Risk Management Is Everyone’s Business

Risk Management is everyone’s business, and all companies have a variety of risks. From physical location issues to hacked data and even employee conduct, there are a lot of things to monitor. And it doesn’t matter how big or small a business is. Having said that, companies with physical offices or stores have risks that online businesses don’t.

If you have no employees you’ve eliminated one risk area. But, don’t kid yourself. It doesn’t mean your business is in the clear. You most likely have resources to help you achieve your goals. They, too, can put you at risk.

In order to protect your business, it’s helpful to start with a ‘what if’ exercise. First inventory all of your assets. This includes, but is not limited to: technology, people, brick and mortar location, contractors, and vendors.

For each asset, ask yourself what could happen. ‘What if’ someone falls in the parking lot? ‘What if’ our payroll company is hacked and our records are compromised? Get creative with your ‘what if’ scenarios.

When you think you’ve considered all possibilities, pull your staff into the conversation. They may think of things you didn’t. Once you have your list, start creating strategies to diminish those risks. Get everyone involved in the protection process. After all, it should be just as important to them as it is to you. Build awareness, create strategies, and implement consistently. When everyone understands the value of risk management, they will make it their business.

Contact Insurance Systems Group to schedule a time to discuss the risks associated with your business, and to make sure you have the protection you need.