Risk Management Resolutions For Your Business

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Risk Management Resolutions For Your Business

Every workplace faces some degree of risk in their daily operations. Part of your role as a business owner is to communicate why risk management helps with employee safety. Equally as important is addressing how it can benefit everyone to support a culture of safety.

Setting a Risk Management Foundation

Consider creating strong practices and policies as a first step. This can help you identify, assess, and mitigate threats that could impact your bottom line and organization.

It can also reinforce the value of everyone participating to help prevent risks. Additionally, consider how to educate and communicate with your team. Explain that risk management can:

• Improve decision making when everyone understands potential risks.
• Enhance reputation by protecting your brand image.
• Increase efficiency by integrating risk management into daily operations. • Equip your team with knowledge on how to act and react to various situations.
• Encourage growth and innovation.

Risk Management Resolutions

Resolve to make risk management a priority for your business to help minimize hazards, create efficiencies, and build trust. Consider the following tips:

• Create and implement a risk management system specific to your business.
• Set aside resources to monitor and improve your plan.
• Conduct regular risk assessments.
• Communicate plans and expectations.
• Provide training, education, and communication about policies.
• Document, escalate, and manage incidents as soon as they happen.

Reach out to your local Federated Insurance® marketing representative today for more information. Federated® clients can access mySHIELD® for additional industry-specific resources.

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This article is for general information and risk prevention only and should not be considered legal or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all risk of loss. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. Qualified counsel should be sought with questions specific to your circumstances. ©2023 Federated Mutual Insurance Company.