Janesville, Wisconsin-based Data Dimensions, a business process outsourcer specializing in document and data management, has announced the loss of a government contract. The contract loss will impact 111 employees located in the company's two Janesville offices.
According to Data Dimensions CEO Jon Boumstein, “Data Dimensions just recently received notification from its government client that its current contract with the business organization will not be renewed at this time, resulting in a sudden and substantial unforeseen loss of business.”
It is believed by some that the lost contract was related to a five-year sub-contract commencing on December 31, 2015, and ending August 27, 2020, to provide document processing services to the Department of Veterans Affairs under a prime contract with Systems Made Simple a Lockheed-Martin subsidiary.
The company is owned by Saint Louis, Missouri-based Thompson Street Capital Partners
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
AM I NEXT? NO LOVE AT PALM COAST DATA
Palm Coast, Florida-based Palm Coast Data, a full service fulfillment, marketing and support service for publishers, is undertaking a reorganization at the behest of its parent corporation, Dublin, Ireland-based Studio Media Group.
The company has announced that it will be shuttering its primary location, laying off 150 employees, and outsourcing its inbound and outbound mail processing operations to Des Moines, Iowa-based CDS Global.
The company is seeking smaller quarters nearby. Prior to the company's sale, the company appeared to be in serious financial difficulty.
Like other fulfilment operations, automation and changing consumer behavior played a major role as more consumers transacted business on the internet and transitioned from manual checks to electronic payments. Even customer service was automated with interactive voice response systems that could provide self-service customer support functions. And, of course, email replaced much of the existing snail-mail that was the lifeblood of the fulfillment center.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
RISK MANAGEMENT
Book Review
I was pleased to receive an Advance Reader's Copy of "Fundamentals of Risk Management: Understanding, evaluating and implementing effective risk management" by Paul Hopkin ...:
(Publisher: Kogan Page, Ltd; Release Date: July 2018 ISBN-13 978-0-74-948307-4; Price: USD 60.00)
WE LIVE IN AN UNCERTAIN WORLD. SO IF YOU ARE CONCERNED ABOUT THE RISKS FACING YOUR ORGANIZATION AND POSSIBLY AFFECTING YOUR POSITION, THIS IS A MUST READ BOOK.
Anywhere you live or travel there are risks to your life, your family, and your property. Today, these risks may include damage to your reputation, identity theft, cyber-crime, risks involving the violation of unknown or unfamiliar rules and regulations, terrorism, and any number of other risks that can pose existential or consequential threats to your well-being.
And then there are the risks facing organizations -- systemic risks, environmental risks, and the risks of commerce in the marketplace. It is to this group of risks that Fundamentals of Risk Management speaks. Whether you are a student, a manager, or an executive, this book will provide you with the type of working foundation needed to discuss risk among your employees, management, vendors, and insurers.
In this context, risk management therefore is nothing more than a framework to assist you in the identification, evaluation, probabilistic prioritization, and mitigation of these organizational threats.
Fundamentals of Risk Management helps you to establish your own organizational early wanting system to detect and mitigate impending risks using a systematic methodology.
Yes, there are negatives?
This 450+ page book is not one of those "easy to read in an afternoon" self-help tomes. It is a serious, professional examination of the nature and characteristics of risk and how risks may be measured and mitigated.
Two, this book is recommended for the professional supervisor, manager or executive who must cope with organizational risks that impact their continued employment and the continuity of their organizations.
Three, for individuals who are more concerned with immediate personal, not organizational risks, I suggest that you peruse some of the fine survivalist literature freely available on the internet.
From the publisher ...
This fifth edition of Fundamentals of Risk Management is a comprehensive introduction to commercial and business risk for students and risk professionals.
Providing extensive coverage of the core frameworks of business continuity planning, enterprise risk management, and project risk management, this is the definitive guide to dealing with the different types of risk an organization faces. With relevant international case examples including Ericsson, Network Rail, and Unilever, the book provides a full analysis of changes in contemporary risk areas including supply chain, cyber risk, risk culture and appetite, improvements in risk management documentation and statutory risk reporting.
Now revised to be completely aligned with the recently updated ISO 31000 and COSO ERM Framework, this comprehensive text reflects developments in regulations, reputation risk, loss control and the value of insurance as a risk management method.
Also including a thorough overview of international risk management standards and frameworks, strategy and policy, Fundamentals of Risk Management is the definitive text for those beginning or considering a career in risk.
Like most business books, the advice is a mixture of common sense and time-tested practices. And like most things in life, your results will vary and will be proportional to the amount of time and effort you bring to the table.