The New Year is here, and that means it's time for resolutions. When it comes to managing risks, there are practical tasks you can adopt to identify and limit harmful risks and to pinpoint risks that represent opportunities for growth.
Risk-management resolutions to consider
- Revisit your current risk management process. Is it streamlined? Does it need updating to address new or emerging issues such as BYOD or BYOX, or to improve employee training? Be thorough.
- Write your goals down. People who write specific goals with timelines are more likely to achieve them. Write down your risk management goals for the year and ensure the plan supports overall business objectives rather than hindering them.
- Communicate better. Gathering information from across the organization is key to identifying problems before they occur. Improving communication and engagement can create a positive ripple effect.
- Think outside the box. Be open to new ideas that offer fresh perspectives on problems and opportunities; this can surface cost-effective solutions and foster collaboration.
- Understand others' expectations. Assess the risk management process from other stakeholders' perspectives. Aligning expectations can improve outcomes, lower costs, and build support for your program.
This new year provides plenty of opportunity to manage risk more effectively while identifying and building on opportunities. Fine-tune your program so you're ready to respond, no matter what comes your way.
For more detailed guidance on evaluating business exposures and how insurance fits into a broader risk program, see Business Risk Management & Insurance Considerations. If you need ideas on internal controls, labor relations, liability or network security, review 2016 Resolutions: Internal Controls, Risk Management, Labor Relations, Liability & Wi‑Fi Security.
If you want help implementing changes or reviewing options, talk to an agent.
Frequently Asked Questions
What is the first step in improving risk management?
Begin with a clear review of your current process to identify gaps, outdated practices, and emerging exposures that need attention.
How often should a risk management plan be reviewed?
Review the plan at least annually and after any major business change, such as new technology, services, or significant staffing shifts.
Who should be involved in risk management decisions?
Include representatives from leadership, operations, IT, HR, and any other stakeholders who can provide relevant perspectives and data.
Will updating processes reduce insurance costs?
Stronger controls and clearer documentation can reduce certain exposures and may improve your position when discussing coverage with insurers, though results vary by situation.