Supply Chain Risks - CIPS Speaker Prese… · Loss prevention opportunities established expertise...
Transcript of Supply Chain Risks - CIPS Speaker Prese… · Loss prevention opportunities established expertise...
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Supply Chain Risks Emerging Threats
Michael Yarwood – 02/12/2015
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Contents
TT Club Introduction 03-04
TT Club Claims Experience 05-06
Cargo Theft 07-11
Emerging Risks 12-25
Conclusions 26
SOLAS Chapter VI amendment 27-28
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Contents
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Pull out statistics
established expertise 3
Pull out statistics
745 A- (Excellent) Members Strong capital position equivalent to A++, highest
rating on AM Best capital adequacy model.
96.3% 90% Combined Ratio Member retention
$182.3 $98.4 Gross Written Premium (m) Gross Paid Claims (m)
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Our Partners
established expertise 4
Our Partners
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TT Club Claims Experience
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Top 5 claim cost issues 2010-2014
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Cargo Theft in the Supply Chain
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Theft issue insurance costs
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48%
23%
8%
6%
5%
2%4%
4%
Theft in transit - contractor
Theft from member's premises
Stocktaking loss
Theft in transit - member
False paperwork
Theft from contractor's premises
Containers non returned
Theft in transit - vessel pirates
Other or unknown
Seal intact
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Cargo theft - level of risk by country
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Theft in transit
54% of theft costs occur in transit
Prevention:
Send trucks in convoy
Only stop at approved truck stops
Do not leave truck unattended
Alter routes on regular deliveries
Only use approved transport contractors
Use GPS tracking devices
Share bad experiences
Use available tracking and locking technologies
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Overnight Parking
established expertise 11
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Emerging Risks
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Cybercrime
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Currently Trending
Web based theft & Cybercrime
Developments in IT capability
Growing reliance on IT systems
Online freight exchanges
Increased sophistication
Identifying the weakest link
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Freight Exchange Platforms
Freight Exchange Platforms
Due Diligence
Know your subcontractor
Perform background checks
Approved supplier list
Validate information
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Loss prevention opportunities
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Prevention:
− Need expert IT assistance
− Educate staff – awareness of risks and risk policies
− Adopt risk culture driven from management
− Humans are strongest and weakest link
− Recognize the value of your data
− Perform risk assessment
− Identify and fix deficiencies – procedures, hardware and software
− Need to recognize when systems compromised
− Continuously updated hacking and spyware detection software
− Ensure physical security of IT systems
− Ensure vigilance and due diligence in day to day operations
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Mandate Fraud
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Mandate Fraud
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Mandate Fraud
Payment Diversion
Fraudulent email addresses.
Requests for alternative bank
accounts to be used.
Highest risk during very busy
periods.
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Mandate Fraud
Loss prevention strategies
Awareness
Education
Perform Due Diligence
Verify instructions by phone
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Smart Containers
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Smart Containers
Smart Containers
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UAV/ Drone Technology
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UAV/ Drone Technology
UAV/ Drone Technology
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3D Printing
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3D Printing
3D Printing
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Conclusions
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SOLAS Chapter VI Part A Regulation 2
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Focus on ‘Shipper’
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The regulation requires…
Obtain VGM
Communicate VGM
‘Sufficiently in advance’
What needs to be considered…
Who is the ‘shipper’
How best to ‘obtain’ VGM
(a) Method 1
(b) Method 2
What is required for effective communication
(a) between consolidated/co-load partners
(b) shipper carrier terminal
What deadlines apply
Contractual provisions
Cargo types