Get a read on risk.

Over the past couple of years, small businesses have been through the ringer. With so much unprecedented turmoil from a global pandemic, economic decline, and inflation affecting businesses, it’s important that SMBs take steps to protect themselves from preventable risks.

In 1985 two accountants from Bedford, Nova Scotia developed the Bedford Accounting Software program. Later, Bedford was sold and became Simply Accounting and then Sage Accounting, as it is known today.

Risk management departments have become commonplace and necessary for large public or private organizations that have broad and diverse operations. Risk management teams are responsible for keeping track of a huge amount of data, including details related to incidents, claims, insurance policies, physical assets, certificates, contracts, employees and more. Effective risk management relies on reports produced from this data to enhance visibility, inform decision making, and optimize risk organization-wide. 

If you’re a large organization with a high incident frequency, large number of physical assets, and a broad range of diverse operations, you’ve probably considered acquiring a Risk Management Information System (RMIS). However, adopting a new solution may be time consuming due to budget constraints and lengthy RFP processes. This blog will discuss how risk managers can benefit from the tools available to them to develop risk management plans before they are ready to take on a more robust solution.