Effective Risk Management is crucial to the success (and survival) of any organization. Traditionally, incidents and claims within an organization have been stored in file folders or excel spreadsheets. With this process there is little to no automation, a lot of duplication and limited ability to predict and mitigate future losses based on past trends. With the number of reported claims and near miss incidents on the rise, should your organization evaluate its current process?
Answer these six questions to see if it's time for your organization to consider an upgrade:
Risk Management Software,
risk trending report,
automated incident report,
incident reporting software,
software for risk management,
lower claims cost
Warehouses in North America incur about $500,000 in losses every eleven days due to unforeseen risks. When business operations include the use of warehouses you should find yourself asking, “what are the risks that I need to be aware of and how I can lower the probability of a loss occurring?” If you're not fully aware of the risks that pose the greatest threats to your warehouse, your organization is vulnerable to millions of dollars in potential losses.
warehouse risk assessment,
Warehouse risk management
Have you ever considered what would happen to your organization if a fire were to occur? How would operations be affected? Every year, fire is the cause of approximately $400 million in damages to Canadian businesses. It is imperative that your organization has a plan in place to minimize the likelihood and impact of a fire occurring. Continue reading to learn about the 5 actionable strategies that organizations can use to mitigate fire related risk.
Fire Risk Mitigation,
Fire Prevention Strategies
In Canada, bodily exertion and contact with objects and equipment are the top two events that cause employees to miss work. Risk assessments can be used to protect both the safety of the employees and the security of the business or organization. In industries where heavy machinery and intense labor are required, it's important to take extra measures to thoroughly manage the risks that can put employees in danger.
employee risk management,
Does your organization have a process and program enabled to easily report on near misses? Are corrective actions being implemented to lower the frequency and severity of future occurrences? Are employees risk sensitive? A near miss is an unplanned event that did not result in injury or damage - but had the potential to do so. When only reporting claims and omitting near misses, your organization is not getting the full picture of potential hazards.
incident management software,
near miss reporting,
root cause analysis,
incident reporting software
When water and sewer systems begin to show weakness, residents look to municipalities to come to the rescue. By knowing the main issues that result in liability claims, municipalities can take steps to mitigate the risks imposed by faulty water and sewer systems. In this post, we discuss the three primary liabilities for water/sewer operators and what municipalities can do to avoid them.
Water and Sewer Risk
It's important to consider your company’s risk exposure when entering into a business relationship with a third party. How will your operations be impacted when a supplier is late delivering essential materials? What if you receive damaged materials? There are a number of options that can be implemented to mitigate risks associated with your supply chain.
supply chain risk management,
Supplier risk management
Product recall is a terrifying phrase for both manufacturers and retailers. If not handled properly, it has the ability to destroy brands and bankrupt companies. With the ability to have such a detrimental impact, you would think that many companies have an effective product recall plan in place. But in reality, many companies, even large corporations, are not prepared to handle a large product recall incident.
manufacturing product liability,
product design liability,
product recall preparedness,
product recall management
Organizations are constantly searching for opportunities to reduce insurance costs. Companies need to view their role in the insurer/insured relationship differently. The insurance company isn’t selling you insurance; you are selling them your risk. Don't let them assume what you do and what your risks are. By providing detailed risk management plans including your organizations ability to produce and implement trend analysis reporting, your organization is promoting its proactive, risk consciousness environment. When history is unknown or the internal approach is more reactive than proactive, insurers will typically err on the side of caution. This frequently translates into higher premiums and more restrictive coverages and limits.
Follow these tips below to get the best insurance for your organization:
risk management insurance,
insurance broker risk management,
risk management tips,
Insurance and Insurance Purchasing