Throw in potential disruptions to supply chains that have been stretched across thousand of miles and country borders by globalization, and the opportunity for something to go wrong is, to say the least, worrisome. Financial executives, who have not done so already, should begin to develop a holistic risk management program or one that allows them to mitigate and manage risk on a broad front.
Some 10, athletes from countries will compete in 26 sports at this year's games, which run through Aug.
Estimates of visitors traveling to London for the games range frominto the millions. Last week, officials asked Britain's military to provide 3, troops in addition to the 13, already planned to join private security in providing security for the London Olympics, and are employing surface-to-air missiles to address possible terrorist threats from the air.
Venues were closely inspected for potential hazards, said Mr. Ewing, hospitality and leisure industry practice group leader at Chartis Inc.
Ewing said, noting that International Sports Federations members pool for exposures such as acts of war or terrorism at the Summer and Winter Games. Among the risks surrounding a modern Olympics, cancellation is one of the largest exposures and, consequently, cancellation coverage is likely to be among the largest insurance placements for the London Summer Olympics.
The local organizing committee has its own interests such as ticket sales, as do sponsors that might be planning customer events during the games.
Munich Re is taking on a sizable amount of the cancellation risk surrounding the London Olympics. While he wouldn't speculate on the extent of cancellation coverage in place for the London games or the percentage Munich Re is assuming, Mr.
Duxbury used the World Cup as a reference point.
The London Organizing Committee did not respond to requests for comment, but a spokeswoman for the Lausanne, Switzerland-based IOC said the organization relies on insurance to help protect it from risks that might interfere with the games. Holton said medical emergencies are another risk that Olympic organizers must address, an exposure that played out at the Vancouver Games with the death of Georgian luger Nodar Kumaritashvili.Risk management's final frontier With regulators and rating agencies placing increasing importance on firmwide risk management and capital allocation, and with the issues raised by Barings, Daiwa and now DMG, the quest to quantify risk ever more finely will continue.
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The final rule establishes the importance of supply chain risk in future procurements in two different ways: it gives DoD significant power to exclude a potential contractor from a national security system procurement should that contractor fail to attain what DoD determines to be an acceptable level of supply chain risk management, and it.