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The goal of having a Risk Management Plan in place is to minimize your company’s risk. This protects you, your company, and your employees.
Internal risks, such as Contractual Risk, HR/Labor Relations, Information Technology Risks, etc. affect the operations of your company. Whereas external risks such as legislation changes, human capital, cash flow, fraud, bodily injury, and property damage are examples of your company’s operational, financial, and hazard risks.
The best way to combat all these risks is to make sure you have a solid risk management program in place. Here are TSIB’s 5 steps on how to de-risk your business and minimize your company’s overall exposures:
1. Identify - First, complete a comprehensive Risk Assessment with your Broker to identify the risks that can affect your business.
2. Analyze - Next, analyze the potential impacts these risks may have on your business.
3. Design - Now begin designing the appropriate risk management strategies. There are 5 basic methods that can be used to address risk.
4. Implement - It’s important to assign duties, set deadlines, and establish oversight.
5. Review - Monitor your results continuously to determine if any adjustments need to be made.
If you’re open to a change, let TSIB’s Risk Consultants perform a thorough risk analysis on your company. This helps us identify your overall risk exposures and see what exposures you have that are currently not addressed. Reach out to TSIB to us today to set that up!
After you implement a strong risk management program, you will quickly find that the benefits of risk management far outweigh the risks of not having a program in place. Check out our infographic below on our Benefits of Risk Management to learn more!
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County