An effective risk management strategy always comes down to preparedness. The recent closings and business disruptions due to COVID-19, the illness caused by the spread of novel coronavirus, once again, demonstrate the importance of companies having a comprehensive Business Continuity Plan (BCP). If your business is one of many that cannot simply close doors and expect to be able to re-open after the pandemic dies down,having such plan in place will insure that you can maintain the essential functions of your business during a major disruption.
This week’s unexpected snowstorm should be a reminder to be diligent in making sure your snow removal provider has the proper insurance coverage.
With winter almost here, many companies are putting the final touches on snow removal contractor agreements. Liability claims, like slip and falls, relating to the “improper removal of snow and ice”, are frequent, and in many cases, severe. Here are the facts:
In our previous posts on Enterprise Risk Management (ERM), we defined ERM and addressed how to set up the program and use it to assess and treat risks. We have come a long way! In this post, we evaluate the program.
ERM is not a static program. An effective approach to evaluating and enhancing the performance is a three-part one: measure, monitor and, most importantly, evolve.
In our previous posts in this series, we introduced Enterprise Risk Management (ERM) as a “portfolio view” of risk and discussed various aspects of implementing ERM: roles, culture, a framework and preparing your organization. Now, we’ll begin looking at the “big picture” viewpoint of risk, starting with identifying and prioritizing risks. In the ERM process, management (1) determines acceptable levels of risk, (2) identifies and measures risks throughout the entire organization and aggregates the results, and (3) determines if the aggregated results exceed the acceptable levels. Risk Appetite and Risk Tolerance are the expressions of the “acceptable levels” of risk.
In our previous blog posts, we introduced Enterprise Risk Management (ERM) as a strategic discipline that affords a “portfolio view” of risk; outlined how to establish roles and context for ERM implementation; and how to establish a risk-aware culture and develop an ERM framework
In our previous blog posts, we introduced Enterprise Risk Management (ERM) as a strategic discipline that affords a "portfolio" view of risk and we outlined how to establish roles and a context for ERM implementation.
In our previous post, Taking a Closer Look at Enterprise Risk Management, we introduced Enterprise Risk Management (ERM) as a strategic discipline that affords a “portfolio” view of all threats and opportunities throughout an organization. We contrasted ERM with the traditional “silo” approach to risk management, where various parts of an entity manage their risks with no overarching risk management strategy.
Every organization is faced with risks and needs to practice some form of risk management in order to maintain the health of the entity. Many take a traditional approach, where risk is managed in silos, with each leader of a business unit (sales, operations, finance, HR, etc.) responsible for managing the risks that fall within his or her area of responsibility.