Get a read on risk.

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:

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

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.

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.

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.