Every organization, no matter the structure, nature of operations, or size, has reputational risk. All risks are significant in and of themselves, but resulting reputation damage can be even more catastrophic, as a reputation is one of a company’s biggest assets.
Sometimes all it takes is a rumour to make the public lose confidence in an organization, ending it quite quickly. As Warren Buffet said, “it takes 20 years to build a reputation, and five minutes to ruin it”.
What happens when an incident occurs in your organization? Will all the relevant details be recorded, ensuring that you will have this information on hand when it’s needed in the future?
Whether reporting an employee or customer injury, a defective product, property damage, or any other type of incident, it is extremely important for an organization to be able to easily and efficiently create reports. We've discussed the benefits, but what should actually be included in these incident reports?
When something goes wrong in your organization, do you have a method to keep track of it? Will all the relevant details be recorded, ensuring that you are protected from legal liability?
Whether reporting an employee or customer injury, a defective product, property damage, or any other type of incident, it is extremely important for a business to be able to easily and efficiently create incident reports. For best results, draft a template and use it consistently so that all incidents will have the same level of data and detail.
Throughout the lifespan of a corporation, stakeholders can be faced with the risk of economic crime. Often, it becomes a reality long after the issue should have been brought to the attention of the board of directors.
Entrepreneur that have invested a great deal of time and energy building a company from the ground up, find it hard to imagine that something as intrusive as economic crime can happen to them.
Risk managers know the purpose of their role and the value they bring to any organization. However, other employees may not understand what the risk department does or the widespread benefits of their strategy and actions. In many cases, they might be unable to accurately define risk management! This creates a problem. It’s harder for risk managers to get the buy-in to implement mitigation procedures when risk management isn’t common knowledge. To illustrate the importance of risk, here are 10 reasons all employees should care about risk management. We encourage you to share this with your team!
