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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?

Topics: claims software risk automation claims automation risk management for utilities utility risk management

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.

Topics: claims software risk automation claims automation risk management for utilities utility risk management

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.

Topics: warehouse risk warehouse risk assessment Warehouse risk management

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:

Topics: Risk Management Process identifying risk identifying risks that threaten a company how to identify risk business risk management what are my risks

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.

Topics: Fire Prevention Fire Risk Mitigation Fire Prevention Strategies fire prevention for businesses fire prevention for organizations

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