With a clear position on traditional risk analyses in particular from the financial sector, Taleb, now Distinguished Professor of Risk Engineering at New York University, analyses the power of the most unlikely events and their consequences. And now? Are the core subjects of Taleb’s eleven-year-old book on “Black Swans” still valid today? Are we still surprised by unlikely, impossible or unexpected events?
“Black Swans” – unforeseeable events which do considerable damage – are a catastrophe for all companies and their employees. Things are different at BELFOR because events of this kind are virtually the norm here. Every year we process countless “sudden” claims around the world and as a result are experienced in their handling. Our emergency response programme RED ALERT provides companies from all sectors with an opportunity to prepare as far as possible for a crisis situation, minimise risks and take control of operational business continuity management.
To begin with, if a “Black Swan” has landed, it needs to be dealt with fast. A company’s fate is decided during the first 24 to 48 hours after damage occurs: whether more damage will occur, what form it will take and whether a company will be able to completely recover from it. Introducing the right immediate measures without delay can considerably limit operational downtime.
Being prepared, rather than learning in hindsight
RED ALERT prepares companies for the event of an emergency, before it takes place. This is based on comprehensive expertise and over 35 years of experience at BELFOR. The programme offers quicker response times, improves the chances of a complete recovery and limits the financial impacts of the damage. As a fundamental aspect of a risk management programme RED ALERT is supports both pre and post incident:
RED ALERT NETWORK
The programme’s entry level membership is the RED ALERT NETWORK. This complimentary service is based around the exchange of information, key contacts and data between the company and BELFOR. This allows a more effective response to incident when they occur.
RED ALERT PREMIUM
For a more comprehensive level of cover, offering greater integration and pre-incident support together with prioritised response and in some cases guaranteed response times members to incidents members can choose the RED ALERT PREMIUM Package. This level of cover is particularly relevant when "Black Swans" arrive in the form of a catastrophe, affecting a wide area or region when industry resources are often limited.
When disaster strikes, BELFOR brings order to the chaos
BELFOR knows all about emergencies. Even in highly critical situations, our experienced claims experts work calmly and keep track of everything. We know exactly what to do, carrying out all work quickly, efficiently and professionally. “It’s true that Black Swans CANNOT always be prevented, their impact CAN however be minimised with the appropriate preparation,” explains Elvir Kolak, Managing Director at BELFOR Europe. “If anyone can claim to have experience with unforeseeable events, it has to be BELFOR. Our customers worldwide have been benefiting from this for years.”