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4 Reasons to Track Claims In-House

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.

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

How to Build a Risk Map

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.

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

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.

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

6 Legal Risks Companies Shouldn't Forget

 

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.

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

How to Hold Business Units Accountable for Claim Costs

 

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.

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

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