to the details of the exemptions. Key differences in the exemptions built into these new state laws will result in many regulated businesses having drastically divergent compliance obligations on a state-by-state basis.
Driven by events no one could have foreseen, leaders in recent years have pushed their companies and themselves beyond their comfort zone: out of the office to remote workplaces; into the cloud; along chains of supply that are almost completely digital. And with each new venture, there are new cyber risks.
Employers who sponsor high deductible health plans (HDHPs) that are compatible with health savings accounts (HSAs) should take the opportunity to explain how they work during open enrollment. Through this bulletin and overview on HSAs, employers can see the HSA benefits they should highlight to their employees and what they need to know regarding HDHP plan design, from contribution limits changes to updated coverage options for telehealth and COVID-19 testing and treatment.
Wealthy families have always faced complex risk management issues, but it is particularly challenging when facing soaring inflation, regulatory uncertainty, rising cybercrime rates, and increasingly severe natural disasters. These market stressors impact all sectors of the property/casualty insurance market, making it more expensive and challenging for affluent families to secure property, cyber, auto, and specialty coverages.
Because of losses in catastrophe-prone areas and other hard market factors, insurance carriers have pulled back the amount of insurance they’ll offer. Despite the hard market, real estate owners and operators that have well-maintained properties and who are prepared for catastrophes will have an advantage.
As artificial intelligence (AI) and generative AI (GAI) continue to evolve and become integral to business operations, businesses must be mindful of the risks associated with deploying AI solutions. Although there is not yet a comprehensive law governing AI, regulators have tools to hold businesses accountable. They are focused on transparent and explainable AI solutions to ensure that consumers and key stakeholders understand how these systems operate and make decisions.
Many employers have begun using artificial intelligence (AI) tools supplied by third-party vendors. On May 18, 2023, the Equal Employment Opportunity Commission (EEOC) provided guidance indicating that, in its view, employers are generally liable for the outcomes of using selection tools to make employment decisions. Learn more about what tools are covered in the EEOC guidance that clarifies an employer’s responsibility for discrimination in AI employment tools.