TT Club urges more effective inventory management to reduce supply chain risk
Utilising analysis of past claims relating to cargo theft within the warehousing and distribution arena in particular, TT has concluded that risks to goods escalate in environments characterised by confusion and disorganisation. Adherence to systematic processes is therefore paramount. Inventory management is so central that it defines the very system by which this effective organisation is maintained.
“A failure to exercise such systematic control can have enormous risk consequences for security, reputation and contractual liabilities,” says TT’s Josh Finch. “Inventory management is an aspect of the supply chain that often runs quietly in the background until something goes wrong. Small issues can quickly turn into large and costly errors if they are not observed and rectified.”
TT acknowledges that data communication and the traceability of goods are key to sound inventory management and the mitigation of errors. The data interfaces between various software systems that are employed to manage the flow of goods including WMS, OMS, TMS and ERP* should ensure that actions taken in one system are recorded in the others. Breakdowns in communication between systems can be difficult to identify but may lead to costly errors.
In minimising such errors, traceability throughout the supply chain is crucial in uncovering the discrepancies promptly. The ultimate goal is to provide full visibility of goods as they move through the supply chain. A well-designed system should systemically mirror all physical movements of goods and be particularly focused on circumstances where visibility and therefore traceability break down. Most commonly this occurs when a user fails to adhere to the correct process, but operations should also consider where gaps in process lead to a breakdown in traceability.
“Stock that is not traceable is at risk,” explains Finch. “It may be stolen or may simply go missing, making it difficult to determine where the failure has occurred. It is crucial therefore that supply chain operators responsible for managing inventory seek to maximise traceability throughout the entire journey of a particular item of stock.” The consequences of inadequate inventory management can be severe, extending beyond the cost of cargo loss to risks of negatively impacting commercial relationships. Inventory management plays a key role in fostering a security culture within the supply chain. It should enforce procedures, maintain traceability and respond to discrepancies effectively, resulting in a secure and efficient supply chain operation.
Graeme Sassarini to take over as Regional General Manager – Americas for TT Club
Leading insurance provider to the international freight and logistics sector, TT Club has announced a significant change to its New Jersey office leadership. After 29 years at Thomas Miller, TT’s management company, Leo Kirchner will retire at the end of June 2024. A period of leadership transition will commence in January 2024, with Leo continuing to provide support to Thomas Miller Americas for a further two years.
Succeeding Leo as TT’s Regional General Manager – Americas from 1st January 2024 will be Graeme Sassarini, who has been with the company for 20 years and based in the New Jersey office since 2003. Graeme’s close working relationship with TT Members across the region will continue as he leads the Club’s further development of its risk mitigation services to the intermodal and maritime transport, as well cargo handling, sectors.
Assuming Leo’s role as CEO for Thomas Miller Americas (TMA) will be Leanne O’Loughlin, effective from 1st January 2024. Leanne is currently Regional Director of UK P&I Club in New Jersey having joined TMA in 2019 from a London-based P&I Club.
Charles Fenton, TT’s Chief Executive Officer said: “Leo’s contributions to TT Club have been invaluable. His leadership has been instrumental in strengthening our position in the region’s complex and varied risk management market. We are pleased that Graeme will be assuming this important leadership role. He brings extensive experience and knowledge to the position that will be of continued benefit our Members and stakeholders.”
Leo added: “I congratulate Graeme on his new appointment. I have the utmost confidence in him to continue the work that has been so important to me personally throughout my career at TT and Thomas Miller. I look forward to assisting him during the ensuing transition period.”
TT Club announces new CFO appointment
With effect from 1 August 2022, EeLain Ong has taken over as Chief Financial Officer (CFO) of international freight transport and logistics insurer TT Club. Appointed in April 2022, Ong has shadowed the outgoing CFO Julian Chowdhury in his position for the intervening months prior to his retirement.
As CFO of the well-established specialist mutual insurer, Ong’s challenges will be to achieve business plan profit targets via operational efficiencies focussed on simplifying and automating processes along the insurance value chain.
In making the announcement Charles Fenton, CEO of TT Club comments, “TT is fortunate to have in EeLain someone of vast and varied experience so suited to the Club’s structure and nature of its business. Over her 27 year career she has held leadership positions within finance, treasury and tax at re/insurance companies, captives, mutuals, start-ups and Lloyd’s syndicates, and across multiple jurisdictions globally. She replaces a true professional in Chowdhury, who we thank for his long and tireless service of almost 30 years. We wish him a happy and fulfilling retirement.”
Ong is a graduate of Hull University and a Chartered Accountant (FCA). In addition to roles at re/insurance providers, she also had experiences as a regulator, an auditor, and an M&A corporate financier – all of which has exposed her to structuring finite, legacy and traditional risk transfer deals within the realms of financial governance.
“I see the strength of TT as a reliable and expert risk management provider for organisations in the global supply chain sector which is continually undergoing disruption. My role in part will be to help maintain TT’s agility to adapt to this changing trade environment, yet remain consistent in delivering renown service and claims efficiency,” says Ong.
TT Club offering evermore tailored service with additional underwriting resource in the Benelux Region
Leading international freight and logistics insurer, TT Club is pleased to announce Marcus Kuling’s appointment as a specialist underwriter in the Benelux region. The thirty-year marine and transport insurance veteran will be based in Rotterdam as part of the Thomas Miller BV team and solely dedicated to servicing the TT Clubʹs European Membership.
The appointment both underlines TT’s commitment to provide superior service to Members in the Benelux region and wider European markets and promoting business growth in an area that is key to European freight and logistics corridors. Marcus will underwrite TT Club risks as part of the Thomas Miller team based in the Netherlands.
Marcus has crucial local knowledge and much experience in marine insurance from working as both a broker and underwriter in the Netherlands throughout his career, with companies that include AON, AEGON, Generali and Amlin. In servicing the European TT Club Membership, his role will be to uphold the very best standards of service the Club’s Members know and expect, continuing to forge ever closer and enduring relations while bringing his skills and experience to bear in building the Membership across the Benelux region.
In welcoming Marcus to his new position, Mark Argentieri, TT’s Regional Director, EMEA highlighted, “Both the Netherlands and Belgium are major gateways to Europe with an extensive port and logistics industry. It is fantastic to bring ever more bespoke and local service to our Members by having a presence on the ground in Rotterdam through Marcus. The Benelux region is one of real importance for the Club, which Marcus will be ideally placed to offer on the ground support.