“Achieve success not by avoiding risk, but by seeking it out.” Organizations that take an active interest in risk management recognize that controlling not only potential risks but also potential opportunities provides them with a competitive advantage. Get serious about your organization’s risk management culture – establish a plan today. Started by reading the information below from Property Casualty 360, James W. Gow, Jr.
Success in today’s complex business environment is greatly dependent upon workforce productivity. Creating a proper work environment—one that is safe and secure for employees, customers and data—is vitally important. It means minimizing downside risk and creating a risk management culture.
There has been an invigorated focus on enterprise risk management, the analysis of a broad spectrum of loss exposures that businesses often face. Executives need to be concerned about reputational damage, falling stock prices, shifts in customer appetites for products or services, and even currency fluctuations. In addition, businesses may be impacted by traditional insurance exposures. Some dramatic examples in recent years include:
- Hurricane damage from Superstorm Sandy and other severe weather events.
- The Ebola crisis that left a Dallas hospital reeling.
- Recent cyberattacks on SONY Pictures, Home Depot, Anthem Inc., Target Corp. and the federal government.
Regardless of the threat, it’s important for every commercial enterprise to have a plan in place long before something bad happens. While not all risks can be controlled (the weather is a good example), businesses have an opportunity to promote a risk management culture that incorporates worker safety, public safety and data safety.