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.
A traditional approach to business might be to avoid risk, at any cost. Risk is dangerous. However, the increasing volatility of a changing marketplace has made it pretty clear that risk is inevitable. Trying to avoid it can leave an entrepreneur in the same position as the proverbial ostrich. The question to ask isn’t so much “how can I avoid risk,” as “how can I make it work for me.”
Mid-market is the most profitable and coveted segment, and therefore the most fiercely competed over. Medium-sized companies have the same problems as Fortune 500 companies, just on a smaller scale.
The problem lies in risk solutions; these solutions don't scale and small companies are unsure of where they can turn for help. As a result, medium-sized businesses do not benefit fully from risk management.Insurance brokers deal with these companies every day, sharing advice on one important aspect of risk: their insurance.
Brokers specialize in helping these same companies use broader risk management resources, tools, and services. If the brokers do not provide risk management services, others will: accountants, lawyers, and OHS and WCC consultants. Insurance brokers should talk to their clients and prospects about risk management in a way they understand.
- Craig Rowe
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