CompleteMarkets – Where Insurance Goes to Network™CompleteMarkets – Where Insurance Goes to Network™

5 New Year's Resolutions for Better Risk Management

The New Year is here, and that means it's time for lots of resolutions. When it comes to managing risks, there are lots of tasks you can adopt to help manage risk, both in terms of identifying and limiting “bad” risks and in determining which risks represent potential opportunity for growth. Here's a quick list of a few of the most important resolutions to consider adopting for the new year:

 

·         Revisit your current risk management process. Is it streamlined? Does it need to be updated to address new or emerging issues such as BYOD or BYOX? Does employee training need to be improved? Be thorough!

 

·         Write your goals down. Studies have shown that people who write down their goals are much more successful in actually achieving them, especially when those goals are very specific and incorporate a time line. Write down your risk management goals for next year, and make sure your plan facilitates overall business goals rather than hindering them.

 

·         Communicate better. Being able to gather information from all quarters is the key to identifying problems before they occur. Making an effort to improve communication and engagement is one resolution that can have a positive ripple effect across your entire company.

 

·         Think outside the box. Be open to new ideas that can help you approach problems and opportunities with a new perspective. Not only can it help you find more cost-effective solutions, but it can also foster a more open sense of communication, support and sharing.

 

·         Understand others' expectations. Too often, we proceed based on our own expectations and assume they align with others desires. Looking at the risk management process in terms of the expectations of other stakeholders can result in a fresh approach, better outcomes and even lower costs. Remember: Risk management is a team effort; going that extra distance to meet others' expectations can increase support and make it easier to achieve goals.

 

This new year provides plenty of opportunity for managing risk better as well as identifying and building on opportunities. Fine-tune your program so you're ready to respond, no matter what comes your way.
Need insurance for You, Your Family or Your Business?
We can match you to a qualified, local insurance expert!
Get A Quote
Further Reading
New Year’s Resolutions for Risk Managers   Whether your business has downsized or grown over the past few years, the waters seem a bit calmer now; and it's a good time to overhaul your risk management program.   Resolve to address the...
The most popular New Year’s resolutions are often related to health and wellness. Your employees may also want to eat better, exercise more or achieve work-life balance. Here’s how you can support your employees and help them achieve their health goa...
One in five people resolve to lose weight or get healthier every January. Several additional New Year’s resolutions can also prolong your life, so consider adding them to your resolution list this year. Vitamins help with Illness Prevention Regul...
Risk management improves with keen observations. Try these five techniques over the next few months: Financial Statements When reviewing your financial statements for your risk management audit, take a hard look at receivables aging. How ar...
A new year has arrived, and you’re probably busy preparing your business for a successful year. Add safety to your checklist. According to the Bureau of Labor Statistics, employees suffered roughly 2.9 million workplace injuries or illnesses in 2016....