In this video, Dan helps the reader understand the hidden cost of perils that cause intangible damage to reputation, brand, and income.
- In risk management terminology…there are direct and indirect losses.…On a different video on this course…we cover the consequences of direct physical loss.…In this video we will discuss indirect loss consequences…and why they are insidious to your bottom line.…You've likely seen the famous picture of the iceberg…that shows the largest part of the structure…hidden beneath the surface of the water.…Indirect losses mirror that beneath the surface cost.…
In a typical insurance claim I estimate…that the hidden cost of the claim are two to three times…what the cost of a claim payment ends up being.…Here are some typical hidden costs…that eat away at your profits.…Employee time burden.…It's estimated that employees spend 25% of their time…dealing with a loss.…That's lost productivity for you.…Lost opportunity.…This is a hard one to quantify.…
However, CEOs tell me it's very real.…When you aren't able to respond to new opportunities…and may not even know about them,…it's an expensive and hard pill to swallow.…Reduced efficiency.…
- Recall the detrimental effects a BOT attack can have on a company’s customer database.
- Recognize which individuals companies frequently fail to include in mid-crisis actions.
- Determine how Google Alerts can help a company protect itself against threats.
- Identify a threat that is least likely to cause a company financial harm.
- Define “culture shock” in the context of business operations.
- Name a type of leader that often uses their position for personal prestige rather than performing their roles.
- Predict what will happen with business insurance as technology evolves.