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Archive for month: April, 2013

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Internet Auction Firms Reveal their Top Organizational Risks

In the current competitive business world, the business environment is quite challenging for technology firms. One of the key challenges facing technology firms is the uncertainty associated with their operations. Therefore, the possession of tools and knowledge for managing risk is a key driver of success for technology firms. Insurance costs have been rising over the past year. Consequently, technology firms are finding it necessary to have proper analysis on risk retention and management strategies, insurance purchasing, and internal risk control and management controls.

TechAssure Association, Inc has conducted its’ first risk survey for technology firms on the major risks and business concerns facing the technology industry.

Based on our survey, research, and experience we found that the top risk concerns for internet auction firms included potential damage to reputation, brand, and image; network, security, and privacy risks and loss of intellectual property. Potential changes in the corporate governance, regulatory and legislative environment, failure to attract and retain key talent as well as potential business interruption also ranked among the top risks in the sector. In addition, inability continue with new products and services innovation, changes in economic conditions, failure to access capital and rising global competition were important risk factors for firms engaging in internet auctions sector.

To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.

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TechAssure Risk Survey Provides Executive Perspectives on Top Risks for the Hardware Sector

The purchase of a corporate insurance program cannot manage all the risks in the technology industry. However, the adoption of a strong risk management strategy may significantly manage the risks. If implemented correctly, a strong risk management strategy can help companies to rise, preserve capital, and therefore grow their businesses.

During our 2013 risk management survey, we found that executives in the Hardware industry were aware of the main organizational risks.

Risks of damage to a firm’s reputation, brand, and image and risks to the network, security, and privacy of a firm as well as loss of intellectual property were the top ranking risk concerns for firms in the hardware sector according to our survey. Other top ranking risk factors in this sector were supply chain vendor and product recall risks, business Interruption, changes in economic conditions, risks associated with partnerships with vendors and other strategic alliances, and potential changes in the legislative, corporate governance, regulatory environment. Our survey also found that access to capital and risks of failure to attract and retain key talent as among the top ten risk factors for firms in hardware sector.

To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.

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TechAssure Survey Reveals the Top Risk Concerns for Software Firms

The business environment in which technology firms operate in is becoming increasingly difficult. Risks and uncertainties are the major problems facing technology firms today. Therefore, adequate risk management will be a key success factor for firms operating in the technology sector. TechAssure Association conducted a survey between February and April 2013 on the major risk factors facing the various sectors in the technology industry. Our research revealed that certain risk factors were of concern across the major sectors in the technology industry.

Our survey found that the top risk concerns for firms in the software sector were potential damage to reputation, brand and image, risks associated with network, security and privacy risks, loss of intellectual property, and changes in corporate governance, legislation, and regulatory measures. In addition, inability to attract and retain key talent, increase global competition, access to capital, changes in economic conditions, inability to continue with new products and services innovations, and possible delays and interruptions in product development schedules were also identified as to risks for this sector.

To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.

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TechAssure Risk Survey Finds Information Technology Executives Knowledgable about Top Risks

In the current competitive business world, the business environment is quite challenging for technology firms. One of the key challenges facing technology firms is the uncertainty associated with their operations. Therefore, the possession of tools and knowledge for managing risk is a key driver of success for technology firms. Insurance costs have been rising over the past year. Consequently, technology firms are finding it necessary to have proper analysis on risk retention and management strategies, insurance purchasing, and internal risk control and management controls.

TechAssure Association, Inc has conducted its’ first risk survey for technology firms on the major risks and business concerns facing the technology industry.

Following our survey and based on our research and experience, we identified the top risk concerns for information technology firms. Ranked first, second and third respectively, the top risks for the Information Technology Sector were identified as reputation and brand image; network, security, and privacy risks; and legislative, corporate governance and regulatory changes. Other risks included business interruption, inability to attract and retain key talent, changes in economic conditions, failure to continue with new products and services innovation, increase global competition, and access to capital.

To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.

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What Can our Global Members Do For You?

If your company is expanding its business overseas, you may find it daunting to deal with all the requirements of operating under multiple governing bodies. Technology and Life Science firms need the guidance and knowledge of seasoned professional insurance and risk experts when establishing a multinational presence.

Risk management is crucial for any company, and navigating the complexities of risk mitigation in different countries is a job best left to the experts. That’s where TechAssure, a global non-profit organization can be of assistance. Our members stay on top of the shifting insurance regulations, allowing you to focus on your core business processes.

We have a network of 22 insurance brokerage firms in seven countries to serve more than 4,000 clients in technology and life sciences, which your company can use to find a certified member of the insurance industry to assist you in your global business efforts.

Every company has different needs, and TechAssure’s members are qualified to provide you with service to address your general concerns about risk management as well as risk concerns that are specific to your industry or your particular company.

TechAssure’s customized approach ensures that your liability concerns will be addressed. For example, you may need help with lines of coverage for international property, international workers compensation and international automotive liability.

Our members will provide you with a global risk evaluation. They will also develop standardized insurance contracts to make sure that you are covered as you expand into new countries by, designing, negotiating and placing your multinational risk program quickly and efficiently.

A TechAssure member is standing by to help you identify areas where you can mitigate your exposure. To find out more about the benefits of consulting with a TechAssure member, please feel free to call us at 512-377-9594, xt 700.

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Ten Basic Steps Technology Companies Need to Manage a Corporate Crisis

There is a one defining moment for some technology firms. You know the one. A crisis will put your organization through a test. In this test, your business practices will be exposed. Your decisions will be reviewed over and over again.

The strengths and weaknesses of your management planning will be upfront for all to see.

What are the top things you can during a corporate crisis?

  1. Determine the threat to all groups within your organization
  2. Determine the threat to all outsider groups that your organization interacts with on a regular basis
  3. Develop an action plan with each
  4. Develop a crisis management strategy that addresses each group
  5. Deploy your crisis management plan
  6. Obtain actionable analysis of the potential threat to all stakeholder groups.
  7. Develop and deploy a crisis management strategy.
  8. Review, and modify if necessary, your decision-making processes for the crisis
  9. Identify any additional risks that may be emerging
  10. Place a strong communication plan so all senior executives are knowledgeable and working as a team until the company returns to normal.

TechAssure members are some of the world’s leading risk advisors. If you are interested in learning more about how you can work with a TechAssure member, please contact us.