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	<metrics _ngcontent-c15="" class="fs-text-xs" _nghost-c26=""><time _ngcontent-c26="">Sep 1, 2017 @ 09:57 AM</time>
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<!----><h1 _ngcontent-c15="" class="fs-headline speakable-headline">Hurricane Harvey Demonstrates Progress In Enterprise Risk Management</h1>

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		<!----><span _ngcontent-c17="" class="contrib-tagline fs-text-xs fs-responsive-text" innerhtml="I write about the supply chain industry.">I write about the supply chain industry.</span>
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<div _ngcontent-c20="" innerhtml="<div id=&quot;attachment_41522233&quot; class=&quot;wp-caption alignnone&quot;> 
 <div class=&quot;article-body-image&quot;> 
  <progressive-image class=&quot;progressive-placeholder&quot; src=&quot;https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F41522233%2F960x0.jpg%3Ffit%3Dscale&quot; low-res-src=&quot;https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F41522233%2F960x0.jpg%3Ffit%3Dscale&quot;></progressive-image> 
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    <p class=&quot;wp-caption-text&quot;>Oil refinery storage tanks stand in this aerial photograph taken above Texas City, Texas, U.S., on Wednesday, Aug. 30, 2017. &amp;nbsp;Photographer: Luke Sharrett/Bloomberg</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div> 
<p>Although Hurricane Harvey’s impact on personal lives is catastrophic, its impact on big business, especially as reflected by the reaction of financial markets, has been wholly underwhelming. In fact, the only real story here is that there hasn’t been one.</p> 
<p>Houston is one of the most important economic crossroads in the United States. And Harvey hasn’t just disrupted supply chains; it has shut them down. Port Arthur is completely underwater, and regional railways and highways aren’t just clogged; they’re closed. FedEx, UPS and the USPS have halted all deliveries to impacted areas throughout Texas and Louisiana.</p> 
<p>Yet even from a logistics point of view, it would appear that Houston's largest petroleum and chemical companies (America's largest) had their workarounds well figured, as unaffected ports are now buzzing with re-routed shipments, and with little to no fanfare. Sure, we consumers are bound to experience some fallout (flooded refineries have already impacted gasoline futures), but most shippers and carriers hedge against events like Harvey, so they won’t be the losers.</p> 
<p> 
 </p> 
<p>Shippers and carriers also successfully safeguard themselves from potential litigation and surcharges resulting from natural disasters. How do they do it? They apply the force majeure&amp;nbsp;protocols of their supply agreements. Simply put, if it’s a contractual claim stemming from missed deadlines, production goals, deliveries, etc., and it’s due to a natural disaster (nowadays, even terrorism), they’ve got it covered.</p> 
<p>In other words, even a simple and unsophisticated cut at risk management — some level of proactive planning&amp;nbsp;— pays for itself many times over when a catastrophe occurs. And because we know this is true, the value of a sophisticated, enterprise class approach should no longer be questioned. The amount of data being collected, parsed and monitored by modern day enterprise risk management solutions is staggering. Millions of &quot;decisions&quot; are being made on a daily basis, as these systems use machine learning to continuously refine themselves, constantly searching for ways to cancel the noise and zero-in on the data that matter. If you can game the possibilities in advance, then you can tee up your contingency plans accordingly.</p> 
<div class=&quot;vestpocket&quot; vest-pocket=&quot;&quot;></div> 
<p>By the way, congratulations are in order for our government as well. FEMA is getting excellent grades. Federal agencies got rid of the bureaucratic roadblocks that impacted its Katrina performance. Where FEMA had fought with officials in New Orleans, it has learned to follow the lead of local authorities in Houston.</p> 
<p>Businesses (great and small) that aren’t situated in a catastrophe-prone setting should be paying attention. The quiet leadership being shown by Houston’s global petroleum and chemical industry — how effectively its supply risk mitigation strategies are playing out — is not an accident.</p>"><div id="attachment_41522233" class="wp-caption alignnone"> 
 <div class="article-body-image"> 
  <progressive-image class="progressive-placeholder" src="https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F41522233%2F960x0.jpg%3Ffit%3Dscale" low-res-src="https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F41522233%2F960x0.jpg%3Ffit%3Dscale"></progressive-image> 
 </div> 
 <div article-image-caption=""> 
  <div class="caption-container" ng-class="caption_state"> 
   <fbs-accordion current="0"> 
    <p class="wp-caption-text">Oil refinery storage tanks stand in this aerial photograph taken above Texas City, Texas, U.S., on Wednesday, Aug. 30, 2017. &nbsp;Photographer: Luke Sharrett/Bloomberg</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div> 
<p class="speakable-paragraph">Although Hurricane Harvey’s impact on personal lives is catastrophic, its impact on big business, especially as reflected by the reaction of financial markets, has been wholly underwhelming. In fact, the only real story here is that there hasn’t been one.</p> 
<p>Houston is one of the most important economic crossroads in the United States. And Harvey hasn’t just disrupted supply chains; it has shut them down. Port Arthur is completely underwater, and regional railways and highways aren’t just clogged; they’re closed. FedEx, UPS and the USPS have halted all deliveries to impacted areas throughout Texas and Louisiana.</p> 
<p>Yet even from a logistics point of view, it would appear that Houston's largest petroleum and chemical companies (America's largest) had their workarounds well figured, as unaffected ports are now buzzing with re-routed shipments, and with little to no fanfare. Sure, we consumers are bound to experience some fallout (flooded refineries have already impacted gasoline futures), but most shippers and carriers hedge against events like Harvey, so they won’t be the losers.</p> 
<p> 
 </p> 
<p>Shippers and carriers also successfully safeguard themselves from potential litigation and surcharges resulting from natural disasters. How do they do it? They apply the force majeure&nbsp;protocols of their supply agreements. Simply put, if it’s a contractual claim stemming from missed deadlines, production goals, deliveries, etc., and it’s due to a natural disaster (nowadays, even terrorism), they’ve got it covered.</p> 
<p>In other words, even a simple and unsophisticated cut at risk management — some level of proactive planning&nbsp;— pays for itself many times over when a catastrophe occurs. And because we know this is true, the value of a sophisticated, enterprise class approach should no longer be questioned. The amount of data being collected, parsed and monitored by modern day enterprise risk management solutions is staggering. Millions of "decisions" are being made on a daily basis, as these systems use machine learning to continuously refine themselves, constantly searching for ways to cancel the noise and zero-in on the data that matter. If you can game the possibilities in advance, then you can tee up your contingency plans accordingly.</p> 
<div class="vestpocket" vest-pocket=""></div> 
<p>By the way, congratulations are in order for our government as well. FEMA is getting excellent grades. Federal agencies got rid of the bureaucratic roadblocks that impacted its Katrina performance. Where FEMA had fought with officials in New Orleans, it has learned to follow the lead of local authorities in Houston.</p> 
<p>Businesses (great and small) that aren’t situated in a catastrophe-prone setting should be paying attention. The quiet leadership being shown by Houston’s global petroleum and chemical industry — how effectively its supply risk mitigation strategies are playing out — is not an accident.</p></div>
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	</app-root><script id="ng-templates-state" type="application/json">{&q;environmentName&q;:&q;prod&q;,&q;is_mobile&q;:false,&q;/forbesapi/content/uri.json?shortcodes=true&a;slides=true&a;type=ng&a;tickers=true&a;bvallpages=true&a;autovpslider=true&a;stream=true&a;compressimages=true&a;mobile=false&a;prgsmobileads=false&a;relativeVideo=true&a;videoplayertype=brightcove_perform_with_keyvalues&a;swimlane=&a;uri=http://www.forbes.com/sites/paulmartyn/2017/09/01/hurricane-harvey-exposing-progress-in-enterprise-risk-management/&q;:{&q;content&q;:{&q;id&q;:&q;content_59a9663664aaf92367ae9dc3&q;,&q;naturalId&q;:&q;blogAndPostId/blog/post/3629-371&q;,&q;source&q;:&q;blogs&q;,&q;author&q;:&q;Paul Martyn&q;,&q;title&q;:&q;Hurricane Harvey Demonstrates Progress In Enterprise Risk Management&q;,&q;date&q;:1504274220000,&q;body&q;:&q;&l;p&g;[caption id=\&q;attachment_41522233\&q; photocredit=\&q;\&q;  align=\&q;\&q; width=\&q;960\&q;]&l;img class=\&q;dam-image bloomberg size-large wp-image-41522233\&q; src=\&q;https://specials-images.forbesimg.com/imageserve/41522233/960x0.jpg?fit=scale\&q; data-height=\&q;640\&q; data-width=\&q;960\&q;&g; Oil refinery storage tanks stand in this aerial photograph taken above Texas City, Texas, U.S., on Wednesday, Aug. 30, 2017. &a;nbsp;Photographer: Luke Sharrett/Bloomberg[/caption]\r\n\r\nAlthough Hurricane Harvey&a;rsquo;s impact on personal lives is catastrophic, its impact on big business, especially as reflected by the reaction of financial markets, has been wholly underwhelming. In fact, the only real story here is that there hasn&a;rsquo;t been one.\r\n\r\nHouston is one of the most important economic crossroads in the United States. And Harvey hasn&a;rsquo;t just disrupted supply chains; it has shut them down. Port Arthur is completely underwater, and regional railways and highways aren&a;rsquo;t just clogged; they&a;rsquo;re closed. FedEx, UPS and the USPS have halted all deliveries to impacted areas throughout Texas and Louisiana.\r\n\r\nYet even from a logistics point of view, it would appear that Houston&s;s largest petroleum and chemical companies (America&s;s largest) had their workarounds well figured, as unaffected ports are now buzzing with re-routed shipments, and with little to no fanfare. Sure, we consumers are bound to experience some fallout (flooded refineries have already impacted gasoline futures), but most shippers and carriers hedge against events like Harvey, so they won&a;rsquo;t be the losers.\r\n\r\nShippers and carriers also successfully safeguard themselves from potential litigation and surcharges resulting from natural disasters. How do they do it? They apply the force majeure&a;nbsp;protocols of their supply agreements. Simply put, if it&a;rsquo;s a contractual claim stemming from missed deadlines, production goals, deliveries, etc., and it&a;rsquo;s due to a natural disaster (nowadays, even terrorism), they&a;rsquo;ve got it covered.\r\n\r\nIn other words, even a simple and unsophisticated cut at risk management &a;mdash; some level of proactive planning&a;nbsp;&a;mdash; pays for itself many times over when a catastrophe occurs. And because we know this is true, the value of a sophisticated, enterprise class approach should no longer be questioned. The amount of data being collected, parsed and monitored by modern day enterprise risk management solutions is staggering. Millions of \&q;decisions\&q; are being made on a daily basis, as these systems use machine learning to continuously refine themselves, constantly searching for ways to cancel the noise and zero-in on the data that matter. If you can game the possibilities in advance, then you can tee up your contingency plans accordingly.\r\n\r\nBy the way, congratulations are in order for our government as well. FEMA is getting excellent grades. Federal agencies got rid of the bureaucratic roadblocks that impacted its Katrina performance. Where FEMA had fought with officials in New Orleans, it has learned to follow the lead of local authorities in Houston.\r\n\r\nBusinesses (great and small) that aren&a;rsquo;t situated in a catastrophe-prone setting should be paying attention. The quiet leadership being shown by Houston&a;rsquo;s global petroleum and chemical industry &a;mdash; how effectively its supply risk mitigation strategies are playing out &a;mdash; is not an accident.&l;/p&g;&q;,&q;description&q;:&q;Although Hurricane Harvey’s impact on personal lives is catastrophic, its impact on big business, especially as reflected by the reaction of financial markets, has been wholly underwhelming.&q;,&q;image&q;:&q;https://specials-images.forbesimg.com/imageserve/41522233/960x0.jpg?fit=scale&q;,&q;type&q;:&q;blog&q;,&q;storyType&q;:&q;post&q;,&q;uri&q;:&q;http://www.forbes.com/sites/paulmartyn/2017/09/01/hurricane-harvey-exposing-progress-in-enterprise-risk-management/&q;,&q;comments&q;:[],&q;visible&q;:true,&q;authors&q;:[{&q;naturalId&q;:&q;blogAuthorId/blog/author/1369657&q;,&q;name&q;:&q;Paul Martyn&q;,&q;avatars&q;:[{&q;size&q;:400,&q;image&q;:&q;https://blogs-images.forbes.com/files/2015/03/Paul-Martyn_avatar_1426101400-400x400.jpg&q;},{&q;size&q;:136,&q;image&q;:&q;https://blogs-images.forbes.com/files/2015/03/Paul-Martyn_avatar_1426101400-136x136.jpg&q;},{&q;size&q;:62,&q;image&q;:&q;https://blogs-images.forbes.com/files/2015/03/Paul-Martyn_avatar_1426101400-62x62.jpg&q;},{&q;size&q;:40,&q;image&q;:&q;https://blogs-images.forbes.com/files/2015/03/Paul-Martyn_avatar_1426101400-40x40.jpg&q;}],&q;url&q;:&q;http://www.forbes.com/sites/paulmartyn/&q;,&q;type&q;:&q;Contributor&q;,&q;profileUrl&q;:&q;/sites/paulmartyn/&q;,&q;authorType&q;:&q;individual&q;,&q;email&q;:&q;paulmartyn@hotmail.com&q;,&q;blog&q;:false,&q;timestamp&q;:1459780870572,&q;shortBio&q;:&q;I write about the supply chain industry.&q;,&q;webSite&q;:&q;http://www.linkedin.com/in/paulmartyn&q;,&q;topics&q;:[&q;powering-productivity&q;,&q;data-driven-business&q;,&q;business&q;,&q;cfo-network&q;,&q;leadership&q;,&q;logistics-transportation&q;,&q;risk&q;,&q;data-driven&q;,&q;strategies-solutions&q;,&q;ceo-network&q;,&q;asia-outlook&q;,&q;beyond-the-basics&q;,&q;game-changers&q;,&q;transformational-tech&q;,&q;workforce-management&q;,&q;rethinking-risk&q;,&q;insights&q;,&q;intelligent-tech&q;,&q;retail&q;,&q;leaders&q;],&q;description&q;:&q;I started my career in IT solution design, which led to product management, and then an executive leadership role for technology services firm. Just before turning 30, I moved-on to become an early stage employee/investor of a tech start-up incubated at Carnegie Mellon where I was paired with Dr. Tuomas Sandholm. I have enjoyed working with many renowned academics in my career including Dr. Mark Spearman, Dr. Subhash Suri, Dr. George Nemhauser and several others. I identified the business opportunities in their intellectual property and developed several startup companies from zero to $20M+ in revenues in less than 5 years. I served domestically and abroad, as the businesses were fueled almost exclusively by arrangements with \&q;Global 100\&q; companies in CPG, Industrial Manufacturing, Logistics and Healthcare sectors. As a result, I was provided an insider’s view of the supply chain problems faced by the world’s largest and most sophisticated practitioners. As either an employed executive or independent consultant, I have since helped several other supply chain solution providers. I have appeared on Fox News, CNBC and MSNBC as an expert panelist and have been quoted on supply management topics in WSJ, Reuters, USA Today, FoxNews, CNN and several additional media.&q;,&q;recentActivityCount&q;:0,&q;latestActivityDate&q;:1447276080000,&q;dailyActivityCount&q;:0,&q;primaryBlogNaturalId&q;:&q;blogAuthorId/blog/author/blog-3629&q;,&q;shortUri&q;:&q;http://onforb.es/1BrEE20&q;,&q;displayChannel&q;:&q;business&q;,&q;contributorSince&q;:1409776923000,&q;slug&q;:&q;paulmartyn&q;,&q;showNoVestPocket&q;:false,&q;embargo&q;:false,&q;primaryChannelId&q;:&q;channel_1&q;,&q;primarySectionId&q;:&q;section_111&q;,&q;enableContribContact&q;:true,&q;enableTwitterFeed&q;:false,&q;disableCanonical&q;:false,&q;disableDigest&q;:false,&q;inactive&q;:true,&q;primaryChannel&q;:{&q;id&q;:&q;channel_1&q;,&q;channelId&q;:&q;channel_1&q;,&q;channelName&q;:&q;Business&q;,&q;sectionId&q;:&q;section_111&q;,&q;sectionName&q;:&q;Logistics &a; Transportation&q;,&q;url&q;:&q;/logistics-transportation&q;,&q;shortName&q;:&q;Logistics&q;},&q;allowEmail&q;:false,&q;avatar_map&q;:{}},{&q;naturalId&q;:&q;blogAuthorId/blog/author/blog-3629&q;,&q;avatars&q;:[{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;}],&q;url&q;:&q;http://www.forbes.com/sites/paulmartyn/&q;,&q;profileUrl&q;:&q;https://blogs.forbes.com/paulmartyn/profile/&q;,&q;authorType&q;:&q;individual&q;,&q;blog&q;:true,&q;timestamp&q;:1517356791685,&q;topics&q;:[&q;powering-productivity&q;,&q;data-driven-business&q;,&q;business&q;,&q;energy&q;,&q;cfo-network&q;,&q;leadership&q;,&q;data-driven&q;,&q;game-changers&q;,&q;transformational-tech&q;,&q;tech&q;,&q;markets&q;,&q;logistics-transportation&q;,&q;entrepreneurs&q;,&q;security&q;,&q;risk&q;,&q;insights&q;,&q;strategies-solutions&q;,&q;asia-outlook&q;,&q;ceo-network&q;,&q;beyond-the-basics&q;,&q;intelligent-tech&q;,&q;small-business-disruptors&q;,&q;rethinking-risk&q;,&q;healthcare-innovation&q;,&q;washington&q;,&q;workforce-management&q;,&q;reinventing-america&q;,&q;social-impact&q;,&q;going-global&q;,&q;social-entrepreneurship&q;,&q;managing&q;,&q;future-of-work&q;,&q;wall-street&q;,&q;leaders&q;,&q;talent-strategies&q;,&q;careers&q;,&q;retail&q;,&q;lifestyle&q;,&q;management&q;,&q;food-agriculture&q;],&q;recentActivityCount&q;:1,&q;latestActivityDate&q;:1447276080000,&q;dailyActivityCount&q;:0,&q;primaryBlogNaturalId&q;:&q;blogAuthorId/blog/author/blog-3629&q;,&q;primaryContributor&q;:&q;blogAuthorId/blog/author/1369657&q;,&q;primaryContributorData&q;:{&q;naturalId&q;:&q;blogAuthorId/blog/author/1369657&q;,&q;name&q;:&q;Paul Martyn&q;,&q;avatars&q;:[{&q;size&q;:136,&q;image&q;:&q;http://blogs-images.forbes.com/files/2015/03/Paul-Martyn_avatar_1426101400-136x136.jpg&q;},{&q;size&q;:400,&q;image&q;:&q;http://blogs-images.forbes.com/files/2015/03/Paul-Martyn_avatar_1426101400-400x400.jpg&q;},{&q;size&q;:40,&q;image&q;:&q;http://blogs-images.forbes.com/files/2015/03/Paul-Martyn_avatar_1426101400-40x40.jpg&q;},{&q;size&q;:62,&q;image&q;:&q;http://blogs-images.forbes.com/files/2015/03/Paul-Martyn_avatar_1426101400-62x62.jpg&q;}],&q;blog&q;:false,&q;shortBio&q;:&q;I write about the supply chain industry.&q;,&q;description&q;:&q;I started my career in IT solution design, which led to product management, and then an executive leadership role for technology services firm. Just before turning 30, I moved-on to become an early stage employee/investor of a tech start-up incubated at Carnegie Mellon where I was paired with Dr. Tuomas Sandholm. I have enjoyed working with many renowned academics in my career including Dr. Mark Spearman, Dr. Subhash Suri, Dr. George Nemhauser and several others. I identified the business opportunities in their intellectual property and developed several startup companies from zero to $20M+ in revenues in less than 5 years. I served domestically and abroad, as the businesses were fueled almost exclusively by arrangements with \&q;Global 100\&q; companies in CPG, Industrial Manufacturing, Logistics and Healthcare sectors. As a result, I was provided an insider’s view of the supply chain problems faced by the world’s largest and most sophisticated practitioners. As either an employed executive or independent consultant, I have since helped several other supply chain solution providers. I have appeared on Fox News, CNBC and MSNBC as an expert panelist and have been quoted on supply management topics in WSJ, Reuters, USA Today, FoxNews, CNN and several additional media.&q;,&q;allowEmail&q;:false},&q;shortUri&q;:&q;http://onforb.es/1BrEE20&q;,&q;displayChannel&q;:&q;business&q;,&q;contributorSince&q;:1426101480000,&q;slug&q;:&q;paulmartyn&q;,&q;showNoVestPocket&q;:false,&q;embargo&q;:false,&q;primaryChannelId&q;:&q;channel_1&q;,&q;primarySectionId&q;:&q;section_111&q;,&q;enableContribContact&q;:false,&q;enableTwitterFeed&q;:false,&q;disableCanonical&q;:false,&q;disableDigest&q;:false,&q;inactive&q;:false,&q;primaryChannel&q;:{&q;id&q;:&q;channel_1&q;,&q;channelId&q;:&q;channel_1&q;,&q;channelName&q;:&q;Business&q;,&q;sectionId&q;:&q;section_111&q;,&q;sectionName&q;:&q;Logistics &a; Transportation&q;,&q;url&q;:&q;/logistics-transportation&q;,&q;shortName&q;:&q;Logistics&q;},&q;allowEmail&q;:false,&q;avatar_map&q;:{}}],&q;channelSection&q;:[{&q;channelId&q;:&q;channel_1&q;},{&q;channelId&q;:&q;channel_1&q;,&q;sectionId&q;:&q;section_111&q;},{&q;channelId&q;:&q;channel_1&q;,&q;sectionId&q;:&q;section_2&q;},{&q;channelId&q;:&q;channel_3&q;},{&q;channelId&q;:&q;channel_3&q;,&q;sectionId&q;:&q;section_104&q;},{&q;channelId&q;:&q;channel_3&q;,&q;sectionId&q;:&q;section_149&q;},{&q;channelId&q;:&q;channel_6&q;},{&q;channelId&q;:&q;channel_6&q;,&q;sectionId&q;:&q;section_116&q;},{&q;channelId&q;:&q;channel_6&q;,&q;sectionId&q;:&q;section_40&q;}],&q;blogType&q;:&q;individual&q;,&q;sitePage&q;:&q;forbes.com/business/blogs/paulmartyn/index.html&q;,&q;displayChannel&q;:&q;business&q;,&q;vestPocketList&q;:[{&q;type&q;:&q;slide&q;,&q;uri&q;:&q;https://www.forbes.com/pictures/mlj45jggj/1-detroit/&q;,&q;image&q;:&q;http://specials-images.forbesimg.com/imageserve/026M72T8ElbzS/&q;,&q;title&q;:&q;The 10 Most Dangerous U.S. Cities&q;,&q;naturalId&q;:&q;blogAndSlideId/blog/slide/986-6336&q;,&q;count&q;:40224,&q;reason&q;:&q;MP-G&q;},{&q;type&q;:&q;blog&q;,&q;uri&q;:&q;https://www.forbes.com/sites/lizryan/2018/02/12/ten-things-only-lousy-managers-say-2/&q;,&q;image&q;:&q;https://specials-images.forbesimg.com/dam/imageserve/1022439613/960x0.jpg?fit=scale&q;,&q;title&q;:&q;Ten Things Only Lousy Managers Say&q;,&q;naturalId&q;:&q;blogAndPostId/blog/post/2989-32902&q;,&q;count&q;:0,&q;reason&q;:&q;FB&q;}],&q;generatedId&q;:&q;gjfm45gke&q;,&q;manualDescription&q;:&q;Although Hurricane Harvey’s impact on personal lives is catastrophic, its impact on big business, especially as reflected by the reaction of financial markets, has been wholly underwhelming.&q;,&q;primaryChannelId&q;:&q;channel_1&q;,&q;primarySectionId&q;:&q;section_111&q;,&q;vestPocketPosition&q;:6,&q;siteSlug&q;:&q;paulmartyn&q;,&q;preview&q;:false,&q;showComments&q;:true,&q;timestamp&q;:1504278024149,&q;statsEntities&q;:[{&q;id&q;:null,&q;name&q;:&q;Disaster_Accident&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Federal Emergency Management Agency&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;HTML element&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Hurricane Katrina&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Risk&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;United States Postal Service&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Emergency management&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Economy&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Government&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Air Freight &a; 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Transportation&q;,&q;url&q;:&q;/logistics-transportation&q;,&q;shortName&q;:&q;Logistics&q;},&q;pages&q;:[&q;&l;div id=\&q;attachment_41522233\&q; class=\&q;wp-caption alignnone\&q;&g; \n &l;div class=\&q;article-body-image\&q;&g; \n  &l;img class=\&q;dam-image bloomberg size-large wp-image-41522233\&q; src=\&q;https://specials-images.forbesimg.com/imageserve/41522233/960x0.jpg?fit=scale\&q; data-height=\&q;640\&q; data-width=\&q;960\&q; /&g; \n &l;/div&g; \n &l;div article-image-caption=\&q;\&q;&g; \n  &l;div class=\&q;caption-container\&q; ng-class=\&q;caption_state\&q;&g; \n   &l;fbs-accordion current=\&q;0\&q;&g; \n    &l;p class=\&q;wp-caption-text\&q;&g;Oil refinery storage tanks stand in this aerial photograph taken above Texas City, Texas, U.S., on Wednesday, Aug. 30, 2017. &a;nbsp;Photographer: Luke Sharrett/Bloomberg&l;/p&g; \n   &l;/fbs-accordion&g; \n  &l;/div&g; \n &l;/div&g; \n&l;/div&g; \n&l;p&g;Although Hurricane Harvey’s impact on personal lives is catastrophic, its impact on big business, especially as reflected by the reaction of financial markets, has been wholly underwhelming. In fact, the only real story here is that there hasn’t been one.&l;/p&g; \n&l;p&g;Houston is one of the most important economic crossroads in the United States. And Harvey hasn’t just disrupted supply chains; it has shut them down. Port Arthur is completely underwater, and regional railways and highways aren’t just clogged; they’re closed. FedEx, UPS and the USPS have halted all deliveries to impacted areas throughout Texas and Louisiana.&l;/p&g; \n&l;p&g;Yet even from a logistics point of view, it would appear that Houston&s;s largest petroleum and chemical companies (America&s;s largest) had their workarounds well figured, as unaffected ports are now buzzing with re-routed shipments, and with little to no fanfare. Sure, we consumers are bound to experience some fallout (flooded refineries have already impacted gasoline futures), but most shippers and carriers hedge against events like Harvey, so they won’t be the losers.&l;/p&g; \n&l;p&g; \n &l;fbs-ad position=\&q;inread\&q; progressive=\&q;\&q;&g;&l;/fbs-ad&g;&l;/p&g; \n&l;p&g;Shippers and carriers also successfully safeguard themselves from potential litigation and surcharges resulting from natural disasters. How do they do it? They apply the force majeure&a;nbsp;protocols of their supply agreements. Simply put, if it’s a contractual claim stemming from missed deadlines, production goals, deliveries, etc., and it’s due to a natural disaster (nowadays, even terrorism), they’ve got it covered.&l;/p&g; \n&l;p&g;In other words, even a simple and unsophisticated cut at risk management — some level of proactive planning&a;nbsp;— pays for itself many times over when a catastrophe occurs. And because we know this is true, the value of a sophisticated, enterprise class approach should no longer be questioned. The amount of data being collected, parsed and monitored by modern day enterprise risk management solutions is staggering. Millions of &a;quot;decisions&a;quot; are being made on a daily basis, as these systems use machine learning to continuously refine themselves, constantly searching for ways to cancel the noise and zero-in on the data that matter. If you can game the possibilities in advance, then you can tee up your contingency plans accordingly.&l;/p&g; \n&l;div class=\&q;vestpocket\&q; vest-pocket=\&q;\&q;&g;&l;/div&g; \n&l;p&g;By the way, congratulations are in order for our government as well. FEMA is getting excellent grades. Federal agencies got rid of the bureaucratic roadblocks that impacted its Katrina performance. Where FEMA had fought with officials in New Orleans, it has learned to follow the lead of local authorities in Houston.&l;/p&g; \n&l;p&g;Businesses (great and small) that aren’t situated in a catastrophe-prone setting should be paying attention. 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