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