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."