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've never formally managed risk before, starting can be a daunting process. However, it's likely that you're already using strategies throughout the business. These 25 tips are simple to implement in your insurance process and will help you lower costs and better manage risk.