Risk Management Blog - ClearRisk

8 Items to Include in Incident Reports

Posted by Rebecca Webb on Tue, Jan 16, 2018 @ 15:01 PM

 

What happens when an incident occurs in your organization? Will all the relevant details be recorded, ensuring that you will have this information on hand when it’s needed in the future? Whether reporting an employee or customer injury, a defective product, property damage, or any other type of incident, it is extremely important for an organization to be able to easily and efficiently create reports. We've discussed the benefits, but what should actually be included in these incident reports?

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Topics: risk management plan, risk tools, incident report, example incident reports, incident reporting, risk analysis, liability risk

4 Reasons to Track Claims In-House

Posted by Rebecca Webb on Tue, Jan 9, 2018 @ 15:01 PM

Many companies do not keep claims information internally. They simply defer this record-keeping process to their insurance provider. However, there are several benefits to tracking this data in-house. While it may be a bit of an adjustment at the start, you will quickly see a return on your investment as your risk management department and your organization as a whole benefits.

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Topics: Claims Management, incident management, internal data, track claims in-house

How to Build a Risk Map

Posted by Rebecca Webb on Tue, Dec 19, 2017 @ 15:12 PM

What are risk maps, and how do you build one? A risk map is built by plotting the frequency of a risk on the y-axis of the chart and the severity on the x-axis. Frequency is how likely the risk is or how often you think it will occur; severity is how much of an impact it would have if it did happen. The higher a risk ranks for these qualities, the more threatening it is to your organization.

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Topics: Risk Management Process, risk mapping, Risk Map, business risk management, how to map risks, how to make risk maps

The Importance of Risk Mapping

Posted by Rebecca Webb on Tue, Dec 12, 2017 @ 15:12 PM

Why should your organization be using risk maps? Building a risk map brings valuable benefits. You will have a thorough understanding of your risk environment and how individual risks compare to one another. You can use this to strategically prioritize your risks and determine where to use your limited resources.

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Topics: Risk Management Process, risk mapping, Risk Map, business risk management

6 Legal Risks Companies Shouldn't Forget

Posted by Rebecca Webb on Wed, Dec 6, 2017 @ 14:12 PM

 

While conducting business, there are countless legal issues that a company may run into. Some, such as negligence in product liability and occupier’s liability, are obvious and most companies already have mitigation measures in place. Others are not considered as frequently and can even happen accidentally. While unintentional, these mistakes can have consequences that are just as severe. Here are several legal risks that all companies should incorporate into their risk management plan.

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Topics: legal risk, legal risk management, defamation, intellectual property, vicarious liability

How to Hold Business Units Accountable for Claim Costs

Posted by Rebecca Webb on Tue, Nov 28, 2017 @ 15:11 PM

 

If you think the cost of claims and incidents within your organization is too high, it’s time to address that problem. But how can you know what steps to take when all you have is an overall number? By breaking down occurrences by location, department, division, and so on, it will be easier to figure out the root of the problem and work towards solving it. That’s why it’s important to make these individual units accountable for their costs.

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Topics: risk management plan, risk ownership, risk analysis, risk management culture, risk responsibility, breaking down claim costs

Wholesaler Risk: How Does Your Business Compare to the Industry?

Posted by Rebecca Webb on Tue, Nov 21, 2017 @ 15:11 PM

 

As a key stakeholder in your organization, it is important to ensure that your organization is properly covered in case anything goes wrong as you conduct your operations. As a wholesaler, you must be able to adequately protect yourself from property liability, and your inventory from theft and damage. But how much should you be paying for insurance? How much can you expect any claims that do occur to cost, and how often should these incidents be happening? Read more to find out how your wholesaling business compares to industry-wide averages.

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Topics: wholesale risk management, wholesaler claims, theft risk, wholesaler industry average, property damage, wholesaler industry, average wholesaler costs, average wholesaler losses

3 Smarter Ways to Reduce Commercial Insurance Costs

Posted by Rebecca Webb on Tue, Nov 14, 2017 @ 15:11 PM

 

Insurance is essential but costly. Every organization needs it, or they risk shutting down in the face of a crisis they can’t recover from. Even so, insurance premiums come with a hefty price tag. Smaller organizations may feel that insurance coverage is out of their reach while large corporations must control the hundreds of claims they face per year. Either way, all organizations must find a way to reduce their insurance costs to ensure they can protect themselves without spending too much money. 

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Topics: lower insurance costs, risk analysis, reduce insurance premiums, commercial insurance, business insurance

How to Handle an Accident

Posted by Rebecca Webb on Tue, Nov 7, 2017 @ 15:11 PM

 

When there is an accident in your place of business, it is easy to panic. Whether an employee or a customer is injured, anyone would fear for the person’s well being and, after that, the operational consequences of what just occurred. However, it is most important to stay calm, reassure the person, and make sure they are safe; then you must handle the business side of the incident.

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Topics: risk management plan, incident report, risk analysis, liability risk, handling an accident, handling an incident

5 Ways to Manage Ethical Risks

Posted by Rebecca Webb on Tue, Oct 31, 2017 @ 15:10 PM

Ethical risk management is incredibly difficult, mostly because you cannot predict what an employee is thinking or control every one of their actions. However, finding ways to manage this risk is vital: one person’s choices can cost millions of dollars, close down a business forever, and do significant damage to the people who trust you to provide them with products and services. While risk avoidance is impossible, here are a few things you can do to lessen the chance of being a part of the latest scandal.

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Topics: unethical behavior, ethical risk management, ethical risk, managing ethics, business ethics