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5 Actions That May Be Sabotaging Your Risk Management

 

Organizations have always been managing risk, both formally and informally. Risk management as a profession, however, has become increasingly popular in the last few decades. With promises of huge financial savings and other benefits, organizations are eager to begin. However, it should not be taken lightly. There is a process to follow, and there are several key issues that risk managers often have trouble with. If you feel your initiative isn’t fully effective, here are several actions that may be hindering your project and how to fix them. 

Topics: risk analysis risk management failure ineffective risk management mistakes in risk management

8 Items to Include in Incident Reports

 

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?

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

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 analysis risk ownership risk management culture risk responsibility breaking down claim costs

3 Smarter Ways to Reduce Commercial Insurance Costs

 

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.

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

How to Handle an Accident

 

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.

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

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