KUALA LUMPUR, April 19 (Bernama) -- The rise of professional and management liability due to global harassment and abuse claims is a leading cause of loss and risk among global organisations, according to the 2018 Clements Worldwide Risk Index.
The survey conducted online from January to February 2018 released today in Lagos, Nigeria in an event held in collaboration with the U.S. Embassy in Nigeria will also be featured at a panel discussion next week in Amman, Jordan, a statement said.
It reported that 17 per cent of the organisations were subject to a lawsuit or litigation within the last six months, with international schools (28 per cent), government agencies (25 per cent) and government contractors (29 per cent), most impacted by this loss.
The focus on professional and management liability risks also includes gender pay gap and duty of care by non-government organisations (NGOs) and international schools are new to the top featured losses and concerns of the survey.
The findings have threaten the quality of education and services provided to students and beneficiaries of their care, coupled with emerging threats such as natural disasters. The legislation posing greater challenges to program and school operations, data protection and infrastructure, make life challenging for these industries.
"In today's social climate, these trends make a clear case for organisations and industries everywhere to take steps to adapt their policies accordingly and prepare for the unexpected as no one is immune to risk," said president Clements Worldwide, Dan Tuman.
Also reported in the survey, legislation and regulatory risk remains a primary concern with nearly 37 per cent believing there will be an increase in bureaucracy for business processes and specific industries with nearly one in four had experienced high losses from changes in regulation.
The culmination of these critical risks has not deterred an overwhelming majority of respondents surveyed from expanding their international operations with only 13 per cent would delay their expansion.
The survey reports responses from more than 500 senior risk management executives including international education, IT, manufacturing, construction, government, banking, transportation, NGOs and others.
The report also highlighted disruptions due to terrorism, political violence and rise of nationalism.
Clements Worldwide is a leading insurance provider for expatriates and international organisations offers international car, property, term life, disability and health insurance in over 170 countries.
More information at www.clements.com.
-- BERNAMA
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