Get a read on risk.

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 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 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.

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!