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This week, ClearRisk presents a guest post by Thomas M. Bragg. Tom, who has specialized in business planning, strategy and business risk management for 20 years, writes a blog about practical risk management for small business.
More and more is being written about risk management for small and medium sized businesses (SMBs). In fact, if you do a little bit of research, you’ll probably find yourself soon overwhelmed with advice, methods, terminology and tools.
Today’s risk management landscape for any industry is complex and vast. New regulatory measures come into effect each year, new products hit the market, and new distribution channels are developed.
In an industry such as retail, risk managers have the added complexity of risks related to the consumer. This adds yet another dimension to an organization’s risk portfolio, making it difficult to present only ten tips for retailers to mitigate risk. But as any risk manager would prioritize their organization's risks, here is a prioritized list of procedures to try:
Robert has been one of your most trusted employees for fifteen years. He is extremely hard working, dedicated to the organization and consistently goes above and beyond to make the company better.
While delegating tasks to your warehouse staff, Robert loses his footing and falls six feet from a platform to the floor below. He is badly hurt, spending months in recovery and is unable to return to work.
What do you tell his family? How do you replace him? What are the costs?
Risk managers are increasingly using software to ensure they’re mitigating the risks in their organization. This is especially true in the construction industry, as these organizations face a larger variety of risks than most others.
Risks such as employee injuries, on-site accidents, automobile incidents, and property damage are only a few examples. A successful risk manager must be aware of all these risks and must be able to respond timely to each one.
As a manufacturer, have you considered what could happen if something goes wrong in your production line? What if a defective product leaves your factory doors and makes its way to a consumer? Do you know what types of warnings and labels you are responsible for?
Your work does not end when your product leaves in a shipment. Liability risk management extends so much further. Consider these common claims:
