RISK MANAGEMENT BLOG

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.

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. 

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.

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.

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: