Skip to main content

Posts

Turning Reputation Risk into PR Opportunity: Story of AXA - helping world become better place, a world free from tobacco.

It all started with a letter sent by Dr. Bronwyn King to the AXA board of directors. Story of AXA's divestment in tobacco is one of the greatest in modern times highlighting good governance, corporate responsibility and effective reputation risk management. In a stunning financial decision that will make history, AXA decided to divest around 1.8 billion Euro worth of tobacco-industry stocks.

AXA with over 102 million customers in 56 countries and an employee base of 157,000, is one of the world's leading insurance groups. This decision to divest is not very popular among all of its stakeholders and yet AXA's management took this step as they can see the risks and total cost of tobacco industry as it relates to healthcare cost and loss of lives. Taking this decision will make AXA very popular and respectable company among anti-smoking groups. Overall its a huge win for the company and the society at large as we tackle the issue of tobacco addiction.  Kudos to AXA's man…
Recent posts

Risk Manager of the Year

Do you have aspiration to be recognized for your risk management talents? Learn what top Risk Managers have in common. Judges from seven organizations were involved in assessing and evaluating the Risk Management of the Year 2017 Awards. This prestigious award is given to the dedicated risk managers who has proven and demonstrated their dedication to advance the field of Risk Management. All applicants were judged on ten key criteria. These criteria not only assesses the strength of the candidate but also indirectly assesses maturity and strength of the organization in its ability to identify, manage and mitigate risks.

1.Establishing and implementing an effective risk management program. 2.Creating value for the organization by addressing key risks. 3.Applying innovative tools to advance risk management. 4.Applying risk financing and risk transfer program to meet the needs of the organization. 5.Creating internal and external networks enabling effective flow of information for managing ri…

Selecting Board of Directors: What best practices organizations should adopt when selecting and assessing board of directors!

Selecting Board of Directors: What best practices organizations should adopt when selecting and assessing board of directors!
The Board of Directors are vital for any organization’s good governance. Governance determines how an organization is centered and where it stands. “The Boards of Directors are a group of individuals within an organization that are either elected or appointed as representatives of Shareholders or Owners to establish Corporate Governance and enterprise risk management policies”. (Source: ERMGovernance.com) It is given that for an organization to be successful, it should have a Board of Directors (BOD) with a broad mix of skills to oversee the wide range of issues that may arise. The BOD are collectively or in rare cases even individually accountable for your company’s performance, compliance and risk mitigation strategies. Depending on the size of the company and needs, the Board could be limited to just advisory role or fully mandated having the ultimate power a…

New Legislation Brings Additional Compliance Requirements For Helathcare Organizations in Ontario

The Ministry of Health and Long-Term Care released its statement indicating that the new legislation will strengthen privacy, accountability and transparency in the Health Care System. The Act introduces new measures that put patients first by improving privacy, accountability and transparency in the health care system. The changes introduced to HIPA ensures that Ontario remains the leader in health information and privacy protection across Canada. The Act will amend existing legislation: Making it mandatory to report privacy breaches to the Information and Privacy Commissioner and, in certain circumstances, to relevant regulatory colleges.Strengthening the process to prosecute offences under the Personal Health Information Protection Act by removing the requirement that prosecutions must be commenced within six months of when the alleged offence occurred.Doubling the maximum fines for privacy offences from $50,000 to $100,000 for individuals and from $250,000 to $500,000 for organiza…

Operational Risk Management and Compliance Management in Emergency Department

Client Question Hi,
We recently underwent an Accreditation Canada visit and were cited for not using 2 patient identifiers. The nurse picked up the patient in the ED and she was familiar with the patient and neglected to check her name and DOB. Patient identifiers is something that we have been struggling with for the past two accreditations. We thought we had it all well in hand but it only takes one incident to get cited on failing the ROP. Does anyone have a process or audit tools that are used routinely to audit staff using 2 patient identifiers? Any help would be greatly appreciated. Thank you 
Response
In order to comply with the required organizational practices (ROPs), we first need to have a closer look at it. ROPs in this case are the standards that the organization is being held against and must meet. So lets understand what does the ROP actually require. Following is a statement from one of the ROPs that relate to the question at hand. On an average Accreditation Canada ha…