We are pleased to launch the latest edition of our Whiteboard magazine, which provides news, opinions and articles addressing insurance and risk management issues affecting UK companies. In this issue, our main feature explores diversity in the workplace, and how failure to address diversity and inclusion in the workplace creates risks to businesses.
Main Features Covered In This Edition
Diversity and inclusion (D&I) – from the gender pay gap through to cases of discrimination over race, disability, sexual orientation, religion, belief, or age – is an issue that has dominated the news recently. And while there are legal obligations under anti-discrimination legislation, which are the stick to encourage firms to fully embrace D&I, the carrot is just as persuasive as study after study shows that more diverse and inclusive workforces are more innovative, productive and profitable. D&I is a board issue and not just one for the HR team. The risks of not getting diversity and inclusion right vary from missing out on recruitment from the wider workforce to the financial and reputational damage that disputes can bring.
The increase in terrorist activity – and the change in terrorists’ focus and style of attack – has seen a rise in attacks by lone-wolves and small groups using vehicles as weapons, such as the Hyundai Tucson hired from vehicle rental firm Enterprise for the Westminster Bridge attack that killed five people and injured 50 last year. The insurance market has responded to the challenge of this changing landscape, and the implications for businesses and their staff.
As more and more businesses embrace just in time delivery of stock – be that parts, ingredients or finished goods – there is increasing confusion over when cargo insurance cover stops and when a business’s property insurance should take over.
As the world becomes ever more turbulent, the risks of international activity impacting many UK-based businesses are growing. With trade wars brewing between the US and China among others, a rise in nationalism and unrest, and of course Brexit, we look at how companies who might have production facilities, subsidiaries, suppliers or customers outside of the UK could be impacted and what help is on hand from the insurance market. Food manufacturers are particularly at risk as many ingredients – from flour to herbs and spices – can come from around the world, and companies are often unaware of exactly where they come from.
Reputation is built on trust, but can be quickly damaged if not appropriately dealt with.
The General Data Protection Regulation (GDPR) introduced in May last year placed a duty on all organisations to report certain types of personal data breach to the relevant supervisory authority – within 72 hours of becoming aware of the breach.