challenges and solutions for a global property loss ... handouts/rims 16... · challenges and...
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Challenges and Solutions for a Global Property Loss Prevention Program
(GRM014)
Speakers:
• Emily Simon, Global Property Risk Manager, Corning Incorporated
• John Durante, P.E., ARM, President, Risk Logic Inc.
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Introduction Emily Simon
• Emily Simon is the Global Property Risk Manager at Corning Incorporated
• Corning is one of the world’s leading innovators in materials science
• Corning succeeds through sustained investment in R&D, a unique combination of material and process innovation, and close collaboration with customers to solve tough technology challenges
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Introduction John Durante
• John Durante is the Principal of Risk Logic, Inc. which was started in 1997 and has grown into a leading provider of property loss prevention services on a global basis
• Risk Logic is independently owned
• We provide engineering consulting services for brokers, insureds & insurance carriers
• Engineers are P.E.’s (~25 years experience)
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Corning Innovation Timeline
© 2016 Corning Incorporated
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The Corning Values
© 2016 Corning Incorporated
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Summary Remarks about Corning
• We’ve succeeded for 160 years … few other U.S. companies have
• How have we done it?• Successive waves of innovation
• Deep understanding of glass and ceramic materials
• Strong process and manufacturing capabilities
• Collaboration with customers and partners
• An exceptionally talented and dedicated workforce
• A conservative financial structure and patient capital© 2016 Corning Incorporated
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Risk Management & Engineering Perspective• What helps:
• Experience
• Quality product
• Knowledge and expertise of NFPA and FM Global standards
• Quick turnaround for plan reviews and reports
• A consistent global HPR (Highly Protected Risk) standard from risk management (NFPA, FM, Local Code)
• Senior management support
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Risk Management & Engineering Perspective• Some Additional Considerations:
• Consistency with regard to material purchasing (Procurement)
• Property Loss Prevention review during acquisitions (M&A)
• Prevention data accepted by insurance stakeholders
• Ad hoc service and technical support
• Development of RMS primary and secondary factors for windstorm and earthquake perils
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Engineering Service Provider Perspective• Reports accepted by all insurance markets
• Global staff
• What is added cost to meet the HPR standard
• Analyze country infrastructure
• Provide resources to install FM Global approved equipment and utilize contractors that can install fire protection systems to meet the risk management standard (NFPA or FM)
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Engineering Service Provider Perspective• Utilize a service provider (carrier or unbundled fee
company) that has a network of local engineers that can communicate effectively and are well versed in NFPA / FM as well as local codes
• Utilize a cost benefit analysis for other options to automatic sprinkler protection
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Local Codes and Impact on the Company’s ability to meet the Loss Prevention Standard• At times local codes can have a significant impact
• Risk avoidance
• Risk mitigation
• The best approach would be to come up with the next best protection options• Examples:
• Separation of warehousing and manufacturing operations
• Spare parts on critical equipment
• Manufacturing redundancy
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Contact Information
Emily Simon• Global Property Risk Manager• Corning Incorporated• 1 Riverfront Plaza• Corning, NY 14830
• (607) 974-9000• [email protected]
John Durante, P.E., ARM• President• Risk Logic Inc.• 48 Dimmig Road• Upper Saddle River, NJ 07458
• (201) 930-0700• [email protected]
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Learning Objectives
• Learning Objective 1 • It takes time and effort to overcome the challenges with implementing a global loss prevention program;
support from the top is key
• Learning Objective 2 • Work in partnership with the sites; loss prevention should not feel like taxation
• Learning Objective 3 • Flexibility is key when implementing the most practical solution