CANTON, Mass., June 24 /PRNewswire-FirstCall/ -- OneBeacon Insurance Group and North River Solutions announced their collaboration on a benchmarking research study at the 2008 Continuity Insights Management Conference held in New Orleans in May. Charlie Sidoti, vice president of OneBeacon Risk Control Services, and Donald Byrne, managing director of North River Solutions, jointly presented the Resiliency 1 Index(TM), a new benchmarking tool that will provide organizations of all sizes with a model to measure and improve their resiliency against a catastrophe.
Unlike existing benchmarking tools that simply provide a framework of resiliency, the Resiliency 1 Index(TM) is unique in that it offers prescriptive advice on how to prepare for a disaster in addition to a benchmarked framework. This is particularly important to midsized organizations, as they struggle most to meet the rapidly evolving requirements of their large corporate clients, financial institutions and regulatory bodies. The Resiliency 1 Index(TM) provides specific guidance on how to grow and build organizational resilience.
Said Sidoti of the project, "Organizational resilience is essential for any company's long-term success and survival. Although resilience benchmarking resources are widely available and helpful to larger organizations, they have not yet been beneficial to midsized businesses. We are very excited to partner with North River Solutions, an expert in organizational resilience, and be the first insurer to offer our middle market customers the guidance they need to withstand a crisis."
Led by Byrne, the research team at North River Solutions identified 12 Operational Control Areas that are susceptible to disruption during a crisis and then mapped a series of best practices a company should follow within these areas. The Resiliency 1 Index(TM) provides a series of self-assessment questions an organization can use to measure its standing against the best practices in each of the 12 fields.
OneBeacon has already launched the model with a small sample of its Commercial Middle Market accounts and received positive feedback from these customers. A Web site where companies can access the self-assessment tool and receive results free of charge is in development and expected to go live in July. Moving forward, the two companies intend to compile and publish summary statistics based on results of the index tool and use these findings to promote Operational Resilience for their clients and business in general.
About OneBeacon: OneBeacon Insurance Group's underwriting companies offer a range of specialty and segmented commercial and personal insurance products sold primarily through select independent agents. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance products are available countrywide, and commercial and personal lines are offered in select geographic territories.
OneBeacon's U.S. headquarters is in Canton, Massachusetts. The company is rated "A" (Excellent) by A.M. Best and is publicly traded on the New York Stock Exchange under the symbol "OB" .
About North River Solutions: North River Solutions is a specialized consulting, training and research group working in the area of operational resiliency. It assists organizations in achieving uncompromising business resiliency goals, leading firms to establish the appropriate continuity or resiliency strategies and programs to ensure that all critical business functions are protected.
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