Navigation Links
Actuaries Urge Need for Risk Management and Continuity Planning With H1N1 Pandemic
Date:6/12/2009

SCHAUMBURG, Ill., June 12 /PRNewswire/ -- With the H1N1 flu spreading globally, the World Health Organization (WHO) has declared it a pandemic. This marks the first global flu epidemic in 41 years with reports of the flu coming from Mexico, U.S., Australia and many more locations. In response to this development, members from the Society of Actuaries (SOA) are advising businesses to revisit and/or create business continuity and preparedness plans.

Much like the 1918 Spanish flu, the H1N1 global pandemic could cause thousands of deaths and significantly impact small and large businesses alike. At a recent presentation at the Enterprise Risk Management Symposium in Chicago, Max Rudolph, Fellow of the Society of Actuaries (FSA), Chartered Enterprise Risk Analyst (CERA) and owner of Rudolph Financial Consulting LLC, discussed key findings on the pandemic in relation to the 1918 outbreak. He said, "Businesses need to take a deeper look into the risks associated with their operations in coping with the possible impact of this virus. These risks include insurance risk (mortality, morbidity); economic risk (liquidity); counterparty risk (reinsurer solvency); and business continuity (claims and customer service)."

Focusing on the risks to businesses from a pandemic, Rudolph recommends companies put preparedness plans in place not only for today, but also for the next six to nine months, taking a more long-term, comprehensive look at managing risks. Rudolph stated that the pandemic's effect on the supply-chain could become a huge issue as it involves healthcare, food and energy services.

Rudolph also noted several key tips for businesses in dealing with the pandemic impact:

  • Communication: Be part of the solution in advance and think about pay/absentee policies so employees/customers are not surprised.
  • Liquidity: Have currency and credit on hand that can be pulled when times are bad. Be prepared to be flexible that customers might be cash strapped. Maintain relationships with multiple bank locations in case one is unavailable.
  • Redundancy: Use more than one supplier if possible. Think about short-term solutions if employees are unavailable because they or their family are sick.
  • Enterprise-wide Risk Management: Businesses should think about combinations of risks. A pandemic in combination with other emerging risks could create additional complexities.

"Aside from these considerations, planning and preparation are key," said Rudolph. "Scenario planning exercises are important to see where there are gaps in preparation, such as if the company closes the office and has employees work from home. Without testing and planning this could slow down computer servers, thus causing further business delays."

An audio recording of clips from Rudolph's pandemic presentation is available on the SOA Newsroom at: http://www.soa.org/news-and-publications/newsroom/erm.

About Actuaries

Actuaries bring a complex future into focus by applying unique insight to risk and opportunity. Known for their comprehensive approach, actuaries enable smart, more confident decisions.

About the Society of Actuaries

The Society of Actuaries (SOA) is the largest professional organization dedicated to serving 20,000 actuarial members and the public in the United States and Canada. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of financial risk. To learn more, visit www.soa.org.

    Contact:     Kim McKeown
                 Society of Actuaries
                 847.706.3528 or kmckeown@soa.org

                 Mike Nowak
                 GolinHarris
                 312.729.4346 or mnowak@golinharris.com


'/>"/>
SOURCE The Society of Actuaries
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Actuaries Weigh in on Ways to Address Risk Exposures and Challenges with the U.S. Health Care System
2. Actuaries: Trustees Reports Warn of Looming Financial Challenges Facing Retirement Programs
3. Actuaries: Addressing Health Spending Growth is Path to Sustainable Health Care System
4. Universal Benefit Plans Teams up with Leggette Actuaries to Offer Free COBRA Services to New Clients
5. Actuaries: Priority on Health Reform and Retirement Security Signals Tough Choices Ahead
6. Actuaries Laud New Presidents Medicare and Social Security Message, Call for Bipartisan Solution
7. Actuaries to Host Forum on Public Pension Disclosures
8. Innovative Oxidative Stress Management Protocol Safely and Effectively Enhances Bodys Primary Antioxidant
9. Study finds air traffic control tracking method reduces errors in trauma management
10. Industry Veteran Stephen Duvall Joins Millennium Management Team
11. North Dakota Critical Access Hospital Quality Network Moves Forward with Statewide Information Management Project to Enhance Patient Safety in the State
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... 2017 , ... PurhealthRX , a leading Health and Nutrition Company, is ... to full spectrum CBD oil will revolutionize the rapidly growing CBD market by reducing ... easily incorporated into liquid products, while reducing costs to end users. , The team ...
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term ... long-term care insurance companies have a waiver for care if the client has a ... when the family pays for care, is often waived, so the benefits from their ...
(Date:10/13/2017)... ... October 13, 2017 , ... Yisrayl Hawkins, Pastor and Overseer at The House ... most popular and least understood books in the Holy Scriptures, Revelation. The Book of ... baffled scholars for centuries. Many have tossed it off as mere rubbish, but Yisrayl ...
(Date:10/13/2017)... ... ... On The Brink”: the Christian history of the United States and the loss of ... William Nowers. Captain Nowers and his wife, Millie, have six children, ten grandchildren, ... Navy. Following his career as a naval aviator and carrier pilot, he spent ...
(Date:10/12/2017)... ... October 12, 2017 , ... The company has ... today’s consumer and regulatory authorities worldwide. From Children’s to Adults 50+, every formula ... the highest standard. , These products are also: Gluten Free, Non-GMO, Vegan, ...
Breaking Medicine News(10 mins):
(Date:10/11/2017)... 2017  True Health, a leader in integrated ... during National Breast Cancer Awareness month to educate ... Research recently published ... more than 10 million American women are at ... or BRCA2 and have not had testing. These mutations ...
(Date:10/10/2017)... 10, 2017   West Pharmaceutical Services, Inc. ... injectable drug administration, today shared the results of a ... improving the intradermal administration of polio vaccines. The study ... in May 2017 by Dr. Ondrej Mach , ... Health Organization (WHO), and recently published in the journal ...
(Date:10/4/2017)... SEOUL, South Korea , Oct. 4, 2017 /PRNewswire/ ... launched its next-generation CPR training aide "cprCUBE" on Kickstarter. ... of chest compression during cardiac arrests with better efficiency ... patient-mannequins. It also offers real-time feedback on efficacy of ... The crowdfunding campaign has a goal to raise ...
Breaking Medicine Technology: