Business Risks and External Organizations Affiliated with Marsh

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Marsh: Brief Overview
Marsh Inc is a corporation that is a global leader. It is an insurance broking and innovative
risk management organization. It has a work force of around 35000 employees, who works
together in order to satisfy their customers. Function of the company is to give advices to
their individual and all type of commercial clients. It is present and deals in around 130
countries in 500 offices all over the world. Marsh is a subsidiary of Marsh & McLennan
Companies (MMC) and owned by them completely.
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The main objective of Marsh is to help its clients by removing the phrase “What- ifs” from
their thinking by managing their risks effectively, providing them better quality then others
and transforming uncertainty into opportunities. Its current CEO is Peter Zaffino on the other
hand current CFO is Keith Walsh. The subsidiary organization of Marsh is Bluefin Group
Limited1.
External Organizations and their affiliation with Marsh
Doremus
It is a marketing communications agency, which focuses on providing effective and effect
services to its clients. The client of Doremus can be a business unit or it can be an individual
also. Clarence W. Barron founded the company in 1903. Since 1986 then it has been a
subsidiary of Omnicom. Doremus is an advertising industry and it headquartered in New
York. Besides USA, it also does business in some other countries like UK, Germany and
China2.
Doremus Company launched a global ad campaign for the publicity of Marsh. This is done in
order to restore the Marsh’s historical image and goodwill in front of its clients. The ad
campaign included different forms of Marsh’s advertisement like print, TV, mobile, out of
home and online. This step was taken by the company Marsh few years back with a view to
improve the image of the company in front of its clients3.
IBM
International Business Machines Corporations commonly known as IBM is a corporation,
which has considered as one of the information technology giants in world. Company’s
headquarter is in Armonk, New York and operating in more than 170 countries. IBM had
founded by Charles Ranlett Flint in 1911 and known as Computing- Tabulating- Recording
Company (CTR). In 1924, it had renamed as IBM. Currently the CEO of IBM is Ginni
Rometty and according to CNBC, report in 2018 financial year IBM earned revenue of $ 8.9
billion4.
IBM offers variety of products to its clients. From those products, one is Blockchain
solutions. It is a chain of blocks that are linked by using cryptography. Recently Marsh and
IBM come to a strategic agreement5. According to this Marsh is going to offer insurance
solutions on the Blockchain network of IBM. This strategic relation aims at launching
1 Marsh & McLennan, ‘About Marsh’ (Marsh & McLennan, 2019)
http://www.mmc.com/about-us/overview/about-marsh.html accesses 20th April 2019
2 Doremus, ‘Services’ (Doremus, 2019b) https://www.doremus.com/services/ accessed 20th April
2019
3 Doremus, ‘Ideas that connect’ (Doremus, 2019a) https://www.doremus.com/ accessed 20th April
2019
4 IBM, ‘ Review your Industry with IBM Blockchain’ (IBM, 2019c)
https://www.ibm.com/in-en/blockchain/industries?lnk=mpr_bua_inen&lnk2=learn accessed 20th April
2019
5Jordan, Novet, ‘IBM earnings and 2019 guidance beat estimates- stock jumps’ (CNBC, 2019)
https://www.cnbc.com/2019/01/22/ibm-earnings-q4-2018.html accessed 20th April 2019
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insurance’s commercial version. They will go to use a different platform to streamline every
process of insurance certification by providing speed and transparency6.
Beazley
Beazley is an insurance company that has three decades of experience in providing services
to its clients worldwide. It was founded in 1986 and its current CEO is Andrew Horton.
Beazley’s current CEO is Andrew Horton. It has more than 25 subsidiary agencies. A.M.
Best rates Beazley’s all businesses and services in excellent category7.
Marsh and Beazley both are big companies and recently they come in a strategic
relationship in order to provide cyber insurance cover that will be tailored and the breach its
breach response to help clients addressing evolving cyber risks. It is for manufacturers and
helps them against a range of cyber crimes, which they cannot do by having merely best
systems, controls, procedures in right place. Marsh and Beazley together have designed an
initiative named Marsh and Beazley Breach Response (BBR)8.
Selected Organizations and Business Risks
Business risk as the name suggests is the type of risk, which may or may not be faced by
the organization in its working time. It is the exposure of an organization to some type of
factors, which can be present internally or externally, may lead to loss or solvency of the
organization. In the above given paragraphs relation of Marsh with some other external
organizations is discussed. In this section, with reference to those selected external
organizations, their one major business risk will be discussed in detail.
Business Risk and Doremus
Doremus has already explained above is an advertising agency that deals with a range of
customers9. As it is advertising and market communication based agency, it can face a most
probable risk that is Defamation.
Defamation with context to media or advertising industry means, creating advertisements,
which makes untrue or disregarding statements about the other company, product or idea. In
advertising industry, it can be a very common problem. It can happen if the company has
less knowledge about the product, is doing deliberately or done by mistake. Whatever is the
reason, it can hamper the image of advertising industry severely and the image of innocent
one to some extent10.
6 IBM, ‘Discover a faster, more secure journey to cloud’ (IBM, 2019a) https://www.ibm.com/in-en
accessed 20th April 2019
7 Beazley, ‘Home Page of UK’ (Beazley, 2019a) https://www.beazley.com/uk accessed 20th April
2019
8 Beazley, ‘Who we are’ (Beazley, 2019b) https://www.beazley.com/united_kingdom/who_we_are.html
accessed 20th April 2019
9 Doremus, ‘Work’ (Doremus, 2019c) https://www.doremus.com/work/ accessed 20th April 2019
10 David, Rolph, ‘Defamation by Social Media’ [2013] 117 SLS Research Paper No. 13/81 16
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