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Our Favorite Books About Risk Management

Large corporations employ risk managers and even dedicated risk management departments. However, the reality is that most small businesses delegate that function to managers or even small business owners who may not enjoy formal training in all aspects of this discipline. In fact, many companies rely upon outside consultants or even their insurance brokers and companies for many risk management functions. Of course, even good risk professionals have more than a casual interest in broadening and deepening their knowledge about the critical role that they play for their company.

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How to Integrate Safety into All Aspects of Your Business

According to the U.S. Department of Labor, or DOL, statistics, an effective and comprehensive safety program can make a tremendous difference for businesses. Investments in these efforts are not just the right thing to do but also capable of returning their investment many times over.

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7 Things Successful Risk Managers Do Every Day

 

A successful risk manager is one that accomplishes his or her goals, but also achieves success through a well-balanced life. To be happy and successful, you'll need to construct a daily routine that addresses the fundamentals and tasks of your job while also meeting outside goals and helping you to achieve personal success. Creating a routine can simplify your tasks, maximize your time, and give you the focus you need. What does a risk manager seeking success do on a daily basis?

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5 Tips For Becoming A Successful Risk Manager

Addressing challenges and distributing data effectively is one of your most valuable assets as a risk manager. The key to your success — expand your technological capabilities. Having a risk management console at your fingertips protects your organization. Lower your potential profit losses while increasing productivity. Accidents, security breaches and injuries; they happen. According to Murphy’s Law, “Anything that can go wrong will go wrong,” but if it does — you’ll be ready.

Topics: risk management risk management trends

Clouds and Consolidation: The Future of Risk Analysis

To respond to changes in data storage and growing financial complexity, risk managers are increasingly turning to software. Good programs can automatically monitor company operations, assess threats, and make suggestions for improvements at all hours. The future of risk analysis lies in programs that consolidate large amounts of data and manage the risks of cloud computing.

Topics: risk management analytics

8 Common Terms Risk Managers Use

The terms and lingo often used by risk managers can be difficult to understand if you're foreign to the occupation. However, we've compiled some of the common terms and placed them into layman terms- so you can sound like a seasoned professional when communicating with your risk manager.

Here's a look at some of the terms you should know before you handle business with a risk manager.

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Trends For Risk Managers To Follow In 2015

The past few years have brought big changes in companies’ awareness of risks that have been produced through technological innovations. At the same time, regulators are urging many types of businesses to acknowledge greater responsibility for risk management or possibly face the consequence of intervention. 2015 will definitely be the year that many companies must step up their efforts in risk management and risk manager trends are a great indicator of what can be expected throughout the rest of 2015.

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Two Risk Exposure Examples That Crippled The Company

Risk management is a part of running a company. There are things you do to lessen your liability, like insurance, and there are things you do to try to avoid the risk entirely. However, there are many things that cannot be avoided when it comes to risk exposures and workplace safety. Some of these risk exposures have been very costly for companies to remedy. There is a better way to run your risk management, however.

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The Benefits of Educating Workers About Safety Standards

The reports are in. Safe workplaces are happier, more productive, and more profitable workplaces. According to OSHA, investments in worker safety could save U.S. businesses billions of dollars every year. While executives and managers are likely to be interested in how worker education can improve their bottom lines, the entire workforce also needs to get educated and empowered in order to help protect themselves, their coworkers, and their company. After all, management can't be everywhere, and it is very likely that the workers will often be the only ones in a position to spot and address safety standard issues.

Topics: safety management

Making the Business Case for Employee Safety Training

According to OSHA, the Occupational Safety and Health Administration, American companies spent $1 billion dollars every week just in workers compensation direct payments for the worst workplace illnesses or injuries in 2010. Besides just workers compensation payments, unsafe workplaces result in higher expenses because of lost productivity, employee turnover, higher premiums for all sorts of commercial insurance, and even employee turnover. Besides, the billions of dollars lost in direct expenses because of injuries and illnesses doesn't even take into account potential bad press and brand damage because of publicity about a safety incident and the steps an employer might have taken to prevent it.

Topics: safety management

How to Identify Future Safety Exposures

The best way to predict the future is to create it. Peter Drucker

In light of recent news about the Amtrak crash that killed eight people and injured hundreds, lots of experts have told us that this tragedy might have been averted with existing technology. According to the Wall Street Journal, a signaling system that would have prevented the accident already existed on the southbound side of the tracks but not the northbound side. This could have been an even easier and cheaper solution than the pricier positive train control system that has been scheduled for installation before the end of the year.

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3 Ways to Improve Workplace Safety, Employee Morale, and Profits

According to OSHA, the Occupational Safety and Health Administration, American companies spend $170 billion each and every year to pay for expenses related to occupational illnesses and injuries. However, risk managers can take heart from the OHSA opinion that companies can save up to 40 percent of this total by taking appropriate safety measures. For some businesses, this might make the difference between a year of profits, and a year of loss. Not only can additional safety measures help save companies some cash, they can also improve employee morale and productivity. That makes it worthwhile to consider some ways to make workplaces safer.

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3 Things You Need to Know About Safety Software

OSHA, or the U.S. Occupational Health  & Safety Administration, reports that businesses that make investments in workplace safety should expect to enjoy reduced incidents of workplace illnesses, injuries, and fatalities. Not only does this investment in safety help these businesses improve their bottom lines because of decreased bills for noncompliance penalties, lower workman's compensation premiums, and medical bills, it can also help increase profits with improved employee morale and productivity. In fact, OSHA has an entire page dedicated to studies about how improved safety increases ROI.

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Mitigating Loss Through Safety

A lack of on-the-job safety doesn't just mean the potential for more injuries - or even deaths - at the work site, but it also means that from a business perspective, you're likely to be paying more worker's comp, having to deal with negative press and you may even have to shut down operations for a few days in the wake of some situations. The bottom line is that whether it's paying worker's comp or dealing with business interruption, it all catches up to a company's bottom line - and often not for the better.

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Here's Why You Should Implement Safety Procedures at Your Company Now

"Safety first."

You've likely heard that expression often - and for good reason. After all, in a workplace environment, nothing should be more important than ensuring the well-being of employees. But you've likely also heard the expression that "an ounce of safety is worth more than a pound of remedy." Hence, it's better to work toward preventing problems before they arise, rather than to handle them after they've come to fruition.

Commercial Insurance Renewals: Best Practices

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According to an Insurance Journal article, "Best Practices - Procedures," establishing a timeline for commercial insurance renewals helps ensure that the renewal process goes as smoothly as possible. The Insurance Journal defines this timeline as a set of procedures with steps that should happen at specified times. In the industry, brokers, underwriters, and risk managers all seem to agree that running out of time because of trouble putting together submissions, or correcting errors, is one of the biggest enemies of an efficient and productive commercial insurance process.