Risk Management Professional http://www.rmprofessional.com/ BP has confirmed that the cost of last April’s oil spill in the Gulf of Mexico has now reached $8 billion, against an initial $3.9 billion. A release from the group said the figure included “the cost of the spill response, containment, relief well drilling, static kill and cementing, grants to the Gulf states, claims paid and federal costs.” http://www.rmprofessional.com/rm/bp-disaster-costs-spiral-to-eight-billion-dollard.php http://www.rmprofessional.com/rm/bp-disaster-costs-spiral-to-eight-billion-dollard.php Many major UK companies intend to reduce their pension benefits from October 2012 when new rules requiring them to automatically enrol employees take effect, a survey suggests. http://www.rmprofessional.com/rm/pensions-threat-from-auto-enrolment.php http://www.rmprofessional.com/rm/pensions-threat-from-auto-enrolment.php An international survey of companies suggests that management and boards are devoting more time to risk management in the wake of the financial crisis. http://www.rmprofessional.com/rm/reputational-risk-moves-up-corporate-agenda.php http://www.rmprofessional.com/rm/reputational-risk-moves-up-corporate-agenda.php Scrapping a US government-backed terrorism insurance programme would adversely affect availability of cover in high-risk areas such as America’s main business districts, says Marsh. http://www.rmprofessional.com/rm/call-for-us-government-to-keep-terrorism-insurance-cover.php http://www.rmprofessional.com/rm/call-for-us-government-to-keep-terrorism-insurance-cover.php Companies have been warned that reports of attacks outside their network from cybercriminals and hackers may distract their attention from insider threats. http://www.rmprofessional.com/rm/survey-highlights-it-threat-from-insiders.php http://www.rmprofessional.com/rm/survey-highlights-it-threat-from-insiders.php The Financial Services Authority has fined Zurich Financial Services’ UK insurance arm �£2.275 million for losing the personal details of 46,000 customers. http://www.rmprofessional.com/rm/fsa-fines-zurich-uk-for-lost-data.php http://www.rmprofessional.com/rm/fsa-fines-zurich-uk-for-lost-data.php Government plans to change the UK’s regulatory system risk creating an “accountability gap” it is claimed. Financial sector trade bodies and many banks are concerned by the proposals, says law firm Eversheds. http://www.rmprofessional.com/rm/financial-sector-worried-by-accountability-gap.php http://www.rmprofessional.com/rm/financial-sector-worried-by-accountability-gap.php BP has agreed to pay a record $50.6 million (�£32.5m) fine and submit to an “unprecedented level of oversight” for failing to correct safety hazards at its Texas City refinery in the US. http://www.rmprofessional.com/rm/bp-agrees-texas-city-penalty.php .php http://www.rmprofessional.com/rm/bp-agrees-texas-city-penalty.php .php BP says the Gulf of Mexico oil spill has cost the group $6.1 billion since April, an increase of more than $2bn since its previous estimate three weeks ago of $3.95 billion. http://www.rmprofessional.com/rm/bp-oil-spill-costs-top-six-billion-dollars.php http://www.rmprofessional.com/rm/bp-oil-spill-costs-top-six-billion-dollars.php Insurance buyers in Europe, the Middle East and Africa (EMEA) are reaping the cost benefits as competition for their business intensifies, reports Marsh. http://www.rmprofessional.comKeener competition aids insurance buyers.php http://www.rmprofessional.comKeener competition aids insurance buyers.php Uncertainty over the government’s planning policies is jeopardising up to �£150 billion of private sector investment in low-carbon energy projects, claims the Confederation of British Industry. http://www.rmprofessional.com/rm/low-carbon-investment-at-risk-says-cbi.php http://www.rmprofessional.com/rm/low-carbon-investment-at-risk-says-cbi.php Businesses have been warned that the increasing popularity of mobile devices poses a “significant threat” of confidential enterprise information and intellectual property being leaked. http://www.rmprofessional.com/rm/warning-on-business-risks-from-mobiles.php http://www.rmprofessional.com/rm/warning-on-business-risks-from-mobiles.php The Financial Services Authority (FSA) has levied a fine of �£5.6 million on Royal Bank of Scotland (RBS) for failing to check whether customers and their transactions had links to terrorism. http://www.rmprofessional.com/rm/rbs-fined-millions-for-anti-terror-lapses.php http://www.rmprofessional.com/rm/rbs-fined-millions-for-anti-terror-lapses.php A guide for employers aimed at correcting myths that still hamper understanding of employees’ mental health has been produced by Friends Provident and the charity Mind. http://www.rmprofessional.com/rm/guide-offers-help-on-employee-mental-health .php http://www.rmprofessional.com/rm/guide-offers-help-on-employee-mental-health .php The government must maintain investment on the UK’s flood defences despite its policy of spending cuts, says the Association of British Insurers (ABI). http://www.rmprofessional.com/rm/government-must-spare-flood-defence-spending.php http://www.rmprofessional.com/rm/government-must-spare-flood-defence-spending.php Home secretary Theresa May has confirmed the abolition of the Serious Organised Crime Agency (SOCA), which was heralded as ‘Britain’s answer to the FBI’ when it was established four years ago. http://www.rmprofessional.com/rm/government-to-confirm-scrapping-of-soca.php http://www.rmprofessional.com/rm/government-to-confirm-scrapping-of-soca.php London is by far the UK’s worst area for burglaries, with 46.35 incidents per 1,000 people over a year according to data on website lovemoney.com. http://www.rmprofessional.com/rm/london-tops-uk-burglary-hotspots.php http://www.rmprofessional.com/rm/london-tops-uk-burglary-hotspots.php Aon Corporation has revived the controversial issue of contingent commissions for brokers by confirming that it will resume accepting them where “appropriate”. http://www.rmprofessional.com/rm/aon-confirms-return-of-contingent-commissions.php http://www.rmprofessional.com/rm/aon-confirms-return-of-contingent-commissions.php Eurotunnel has warned that a dispute over insurance payments resulting from a major fire in 2008 could result in the first annual loss since its restructuring three years ago. http://www.rmprofessional.com/rm/eurotunnel-warns-over-insurance-dispute.php http://www.rmprofessional.com/rm/eurotunnel-warns-over-insurance-dispute.php Fraudulent claims have contributed to a record jump in the cost of motor insurance, according to the AA British Insurance Premium Index. http://www.rmprofessional.com/rm/motor-insurance-rates-show-record-rise.php http://www.rmprofessional.com/rm/motor-insurance-rates-show-record-rise.php The number of company directors facing disqualification shows a year-on-year rise of 17%, according to law firm Wedlake Bell. It reports that in the year to March 31, disqualification proceeding totalled 2,169 against 1,852 in the previous year. http://www.rmprofessional.com/rm/director-disqualifications-rise-by-seventeen-percent.php http://www.rmprofessional.com/rm/director-disqualifications-rise-by-seventeen-percent.php Three major institutional investors are urging companies to ignore new corporate governance guidelines that will require the annual election of board members, claims the Financial Times. http://www.rmprofessional.com/rm/new-governance-guidelines-face-opposition.php http://www.rmprofessional.com/rm/new-governance-guidelines-face-opposition.php Businesses moving to a new office and retail complex in London’s City district will be asked to fund its own dedicated police force. Local business leaders believe that extra policing is essential to the security of the One New Change development, near St Paul’s Cathedral. http://www.rmprofessional.com /rm/city-businesses-pay-for-dedicated-police-unit.php http://www.rmprofessional.com /rm/city-businesses-pay-for-dedicated-police-unit.php Five companies have collectively been fined more than �£9 million for their part in the Buncefield oil depot explosion in December 2005. The blast injured 40 people, destroyed homes and affected nearly 100 local businesses. http://www.rmprofessional.com/rm/five-companies-fined-for-buncefield-lapses.php http://www.rmprofessional.com/rm/five-companies-fined-for-buncefield-lapses.php The National Flood School is introducing a contractor endorsement scheme to help insurers and consumers in accessing a trusted network of flood and fire restoration professionals. http://www.rmprofessional.com/rm/national-flood-school-launches-certified-contractor-scheme.php http://www.rmprofessional.com/rm/national-flood-school-launches-certified-contractor-scheme.php A survey of risk managers suggests that less than one in three feel that business executives are up to date on technology. http://www.rmprofessional.com/rm/survey-indicates-firms-lagging-on-technology.php http://www.rmprofessional.com/rm/survey-indicates-firms-lagging-on-technology.php