Bristol Myers Squibb (BMS) is a biopharmaceutical company headquartered in Princeton, New Jersey, that delivers innovative medicines to patients around the world. Its prescription drugs and biologics treat diseases including cancer, HIV/AIDS, cardiovascular disease, diabetes, and rheumatoid arthritis.

Like most large organizations, BMS faces risks across a wide range of exposures, and its corporate insurance team is charged with protecting the company's operations, employees, and patients from fallout related to those risks. Over the years, BMS built—and inherited through acquisition—captive insurance companies that covered organizational risks ranging from property damage after a natural disaster to patient injury in clinical trials to business interruption resulting from a cyberattack.

"Our insurance group has three main objectives," says Wayne Cheng, director of corporate insurance, treasury. "First, we aim to protect our patients, employees, and company reputation. Second, we want to manage policies to optimize operational excellence and reduce costs whenever possible. And finally, we use insurance to transfer the risk of catastrophic events that might impact the company."

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.