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Risk Management Blog

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There are many blogs out there, so what makes ours so special? Quite simply, if you want to deepen your understanding of risk management, every article herein will be worth your attention.

Designed by our experts to offer practical tips and techniques to elevate risk management and its influence on an organization’s performance; this is good stuff. And because we all know that data is the new gold, you’ll find plenty of insight into capturing and leveraging risk data to your organization’s advantage.

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A Day in the Life of a Risk Manager - With & Without ClearRisk

One of the key advantages of having ClearRisk as your Risk and Claims Software provider is that our system is built by Risk Managers, for Risk Managers. Our team prides itself on understanding the daily challenges and needs of our customers. 

Essential Cybersecurity Considerations for Risk Managers

In the modern business world, effective cybersecurity is a crucial priority for management. Cyberattacks can take your information, gain access to your operating system, and demolish your entire network in more extreme cases. Every digital device should encompass some sort of cybersecurity for your protection from theft and viruses.

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Getting Prepared for Climate Risk Disclosure

8 things you missed in the SEC climate disclosure guidance

The SEC’s long awaited guidance on climate-related risk disclosures in the United States was recently released, calling for corporations to report their physical and transition climate risks, impacts and targets. 

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The 5 Most Disastrous Small Business Claims + Tips to Avoid Them

Over the past couple of years, small businesses have been through the ringer. With so much unprecedented turmoil from a global pandemic, economic decline, and inflation affecting businesses, it’s important that SMBs take steps to protect themselves from preventable risks.

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5 Risk Management Trends to Follow in 2022

In 2021, all industries are facing pressures to adapt and respond to a growing list of emerging risks and disasters. The last year has seen strides to amplify technology use, broaden the talent pool, and adopt innovative, data-driven, risk mitigation strategies. The 2022 risk landscape is changing faster than most organizations can keep up with, leaving executives and risk managers with the question: “How can I make my organization more resilient?” 

TPA Systems and How an RMIS Does it Better

A third party administrator (TPA) is an organization that processes insurance claims. This can be viewed as “outsourcing” the administration of the claims process, since the TPA is performing a task traditionally handled by the insurance company or the organization itself.

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Back to the Future – How Software Enhances Risk Management

In 1985 two accountants from Bedford, Nova Scotia developed the Bedford Accounting Software program. Later, Bedford was sold and became Simply Accounting and then Sage Accounting, as it is known today. 

10 Reports Every Risk Management Team Should Care About

Risk management departments have become commonplace and necessary for large public or private organizations that have broad and diverse operations. Risk management teams are responsible for keeping track of a huge amount of data, including details related to incidents, claims, insurance policies, physical assets, certificates, contracts, employees and more. Effective risk management relies on reports produced from this data to enhance visibility, inform decision making, and optimize risk organization-wide. 

Risk Management Templates for Excel (and when you're better off with a RMIS)

If you’re a large organization with a high incident frequency, large number of physical assets, and a broad range of diverse operations, you’ve probably considered acquiring a Risk Management Information System (RMIS). However, adopting a new solution may be time consuming due to budget constraints and lengthy RFP processes. This blog will discuss how risk managers can benefit from the tools available to them to develop risk management plans before they are ready to take on a more robust solution.

How Brokers Create Fine-Tuned, Risk-Harnessing, Business Machines

A traditional approach to business might be to avoid risk, at any cost. Risk is dangerous. However, the increasing volatility of a changing marketplace has made it pretty clear that risk is inevitable. Trying to avoid it can leave an entrepreneur in the same position as the proverbial ostrich. The question to ask isn’t so much “how can I avoid risk,” as “how can I make it work for me.” 

What to Include in a Successful Disaster Management Communication Plan

 

The following blog post is by a guest blogger, Regan Hipp. 

Disasters are by definition impossible to foresee. An inefficient communication plan may even provoke more damage than an act of God.
 
When a disaster happens, an emergency response team must place a public information officer and hand them a communication strategy, so that they know how to handle the flow of key information among both the general public and public safety agencies. 
 
If you're new to the field, here's what you need to know. 

It's Hurricane Season: How to Prepare Your Business for Storms

While the main concern for everyone is their safety, the safety of their loved ones and of their homes, businesses can be impacted just as forcefully from such powerful storms.

Lack of preparations can cost business owners thousands or even millions of dollars in damages.

There are many things you can do to prepare your business for storms, so you can focus on the safety of more important aspects of your life until all is calm again.

Cloud vs On-Premise Software?

This is a guest post by Sara Carter. Sara is a co-founder of the website Enlightened Digital, entrepreneur, and Bostonian.  While writing in the tech and business space, her goal is to explore how changes in the digital world affect business growth and professional development, especially for women.

There are many options and vendors when it comes to computing software. For example, there are application suites such as enterprise resource planning (ERP), customer relationship management (CRM) offerings, and collaboration and content management applications in the software as a service (SaaS) race. However, there are a few other decisions to be made when it comes to utilizing this type of software solution. Organizations can either look to cloud hosting services or they can maintain their on-premise system.

5 Actions That May Be Sabotaging Your Risk Management [Video]

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. 

Beat the Odds of Survival: Risk Management for Small & Medium Enterprises

 

This week ClearRisk is proud to provide a guest post by Bert Fens of Forces Risk Management. Bert is a risk professional with 20+ years of international experience in risk management, holding several senior management positions. He is also a member of the Risk Management Consultants of Ontario (RMCO).

Small and Medium-sized Businesses (SMBs) can benefit considerably from a simple but effective risk management program.

Consider this: more than 2 out of 5 small business owners in Canada have experienced a significant disruption to their businesses; 80% of businesses affected by a major incident have to close within 18 months, yet 62% of business owners have placed business continuity planning low on their to-do-list and 18% of them admit that it is not even on their radar.

These numbers are a clear and very scary indicator that the odds of survival for companies that have been hit by a major loss are incredibly low.

When Buying Risk Software, Don't Just Ask 'How Much Does it Cost?'

“How much does it cost?” is one of the most common question buyers ask when looking for cloud-based software solutions. Price is definitely a major factor when purchasing, but there are many other important questions that can  get missed at the beginning of the buying process. Asking the following questions upfront can save buyers some big headaches down the road.

6 Ways to Manage Reputational Risk

Every organization, no matter the structure, nature of operations, or size, has reputational risk. All risks are significant in and of themselves, but resulting reputation damage can be even more catastrophic, as a reputation is one of a company’s biggest assets.

Sometimes all it takes is a rumour to make the public lose confidence in an organization, ending it quite quickly. As Warren Buffet said, “it takes 20 years to build a reputation, and five minutes to ruin it”.

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?

4 Reasons Why Every Business Should Draft Incident Reports

When something goes wrong in your organization, do you have a method to keep track of it? Will all the relevant details be recorded, ensuring that you are protected from legal liability?

Whether reporting an employee or customer injury, a defective product, property damage, or any other type of incident, it is extremely important for a business to be able to easily and efficiently create incident reports. For best results, draft a template and use it consistently so that all incidents will have the same level of data and detail.

Do Your Employees Feel Safe Blowing the Whistle?

Throughout the lifespan of a corporation, stakeholders can be faced with the risk of economic crime. Often, it becomes a reality long after the issue should have been brought to the attention of the board of directors.

Entrepreneur that have invested a great deal of time and energy building a company from the ground up, find it hard to imagine that something as intrusive as economic crime can happen to them.

10 Reasons Risk Management Matters for All Employees

Risk managers know the purpose of their role and the value they bring to any organization. However, other employees may not understand what the risk department does or the widespread benefits of their strategy and actions. In many cases, they might be unable to accurately define risk management! This creates a problem. It’s harder for risk managers to get the buy-in to implement mitigation procedures when risk management isn’t common knowledge. To illustrate the importance of risk, here are 10 reasons all employees should care about risk management. We encourage you to share this with your team!

Establishing an Enterprise Risk Management (ERM) Framework

The following is a guest blog post is from RiskArticles.com.

Enterprise risk management (ERM) is an ongoing process designed to manage all risks within a firm. The Commission of Sponsoring Organizations of the Treadway Commission (COSO) defines ERM: 

“Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.”

It is important to establish an ERM Framework because it enables a firm to gain a clear view of its overall risk level. Discussed below are the steps that need to be taken to establish an ERM Framework, the potential benefits that can be expected, and the challenges that may be faced.

Top 8 Risk Management Blogs to Follow

At ClearRisk, we're proud to publish new and valuable content to our risk management community weekly. This week, we thought we'd take the opportunity to recognize some other blogs that are doing a fantastic job of sharing risk information. Here are the top eight risk management blogs to follow, whether you've been in the industry for years or are just starting out. 

The 5 Step Risk Management Process

Implementing a risk management process is vital for any organization. Good risk management doesn’t have to be resource intensive or difficult for organizations to undertake or insurance brokers to provide to their clients. With a little formalization, structure, and a strong understanding of the organization, the risk management process can be rewarding.

Skills of a Successful Risk Professional

 

The risk industry and the professionals within it have changed drastically over the last few decades.

Once, risk professionals simply purchased insurance to transfer losses onto another company. Now, they are expected to monitor the risk environment, identify and predict risks, and implement proactive strategies to prevent issues from occurring or minimize their impact when they do. Top-leadership positions based on risk management, such as Chief Risk Officer (CRO), are becoming increasingly common.

With this in mind, what skills and competencies are now necessary for a risk professional to be successful? Certainly a general knowledge of the insurance industry and financial risk will no longer suffice. In addition to an understanding of many topics and environmental factors, there are necessary personality traits, such as influential, flexible, and collaborative.

3 Steps You Must Take TODAY to Reduce Your Software Risks

Kit Merker has been in technical and management roles for over a decade, doing everything from project management, coding, design, testing, and running a service. He currently works at Microsoft as a Developer Evangelist. Kit Merker has a blog dedicated to preparing for software disasters. Be sure to follow Kit on Twitter after reading his guest blog post below! 
These are times of economic uncertainty for many businesses, and the very idea of spending much-needed funds on something that might happen may seem like suicide. According to CIO.com,  business continuity & disaster recovery is NOT a top priority for CIO's.
 

It's a normal human tendency to stay optimistic and believe that you are immune from disaster. We say, "that'll happen to other people, I'll hope for the best and focus on my day-to-day activities."

But, as I say probably too frequently, hope is not a strategy.
Imagine if a disaster hit and you sustained serious downtime, got hacked, or lost data your customers needed. The results would be disastrous for your reputation and could mean the end of your business. You'd be kicking yourself for not preparing.
But just like a teenager learning to drive, sometimes getting in an accident helps you learn to operate more safely. The good news is that there are practical things you can do to reduce your risks of software disaster.

How to Choose the Right Risk Management System

Organizations use risk management systems to track claims and risk information, analyze and report on data, and monitor and control the overall cost of risk management. You’ve recognized the need for a risk management system in your organization. Great! But how do you ensure that you choose the right system? There are several vendors to choose from, each slightly different. You also need to choose a system that’s right for your organization: it should be a tool to help you manage risk. It must streamline your process, not add another task.

There are three steps that will allow you to feel confident in the risk management system you choose for your organization. First, consider your internal environment. Then, use this to identify your primary and secondary system criteria. Finally, use this knowledge to research and select the vendor that is best suited to your organization.

Reduce Incidents Now by Creating a Safety Culture

Culture, in general, is “the attitudes and behaviour characteristic of a particular social group”. In an organization, it is comprised of employees’ beliefs, values, and mindsets and how these influence their behaviour. It is how they choose to go about their jobs on a daily basis and why they act in this way.

One of the most crucial aspects of an organization is its safety culture. This is particularly true in manual work environments where incidents and injuries can be common. Safety culture involves the general mindset of employees about risks and how to prevent them through reporting unsafe actions, taking proper precautions, and so on.

7 Tips on How to Control Your Organization's Insurance Costs

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 organization's ability to produce and implement trend analysis reporting, your organization is promoting its proactive and risk-conscious 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:

11 Reasons Your Laptop Will Be Hacked

 

It seems like every day now that we hear about another company's network or laptop being hacked, or an organization accidentally revealing confidential files.

From a vulnerability in Equifax's system releasing personal information of 150 million users to the hack of Yahoo's system that released three billion email addresses in 2013 (but only entered the news in late 2017), even the largest and most seemingly secure organizations are susceptible to data insecurity.

Communicating in a Crisis Situation

A fire has destroyed your manufacturing facility that produces 80% of your products. Your staff has nowhere to work, your suppliers have nowhere to ship goods, and your customers start looking for new suppliers. Now what?

Identify the Risks That Threaten Your Organization’s Success

Two companies have in place risk management plans of similar quality and detail. One has worked tirelessly, dedicating an intense amount of time and money, to create a plan that meets the needs of the organization and that addresses the risk-related issues the company has been faced with in the past. They have hired consultants and other outside resources to help re-work the plan time and time again and have been waiting a long time for a plan that is customized to suit the needs of the business.

6 Reasons All Organizations Should Embrace the Cloud

Moving data into the cloud is an intimidating step for most organizations. IT teams must worry about security and privacy issues, while employees are concerned about the implementation of such a substantial change.

However, in today’s increasingly automated environment, cloud computing is the best way to manage data and effectively compete in the marketplace: in 2017, 74% of Tech Chief Financial Officers said that cloud computing had the most measurable impact on their organization. The cloud lowers workload and cost, enables flexibility and collaboration, and actually increases security. Here are six reasons all organizations should embrace the cloud:

25 Quick Tips to Improve Your Insurance Program

If you've never formally managed risk before, starting can be a daunting process. However, it's likely that you're already using strategies throughout the business. These 25 tips are simple to implement in your insurance process and will help you lower costs and better manage risk. 

Lessons Learned from a Claims & Risk Management Software Implementation

This week we're pleased to feature a guest post from Shannon Devane. Shannon is a ClearRisk user and also the Risk Manager at the City of Vaughn, Ontario. 

Full disclosure – I am not an Information Technology Specialist nor a Business Analyst. In fact, I’m a Risk Manager ‘moonlighting’ in software implementation and development. My background involves various areas of insurance, risk, and claims, primarily in the Public Sector. Throughout my career, I have been involved in several large software purchases and designs. From a large, multi-organization project to one catered to a specific group of clients with a single municipal implementation on the side, I have come away from each project feeling more confident and knowledgeable.

30 Questions to Ask Vendors to Reduce Cyber Risk

Deciding on any significant organizational change is difficult. There are multiple stakeholders to please, a budget to meet, and risks to manage. When the change involves choosing and implementing a new system, there are even more issues: establishing that it meets your organization’s security needs and expectations can be complicated. If you’re looking for a new system, here are 30 questions you may consider asking to determine if it’s the right option:

Insurance Technology Trends: Cloud Computing for Your Brokerage

There are several insurance technology trends that insurance professionals must take advantage of to stay on top of the competition. I would like to talk a little more in-depth about cloud computing and business automation in the insurance industry. 

Moving to the cloud is becoming commonplace in the world of insurance. In fact, 4 out of 5 of the world’s largest brokers, including Aon and Wells Fargo Insurance Services, use cloud applications to manage customer and carrier relationships around the globe. Adopting the cloud is inevitable.

However, many still fear the cloud, even when considering the efficiencies that come along with it. Salesforce.com, one of the leading cloud platforms for the insurance industry, notes significant improvements across their customer base in a new survey. Among the many improvements, Salesforce.com users reported:

How to Be a Better Insurance Consumer

Most organizations look to financial risk transfer through insurance as their first response to managing risks. Out of all the risk management tools available, insurance can often be the most expensive option. There are a number of simple things that can be done to minimize your insurance-related costs and to get better terms in the insurance market through your broker.

Data Analysis Steps for Risk Managers

Data analysis can help predict the outcome of a situation or allow you to protect your organization against risk. As discussed in a previous blog post, analysis has many benefits including mitigating repetitive losses, lowering insurance premiums, and more.

We recognize that data analysis can be difficult, particularly for organizations with a lot of data and complex processes. In fact, an estimated 75% of organizations lack the technology or strategy to effectively use their data. That’s why we came up with this simple guide on the steps for data analysis.

7 Benefits of Risk and Claims Automation for Municipalities

Municipal risk managers have significant responsibilities. Resident complaints, employee incidents, and a continuous stream of claims are just some of the challenges that are compounded by an inefficient system and the need to juggle priorities. Claims and risk automation allows the public sector to streamline their processes and achieve numerous benefits.

8 Best Practices for Managing Cyber Risk

There are three primary reasons all risk professionals should actively manage cyber risk: to comply with regulations, its frequency, and its severity. But what can be done about this problem?

In a study by Accenture Insurance, only 43% of executives believed that their organization’s cyber defence was fully functional. Cyber risk is a difficult threat to manage as technology is constantly changing and there isn’t one clear-cut solution. This list of strategies can be used individually or in tandem to reduce an organization’s cyber risk.

Interview with Retail Risk Expert, Joe Hardy

On our recent webinar, “Risk Management Best Practices for Retail”, we sat down with Joe Hardy, a veteran of risk management in retail, to get his thoughts on where the industry is going. As always, Joe’s answers were extremely valuable and we decided to compile the interview portion of the webinar into a blog post. 

3 Important Factors to Consider When Tracking Near Miss Incidents

Does your organization have a process and program enabled to report on near misses easily? 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.

The One Crucial Component Risk Managers Need to Know

This is a guest post written by Carol Williams, founder and principal consultant of ERM Insights by Carol. Carol helps mid-sized organizations prioritize resources to focus on the biggest threats and opportunities. Grab her free ebook on how enterprise risk management is different from traditional risk management.

All successful endeavours that stand the test of time look at the big picture. History is replete with examples. If Henry Ford did not think about the big picture of mobility and production, would the iconic brand still be around today?

The same principle is true for initiatives within an organization – if you do not consider the big picture of how it will deliver value and achieve long-term goals, the effort has a higher risk of stagnation and even failure.

Insurance Is a Commodity! …Or Is It?

Often a topic for debate, the issue of insurance as a commodity sparked a great discussion on LinkedIn. I’d like to hear what you have to say in our comments section below.

A commodity is defined as a good that is the same no matter who supplies it, and can be differentiated based on price.

Is it true that all insurance is the same aside from price? How do most companies decide where to purchase their insurance?

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.

Product Recall: How Your Business Can Prepare

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 most companies have an effective product recall plan in place. However, many companies are not prepared to handle a large product recall incident. 

8 Reasons to Implement a Fleet Loss Prevention Program

Loss control is a management priority whether a fleet is large or small. A Fleet Loss Prevention Program can decrease insurance claims and help mitigate the frequency and severity of future losses. Often the other tangible and intangible benefits of these types of programs can be overlooked, but are just as valuable to your company!

9 Steps for a Smooth Risk Management System Implementation

You’ve recognized the need for a risk management system, evaluated vendors’ products, and chosen the system that’s best for your organization. It may seem like the work is done, but there’s still a significant challenge ahead: the implementation of the system.

This step is arguably the most important: failure to smoothly implement a risk management system will make it much harder to achieve success. Before beginning implementation, consider the following advice:

Tsunami Tips for Organizations

Residents in coastal British Columbia experienced an unusual occurrence yesterday: a tsunami warning. A large earthquake struck about 250km off the coast of Alaska around 1:30am Pacific Time on Tuesday, January 23. Alaskan and B.C. residents were warned to move to higher ground in preparation of the wave that was feared to be on its way. Full CBC coverage of the event can be found here. 

8 Ways to Identify Risks in Your Organization

Even if you don’t realize it, you’re probably employing some kind of risk management in your organization. Over time, you develop procedures to make sure things don’t go wrong and put plans in place to reduce organizational impact if they do.

Creating a risk management plan is simply about formalizing that process and being able to devote your resources more effectively. The first step in this process, and one of the most important, is identifying your risks.

You will need to make a list of all the specific risks that could impact your organization. This can be a daunting task, especially for new businesses that don’t have years of experience and history to rely on. Fortunately, there are some strategies you can turn to for help:

Why All Risk Managers Should Use Data Analytics

In a previous blog post, we discussed the importance of storing data and the value it can bring to any organization. Now, we’re going to talk about the next step in using data: analytics.

Analytics turn your data from useful to extremely effective and allow you to make changes that will benefit your organization as a whole. A survey by Deloitte found that 55% of organizations believe that analysis improves the organization's competitive position and 96% agree that it will continue to become more important over the next three years. Risk managers should utilize data analytics as they allow you to:

Slips, Trips, and Falls: Proactively Manage the Hazards [Infographic]

If your organization has a physical area where employees work or customers visit, you need to proactively manage the risk of slips, trips, and falls. If you’re not convinced of the severity of these incidents, check out these concerning statistics:

  • Over 1,000,000 people annually need emergency medical care due to a slip or fall incident
  • 67% of falls are due to slips and trips
  • The average cost to defend a slip or fall claim is $50,000
  • Hip fractures and traumatic brain injuries are most commonly caused by falls

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.

5 Tips to Manage Employee Risk

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.

3 Tips for Creating a Fraud-Resistant Environment

Next to controls, the single most effective way to prevent fraud is to create an environment that is fraud-resistant. It is possible to limit opportunities for fraud before they impact your organization by identifying unacceptable practices and advocating stringent consequences for offenders.

Why It's Imperative to Have a Whistle Blowing Policy

 
With the current globalization of our news media climate aligned with the increased focus on corporations, the frequency of publicized whistle blowing is on the rise. Currently, if you do not have a whistle blowing policy in effect it is in your best interest to employ one immediately.
 
Whistle blowing policies have always been looked on with a rather ambivalent eye, but in recent years it has become imperative for corporations large and small, for profit and non-profit alike to institute them. 

6 Reasons Data Is Key for Risk Management

An average organization only uses 50% of their available data for decision-making. This is significant when you consider 70% of late adopters base their decisions on gut feeling or experience, while 60% of best-in-class companies use data analytics when making decisions.

Data is powerful when used to its full capability; by using all available data, an organization can establish a clear competitive advantage. Storing and regularly accessing relevant information will allow your organization to save time and money while drastically improving decision quality. Below are some of the key benefits that data utilization can have on your organization.

10 Signs It's Time to Change How You Manage Claims and Risk Data

Even though risk management is a relatively new area for organizations, dating back a few decades at the most, the systems and processes that risk managers use are often outdated and ineffective. This could be the reason your risk management team is having trouble producing actionable information and delivering on results: the system is damaging their efforts. If you have experienced any of the following 10 signs, it may be time to change how you manage risk.

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How to Reduce Social Media Risk in Your Company: A LinkedIn Discussion

The risk involved with social media is not a new topic. In fact, we talked about it last year in our blog post Social Media Policy: Avoiding a Death-Blow! This is still a relevant topic; with the popularity of social media ever increasing, businesses must prepare for the risks that come along with the opportunities that social media provides.

I asked the LinkedIn community “How do you handle the risk of social media in your company?” With such a great response, I had to share the discussion. Here’s what several LinkedIn professionals had to say.

You've Identified Risks... Now What?

You’ve successfully identified the risks that are facing your organization. (If you’re just joining us, check out our blog post from last week!) But now what? Risk management isn’t just about figuring out what risks there are: you have to know what to do about them and create a thorough plan for staying on top.

5 Easy Ways to Prevent Fleet Vehicle Theft

Theft of vehicles and contents is a frequent type of loss for many fleets. IBC reported that in 2014 over 73,000 vehicles were stolen in Canada. This is a risk that can often be avoided if some simple efforts are made. In this article, we outline five measures you can take to protect your company against theft.

Risk Assessment Example: What You Should Look For

 
A risk assessment example  is an essential step you must consider when devising protection and security policies for your business as well as your workers. The risk assessment example might also cover the to-do list to stay in compliance with laws and legislation.
 
The need for the risk assessment example is simple enough. It helps you prioritize the risks that really pertain to your business, in other words, the vulnerabilities that can cause real harm to the continuity and success of your business

8 Reasons Your Organization Should Enable Paperless Risk Management

Are you spending too much time performing repetitive tasks or searching for documents? Tired of limits on your ability to report to your boss, help your customers, and collaborate with your coworkers? Do you think a change could decrease your organization’s losses?

A paperless system might be exactly what you need to increase profit, reduce labour, help the environment, and change the way you manage risk from reactive to proactive. Here are just some of the advantages that going paperless with ClearRisk can bring to your organization.

12 Challenges of Data Analytics and How to Fix Them

Data analytics are extremely important for risk managers. They improve decision-making, increase accountability, benefit financial health, and help employees predict losses and monitor performance. Not convinced? Check out two of our blog posts on the topic: Why All Risk Managers Should Use Data Analytics and 6 Reasons Data is Key for Risk Management.

However, achieving these benefits is easier said than done. There are several challenges that can impede risk managers’ ability to collect and use analytics. Fortunately, there’s a solution:

How to Mitigate Water and Sewer Risks

 

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. 

Slips, Trips and Falls: 3 Steps to Reduce Claims Costs in Retail

 

If you're involved in managing risk within the retail industry, the mention of slips, trips, and falls sends shivers down your spine. It has long been accepted that slips, trips, and falls represent some of the most frequent and costly claims within the retail sector, and it is easy to understand why.

With hundreds, thousands, or millions of customers walking through your doors each year, how can you possibly prevent everyone from falling on your property? The law of large numbers suggests that a certain percentage must fall while on your premises.

Legality, Frequency, Severity... Why You Should Manage Cyber Risk Now

Last week, we presented 8 best practices for managing cyber risk. Now we're going to explain why it's so crucial to implement these strategies today. As technologies advance, risk teams are in a constant battle to protect their organizations against new threats. The most recent trend to gain attention is cyber risk. In a 2018 survey conducted by Risk.net, areas of cyber risk ranked #1 and #2 on a list of top ten operational risks.

Occupier's Liability Risk: Reducing the Likelihood and Impact

As an occupier, you have an obligation to maintain your property at a reasonable standard of care so as to not be held liable in case of an accident involving a patron.

An “occupier” may be broadly defined as someone in possession of premises, responsible for premises, in control of premises, responsible for activities on the premises, in control of activities on the premises, responsible for people allowed on the premises, or in control of people allowed on the premises.

The 6 Biggest Risks Concerning Small Businesses

Small businesses are unique in many ways. They do not have the extensive resources or knowledge-base that multimillion dollar organizations may have.

Because of this, while small businesses may face similar risks to their larger counterparts, they may be more vulnerable and thus should employ more careful mitigation strategies.

Here are the six biggest risks to small businesses and what you can do about them: 

Risk Tools for Your Operational Risk Management

For years now, operational risk managers have relied on their experience and understanding of a subject matter as the perfect risk tools but the fast-paced, cutthroat world of today demands more. You need adequate risk tools integrated at all levels within an operation.
 
This article covers why you need risk tools, the point of having an operational risk management strategy and the known risk tools guaranteed to help you through the optimum course of action in any situation.

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.

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 occur.

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.

8 Risk Management Points Every Broker Should Know

Mid-market is the most profitable and coveted segment, and therefore the most fiercely competed over. Medium-sized companies have the same problems as Fortune 500 companies, just on a smaller scale.

The problem lies in risk solutions; these solutions don't scale and small companies are unsure of where they can turn for help. As a result, medium-sized businesses do not benefit fully from risk management.Insurance brokers deal with these companies every day, sharing advice on one important aspect of risk: their insurance.

Brokers specialize in helping these same companies use broader risk management resources, tools, and services. If the brokers do not provide risk management services, others will: accountants, lawyers, and OHS and WCC consultants. Insurance brokers should talk to their clients and prospects about risk management in a way they understand.

Incident Reports: Why You Should Draft One

 

Please note that we have updated this blog post! Take a look at the current version here. 

Incident reports are one of the most important forms of documentation for a corporation to employ in their day to day operations for a multitude of reasons. Whether reporting an instance of employee injury, property damage, improper conduct, or other reasons, it is increasingly important for a corporation to keep an incident report template on hand in case it is ever needed.

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.

6 Challenges and Solutions in Communicating Risk Data

Risk data includes information regarding risks, claims, incidents, losses, and mitigation strategies in an organization. While risk data is important to the success of the organization as a whole, it can sometimes be difficult to stress its importance to employees who don’t realize the impact it has on decision-making, processes, and financial savings. (If they need extra convincing, show them our blog post on 10 Reasons Risk Management Matters for All Employees!)

When staff have multiple tasks to complete, submitting data to the risk department may not take priority, which can limit the effectiveness of the organization. 

How can risk managers and other staff members overcome issues when communicating risk data? The answer is simple: with technology. Let’s tackle each of the challenges and illustrate their technology-based solution.

5 Reasons Why Organizations Should Stop Using Excel

Practically everyone in an office environment has some understanding of Excel and similar spreadsheet programs. They revolutionized computing for finance and accounting firms and can be incredibly useful for a number of purposes.

However, as organizations become increasingly complex, spreadsheets can create more problems than they solve. For risk management in particular, organizations should consider moving to a more modern approach, such as a Risk Management Information System (RMIS). Here are some of the reasons why:

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25 Quick Tips To Get Started With Your Risk Management Planning (Part 4/4)

This is the fourth instalment of five blog posts that summarize the 25 quick tips from my eBook, “Insurance Premiums Are Killing My Business."  This risk management ebook is a great start for small to medium-sized business owners that are curious about starting the risk management planning process. 

The tips below have been written with small to medium-sized businesses in mind, although the same principles should be employed by very large businesses.

 

16. Implement and follow formal written policies

Policies and procedures are a very effective way to defend against claims and lawsuits. Policies must be strictly followed to be effective. 

5 Ways to Manage Ethical Risks

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 customers.

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.

The Don'ts of Risk Management

 
If you are an inexperienced project manager, there are risk management  facts you don't want to learn the hard way.
 
Perhaps the most important thing about risk management is not skipping steps to save time. There is absolutely no easy way out of risk management. You should never take the probability and impact assessment of risks lightly.
 
If you are hoping to undertake adequate risk management, there are a couple of don'ts you should know about.
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4 Tiers of Fleet Inspection and Maintenance

Vehicle inspections are critical in not only ensuring that a driver of a company vehicle is safe, but that other drivers are safe as well. Negligence of vehicle inspections and maintenance could have dire consequences for a company in the event of an accident. This post outlines daily, monthly, quarterly, and semi-annual fleet vehicle inspection procedures that protect companies from the risks imposed by uninspected vehicles.

Risk and Mitigation for Property Managers

Property managers face a wide variety of risks in their work, and a study by Deloitte found that risk management is now one of the top three concerns held by property managers.  As their portfolio grows, so does the number of property and tenant risks.

A potentially overwhelming amount of information has to be effectively managed and used. There are legal risks every step of the way, as well as the general market exposure that almost every organization has to overcome.

How to Gain Support for a New RMIS

Implementing a change is difficult in any kind of organization. You must handle employee resistance, convince top management, and satisfy a number of different requirements from multiple departments. In fact, research from McKinsey and Company has shown that approximately 70% of large organizational transformations fail.

However, with effective planning and communication, you can overcome these issues. You simply have to prove the new system or process is worth it. Here are some strategies for gaining support for a new risk management system: 

25 Quick Tips To Get Started With Your Risk Management Planning (1/4)

This is the first instalment of four blog posts that summarize the 25 quick tips from my eBook, “Insurance Premiums Are Killing My Business." The risk management ebook is a great start for any small to medium-sized business owners that are curious about starting the risk management planning process.

The tips below have been written with small to medium-sized businesses in mind, although the same principles should be employed by very large businesses.

4 Types of Data Analysis for Risk Managers

Over the past few weeks we've been covering topics such as "6 Reasons Data is Key for Risk Management", "Why All Risk Managers Should Use Data Analytics", and "Data Analysis Steps for Risk Managers". Data has been deemed today's most valuable asset: the "oil of the digital era". Now, let’s delve into some types of analysis that may be particularly helpful for your organization or risk team. 

Preventing Crime Within Municipalities - 5 Steps

Crime prevention within municipal operations can be an important way to mitigate related risk. Steps towards crime prevention can include securing premises, implementing financial management systems, preventing theft of special equipment, marketing all valuable property, and assigning costs associated with possible theft scenarios.

The most tempting targets for thieves include:

  • Cash and other items of considerable value
  • Special machines, equipment, vehicles, etc.
  • Items that can be resold
  • Confidential materials
  • Computers and electronics

3 Steps to Reduce the Frequency and Severity of Liability Claims

Slips, trips, and falls are a common cause of liability claims affecting organizations. These occurrences can range from minor incidents to major claims that can involve multi-million dollar lawsuits. It’s unlikely to avoid these types of potential accidents completely, but it is possible to take precautions that will help in reducing the frequency and severity in case of an event.

Supply Chain Risk Management: Balancing Flexibility and Vulnerability

Supply chain management is largely about interconnectedness.

When planning for and managing the sourcing, procurement, conversion and logistics related to your product offering, companies need to create the right relationships with the right companies. This will help to optimize the movement and storage of materials and inventory while at the same time preparing for disruptions.

Striking the right balance is not easy.

What is BYOD, What Are the Risks, & How Can You Protect Your Business?

One of the biggest obstacles for business owners in preventing cyber risk liability, data breach, and other privacy claims is BYOD (Bring Your Own Device). The concept of BYOD is causing confusion and anxiety for many business owners. What exactly is BYOD, what cyber risks does it create, and how can your business mitigate these risks?

Mobile Risk: What Are You Really Carrying with Your Smartphone?

Kevin Bacon had his stolen in New York, British Major General Gerry Berragan had his pick-pocketed on a train in China, President Obama may still have his hacked, and at any point in time thousands of smartphone owners could be running information-leaking viruses without knowing it.

Aon Identifies Top Three Risks in the Retail Industry

Aon recently released a report that outlined the top three risks identified by the retail industry. The report found that these top three risks were also in the list of top ten risks that the retail industry was the least prepared to face.

These risks are of concern to the retail industry because of three characteristics; their complexity, their difficulty to control, and their enterprise-wise effect and scope.

What Are the Top Three Risks in Retail?

3 Things You Likely Aren’t Getting from Your Adjuster’s Claims System

Many insurance adjusters and third party administrators (TPAs) provide claims systems as part of their services. While this is undoubtedly convenient, you may be leaving a lot on the table in terms of flexibility, independence, and data ownership. This post outlines some reasons why your organizations should consider seeking out an external claims system as opposed to relying solely on your adjuster’s or TPA’s built-in system.

BP Found Its “Company Killer”: Do You Know Yours?

Time will tell if the Gulf of Mexico oil spill will kill BP or just severely cripple it, but whatever the case I’ll bet they didn’t see it coming! Will you?

It looks like this spill will be (if it isn’t already) the biggest man-made disaster ever. The extent of the spill, the scope of damage and the resulting impacts on the environment, marine life, economies, and people remains to be seen, but catastrophic sums it up.

BP and all of the other world’s oil companies plan for spills. They build complex risk models, examine alternative worst case scenarios, look at maximum probable losses, and they are generally very good at measuring and managing risk.

But what if the worst case scenario that you imagined turns out to be wrong?

How to Build a Risk Map

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.

Last week we discussed the importance of risk maps and why every risk-conscious organization should begin using them (check out our post on how risk mapping allows you to gain insight, use valuable resources efficiently, and improve mitigation). Now, we’re giving you four tips on how to build the map itself.

Social Media Policy: Avoiding a Death-Blow!

A company’s reputation is its biggest asset! Successful companies have always guarded their reputations at all costs. Corporate communications have always been very structured and deliberate and the messaging meticulously controlled by dedicated professional spokespersons.

That was before blogging, Twitter, Facebook and all the other new social media that gives all of your employees and customers a soapbox and a bullhorn with a global audience!

7 Risks Wholesalers Must Prepare For

Wholesalers, like their retail counterparts, incur many risks while purchasing inventory from manufacturers and selling it to their customers. However, there are some special considerations that a wholesaler must make.

If you're a wholesaler, here are some issues you must be aware of and ready for:

Big Companies Get It, Why Don’t SMBs?

Aon just released a study that SMBs need to pay attention to. It showed that those organizations that adopted a more advanced focus on risk management saw benefits that include enhanced shareholder value, a reduction in their total cost of risk, strengthened business resiliency and increased operational efficiency.

Reputation Management in a Crisis

 

Last week, we discussed the importance of reputation management and how risky it can be. Controlling public perception is always important, but it is absolutely crucial in a crisis situation. When something goes wrong in your organization, managing public perception will prevent a simple mistake from becoming catastrophic. Key sectors for crisis management include ethics, quality, safety, and security.

10 Steps to a SMB Risk Management Process

 

This week, ClearRisk presents a guest post by Thomas M. Bragg. Tom, who has specialized in business planning, strategy and business risk management for 20 years, writes a blog about practical risk management for small business.

More and more is being written about risk management for small and medium sized businesses (SMBs). In fact, if you do a little bit of research, you’ll probably find yourself soon overwhelmed with advice, methods, terminology and tools.

Top 10 Retail Risk Management Tips

Today’s risk management landscape for any industry is complex and vast. New regulatory measures come into effect each year, new products hit the market, and new distribution channels are developed.

In an industry such as retail, risk managers have the added complexity of risks related to the consumer. This adds yet another dimension to an organization’s risk portfolio, making it difficult to present only ten tips for retailers to mitigate risk. But as any risk manager would prioritize their organization's risks, here is a prioritized list of procedures to try: 

Protecting Employees with Risk Management

Robert has been one of your most trusted employees for fifteen years. He is extremely hard working, dedicated to the organization and consistently goes above and beyond to make the company better.

While delegating tasks to your warehouse staff, Robert loses his footing and falls six feet from a platform to the floor below. He is badly hurt, spending months in recovery and is unable to return to work.

What do you tell his family? How do you replace him? What are the costs?

5 Construction and Contractor Risks

Risk managers are increasingly using software to ensure they’re mitigating the risks in their organization. This is especially true in the construction industry, as these organizations face a larger variety of risks than most others. 

Risks such as employee injuries, on-site accidents, automobile incidents, and property damage are only a few examples. A successful risk manager must be aware of all these risks and must be able to respond timely to each one.

3 Most Common Claims Facing Manufacturers

As a manufacturer, have you considered what could happen if something goes wrong in your production line? What if a defective product leaves your factory doors and makes its way to a consumer? Do you know what types of warnings and labels you are responsible for?

Your work does not end when your product leaves in a shipment. Liability risk management extends so much further. Consider these common claims:

Risk Management Courses: Why You Need to Get Educated

A risk is an uncertainty that you cannot afford to overlook.
 
Risk management courses  seek to give you a greater focus on risk management and its various essential components including risk assessment, risk tools , risk mitigation plans and so on. There are many distinct risk management courses out there and you need to be able to differentiate between them.
 
This article is aimed at that, helping you understand the format of risk management courses and setting the direction for you to identify the content you want to look for.

The Ever-Changing Risk Environment

As the global economy continues to change, all organizations and industries must adapt and evolve to stay relevant and successful. Risk management is no exception.

Once a siloed department in large companies, risk management is now being formalized and integrated throughout organizations across the world. As this change takes place, risk professionals must adjust to three primary changes: an increasingly uncertain environment, risk management becoming primarily digital, and cultural shifts.

10 Ways Risk Management Will Recession-Proof Your Brokerage

We aren’t technically in a recession (that we know of), but it’s not looking good!

Troubled economic times make your clients and prospects price shop; that increased competition is the icing on the cake for brokers who are also struggling with the economy. A slight change in approach can go a long way toward growing brokerage revenues and weathering the economic storm.

Reputational Risk: Consistency in Customer Support and Social Media

As discussed in one of our recent posts, reputational risk has become a top priority in recent years with the explosive adoption of social media.

We’ve all seen the Shell smear campaign come across our news feed, or the overnight meltdown witnessed on Applebee’s Facebook page after an employee was fired for posting a customer’s receipt. Yet we’ve also seen positive outcomes: increased communication between corporations and their customers, sharing of campaigns that strike a chord with consumers to their entire networks, and even visible praise from those who have had their questions and concerns dealt with in a satisfactory manner.  

Strategic Risk as an Element of Operational Risk

Tom Cooper is currently an Assistant Professor at Memorial University in the area of strategic management. As a member of ClearRisk Board of Advisors, Tom’s research and blogging focuses primarily on the interplay between strategy, risk and compliance as well as their effects on corporate responsibility. ‘Strategic Risk as an Element of Operational Risk’ is the fourth in this ongoing series.

Although the Basel II guidance on strategic risk is regulatory driven, this definition of strategic risk provides little assistance on how strategic risk might be identified and analyzed. There is also considerable potential overlap with the standard Basel II definition of operational risk, which is: “the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events”.

The Manufacturing Supply Chain: Top 10 Risks to Consider

The risks that impact the supply chain of manufacturers are continuously growing and changing. The supply chain is vulnerable to countless risks such as supplier relationships, manufacturing processes, shipment of finished products, and more. When conducting a risk management plan for your business, there are many major risk factors that are completely out of your control.

‘Strategic’ Risk or ‘Strategic Risk’ Management?

Risk management is much wider than simple financial or operational risk. Concepts such as ‘strategic risk management’, ‘integrated risk management’ and ‘enterprise risk management’ now describe the wider application of such thinking, tools and techniques.

There is a common view that strategic risk is about managing risk ‘strategically’ rather than examining strategic risk as a category similar to operational, financial and other risk areas. This common view causes confusion and may be one of the reasons that strategic risk is not further researched or specifically managed.

Risk Management: The Disney Approach

On a recent family vacation to Disney World, my mind couldn’t help but wander back to the office as I walked around the various theme parks.

I have met Disney’s risk manager, Stephen Wilder, in the past and have seen him speak on risk management at Disney. I have also noticed various aspects of it here on previous trips, but this time, something occurred to me that hadn’t before.

The Significance of a Risk Map

Please note that we've updated this blog post! Please see the current versions: "The Importance of Risk Mapping" and "How to Build a Risk Map". 

A risk map prioritizes a particular identified risk according to its significance and likelihood and further goes on to sort the risk into four distinct quadrants. The purpose of a risk map is to identify, quantize and qualify a group of business risks which could impact a company’s ability to accomplish its business strategies.

Obviously a risk map is complex business and you need to know how to go about it.

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Supply Chain Risk Management: A Few Things You Should Consider

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.  

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.

Most Common Types of Claims Facing Retailers

Operating any size business, whether it be a small local shop or a large retailer, can be costly. Your business could end up having to close its doors as a result of having to pay out the cost of an insurance claim. As a retailer, it is essential to both be aware and prepare for the most prominent types of insurance claims facing your industry.

Reducing Your Risk of a Public Liability Claim

The following blog post is a guest post by Laurie Joyce.

As we all know, running a business is complicated. There are so many aspects of your business to consider: getting the clients, doing the job, keeping track of costs… the list just goes on. One more thing you certainly don’t want to add to your long list is a Public Liability claim.

This itself brings its own long list, so it’s important to run your business efficiently, well, and above all consider the risks that may be involved so you can plan to reduce this from the get-go. 

4 Ways to Manage Supply Chain Risks

85% of surveyed global chains experienced at least one supply chain disruption risk in 2017. Deloitte has shown that organizations who proactively manage supply chain risk spend 50% less to manage disruptions.

As always, proactive risk management is more cost efficient than reactive action. An efficient supply chain is essential for the production of quality products and effective customer service.

The Top 8 Risks to Manage in 2019

Each year, risk management gains more importance in the eyes of executives and employees across organizations. 2019 will be no different. As the year progresses, expect the true value of risk management to be realized and for it to become a greater priority for many boards. Along with this growth, there will be new trends that increase in importance over last year. With this in mind, here are the top 8 risk trends for 2019. Keep an eye on them and their mitigation strategies to ensure continued success.

City of Saint John Saves 50% on Insurance Claims Costs

The City of Saint John New Brunswick has done some incredible things when it comes to Risk Management including saving the city hundreds of thousands of dollars in claims costs annually.

Before 2013, like many municipalities, Saint John was experiencing multiple issues in managing its risk and insurance data. With the number of claims and incidents on the rise year over year, they knew they needed to do something to take control of the situation. Enter ClearRisk.

4 Topics That Must Be Included in Employee Training

The importance of employee training is obvious; any successful risk manager knows that employee training is a direct way to prevent incidents. Whether to help improve job performance, minimize workplace incidents, or create a set of standard practices, employee training should be a top priority of any business.

However, some organizations aren’t entirely sure of what aspects should be included in employee training, and what knowledge they can reasonably expect the employee to have.

In this article, we’ll cover the major topics that should be included in employee training, and breakdown what specific knowledge any employee should know.

7 Risk Management Strategies for Utility Companies

Utility providers face significant risks, both in high-level management and on the front line of operations. Managers and executives must balance increasing government regulations, complex cost structures, and consumer expectations and concerns. Risk managers and other employees face high-risk tasks, fleet incidents, and more in their daily work. How should utility companies combat these challenges?

6 Benefits Utility Companies Can Achieve With Automated Risk Management

Utility providers face significant risks, both in high-level management and on the front line of operations. Managers and executives must balance increasing government regulations, complex cost structures, and consumer expectations and concerns. Risk managers and other employees face high-risk tasks, fleet incidents, and more in their daily work.

Warehouse Risk Management: Is Your Facility Secure?

Warehouses in North America incur about $500,000 in losses every eleven days due to unforeseen risks. Across the world, issues such as employee theft and product damage cost retailers and wholesalers billions of dollars every year.

When operations include the use of warehouses, it's important to consider all associated potential risks. Risk managers must lessen the likelihood of incidents and reduce the severity when they do take place. Otherwise, the warehouse will be vulnerable to significant losses that can have a serious impact on organizational performance.

Fire Risk Management for Organizations

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 millions of dollars in damages to Canadian businesses. And it is not only a safety issue - organizations are legally required to take certain fire prevention measures.

Organizations must manage the risk of fires in order to protect the safety of employees and customers and limit physical damage. It is imperative that any organization has a plan in place to minimize the likelihood and impact of fires.

Top 5 Cannabis Legalization Issues for Employers

Recreational cannabis use has now been legal in Canada for one week. The federal government formalized as much legislation as possible before October 17th. However, there are still several issues up in the air, some of which relate to employers. What risks do they face now that employees can use marijuana freely at home, and how do they combat them? Key considerations include tolerance, safety, testing, policies, and stigma.

12 Years of Taking Risk and Managing Risk

Today is the 12-year anniversary of ClearRisk!

On the eve of the RIMS Canada Conference, which is in our hometown of St. John’s this year, and being our anniversary, it has caused me to be introspective on where we’ve come from and where we are going.

Metro Inc. Reduces Reporting Time by 99%

Metro Inc. is the third largest food retailer in Canada and has been a ClearRisk customer since 2013. Before ClearRisk, incidents were reported via phone, fax, or mail and manually submitted into their outdated system as well as a physical filing cabinet(s).

The risk management team was frustrated with time delays for collecting the data, data integrity, the risks associated with paper filing, and the inability to report on individual stores and hold them accountable. This led them to seek out ClearRisk.

Find Out How This Company Decreased Annual Claims Cost by 48%!

Universal Parking of America is a national leader in hospitality and management services. Like many organizations with legacy systems, they dealt with lengthy incident forms and submission processes, which made risk management, incident analysis, and reporting time-consuming and ineffective. With ClearRisk, they have managed to decrease the time spent per claim by 88% and time spent reporting incidents has lowered by 75%. 

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