Damage to Tangible Assets
Below are the details of the operational risks covered within this selected sub-risk category:
Damage to tangible assets from natural disaster events (e.g. flooding)
Risk Description: -
Natural disaster events can result in damage to tangible assets such as office buildings, IT equipment, furniture etc. Examples of natural disaster events include: -
- Flooding.
- Earthquake.
- Hurricane.
- Tornadoes.
- Sandstorm.
- Volcanic eruption.
- Forest fires.
Damage to tangible assets from man-made disaster events (e.g. terrorism)
Risk Description: -
Man-made disaster events can result in damage to tangible assets such as office building, IT equipment, furniture etc. Examples of man-made disaster events include: -
- Terrorist attacks.
- Vandalism during social protests (e.g. anti-globalization protests).
- Vandalism during social conflicts (e.g. violent events between different social/religious groups)
- Vandalism during criminal events (e.g. violent events between different criminal gangs)
- War.
Damage to tangible assets from accidental events (e.g. fire)
Risk Description: -
Accidental events can result in damage to tangible assets such as office buildings, IT equipment, furniture etc. Examples of accidental events include: -
- False fire alarm raised by an employee accidentally, which triggers the water sprinklers and damages furniture and IT equipment.
- Fires started in office premises due to an accident.