Denver, May 13, 2014 (GLOBE NEWSWIRE)—Crystal & Company, a strategic risk and insurance advisor, is launching a comprehensive web-based risk management tool to holistically manage supply chain risks.
Crystal & Company's new supply chain risk management tool was developed to address the increasingly challenging political, regulatory, and operational risks affecting global sourcing. Data entered into the online platform produces a financial model, which quantifies the potential revenue and earnings impact from a supply chain disruption. This process provides the underwriter with the information needed to insure an organizations' supply chain risks.
"We are helping to simplify what has up to now been a challenging process to obtain underwriting information from hundreds of third-party suppliers. Crystal & Company's new tool provides a supply chain risk management solution that is unparalleled in our industry," said Jamie Crystal, Executive Vice President, Crystal & Company. "The tool addresses how on one hand, the insurance industry is prepared to provide more coverage, but it also requires extensive underwriting information."
The product was built by the company in response to its clients’ need for supply chain risk management resources through offering online tools to assist in that process. Specifically, "all-risk" property insurance programs are often assumed to provide coverage for supply chain risks. However, many companies find that limits of insurance are wholly inadequate and provide little or no coverage for catastrophic risks, which include earthquake, flood, tsunami, and windstorm or for sovereign/political risks such as strikes, riots, civil commotion, terrorism or war.
The web-based tool, which is practical and user-friendly, leverages technology to gather supplier, sourcing and financial information to quantify supply chain risk. The tool was developed to provide insurance underwriters with an understanding of companies' process flows, supplier resilience, inventory redundancy, and business continuity plans in order to clearly identify and assess supply chain strengths and vulnerabilities. The system is fully customizable, enabling Crystal & Company's clients to tailor the information to their sourcing practices and internal structures.
For more information, please visit www.crystalco.com.