Unlike a commercial general liability insurance (CGL) policy that provides coverage for claims arising from property damage and bodily injury, a directors’ and officers’ liability (D&O) policy specifically provides coverage for a “wrongful act,” such as an actual or alleged error, omission, misleading statement, neglect or breach of duty—which can include Fiduciary Duty, Negligence Duty…
What can a risk manager learn from today’s major recalls and the large amount of media attention they attract? For consumer goods manufacturers and distributors, it serves as a wake-up call to the impact of a product recall event and a lesson in what should be done now to prepare for potential exposures. Despite recall…
Exporting is one of the most important growth strategies used by businesses across Canada. Nearly 73,000 Canadian small and medium-sized businesses (SMEs) leverage new markets and opportunities outside of the country by exporting goods or services. This, however, only accounted for 11.8% of SMEs in Canada signaling that there is reluctance among Canadian businesses to…
I’m a big advocate for metrics and key performance indicator (KPI) driven workflows. I believe in the value of data-driven processes, and have seen first-hand the impact of KPI focused process improvement projects. For many manufacturers, the increased use of software systems that document all of their processes has allowed them to identify even more…
Project Management Professionals (PMPs) were once commonly sought out for niche fields such as ICT and construction, but many businesses are beginning to utilize project management and product management standards to help run their business more efficiently. The benefits of utilizing standardized and centralized processes for managing projects goes beyond efficiency gains. Some small businesses,…
Last week I wrote Part 1 of Downsizing: How to Optimize your Living Space, which explained trends in increasing living space per person. This trend was inconsistent with a reducing household headcount and flat-line house building costs, creating an excess in living space not seen in other countries. The solution to this issue, unfortunately, is…
Since graduating from university, I have had the opportunity to travel throughout several continents around the world including North America, Europe, and Australia. While I did not realize it at the time, travelling would ultimately help to build the skills that I use daily in my career. Travelling has enabled my personal growth and professional…
In Canada, home ownership is widely seen as a key part of a long-term personal investment strategy. The 2011 National Household Survey (NHS) conducted by Statistics Canada reveals that 69% of households own their own homes (including both mortgaged homes and fully paid off). Unfortunately, home purchase is not necessarily a strong investment or a…
The City of Toronto is one of Canada’s mega-hotbeds of economic activity and is home to some of the nation’s most driven, successful companies. Both large and small, businesses within Toronto are constantly looking for ways to improve their operations to become more efficient, innovative, and grow into the future. To assist with these business…
As Mentor Works’ resident Fresh Prince of Frugality, I am constantly thinking about how I can reduce my living expenses to increase my flexibility to save, invest, and plan for the future. I often hear people discussing whether or not renting makes financial sense. Owning your own property has several major benefits, and renting can…