On our recent webinar, “Risk Management Best Practices for Retail”, we sat down with Joe Hardy, a veteran of risk management in retail, to get his thoughts on where the industry is going. As always, Joe’s answers were extremely valuable and we decided to compile the interview portion of the webinar into a blog post.
If you're involved in managing risk within the retail industry, the mention of slips, trips, and falls sends shivers down your spine. It has long been accepted that slips, trips, and falls represent some of the most frequent and costly claims within the retail sector, and it is easy to understand why.
With hundreds, thousands, or millions of customers walking through your doors each year, how can you possibly prevent everyone from falling on your property? The law of large numbers suggests that a certain percentage must fall while on your premises.
As an occupier, you have an obligation to maintain your property at a reasonable standard of care so as to not be held liable in case of an accident involving a patron.
An “occupier” may be broadly defined as someone in possession of premises, responsible for premises, in control of premises, responsible for activities on the premises, in control of activities on the premises, responsible for people allowed on the premises, or in control of people allowed on the premises.
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: