Risk Management Blog - ClearRisk

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

10 Risk Management Strategies for Retailers

Posted by Maegan Marshall on Thu, Oct 27, 2016 @ 11:10 AM

Retail is a risky industry. With consumer purchasing tendencies trending towards the online marketplace, business owners must think outside-the-box on issues which could affect their bottom line and reputation. We’ve compiled ten tips that will help in changing this focus to major risks associated with the retail industry.

Here are three points to get you started: Risk Ownership, Protecting your Brand, and Safeguarding the Supply Chain. These are simple measures that can help lessen the severity in case of an incident. Say a potential customer wants to buy product from you but it is out of stock. “Not a problem!” you say and offer to order it in for them - only to find out your supplier doesn’t have any either. The last batch of product was just sold to your competitor and won’t have more available for a month. You try to explain this to the customer but it’s no use. They head to Facebook where they post a complaint. As quickly as that, a potential customer can switch to a competitor and tarnish the reputation of your business, all at the same time. Head over here for a real-life supply chain scenario between Nokia and Ericsson which discusses a similar situation.

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Topics: supply chain risk management, Claims and Risk Management for Retail, retail risk management, Retail Risk, risk management tips, risk ownership, brand risk management