“To be successful, an organization must do a good job of communicating the importance of risk management, which should raise awareness and provide how-to information to employees.Employers must understand that education needs to occur in order to drive continual improvement and adoption of a risk management mindset. This communication should bleed through all levels of the organization in a consistently open and honest manner.”
Success in today’s complex business environment is greatly dependent upon workforce productivity. Creating a proper work environment—one that is safe and secure for employees, customers and data—is vitally important. It means minimizing downside risk and creating a risk management culture.
There has been an invigorated focus on enterprise risk management, the analysis of a broad spectrum of loss exposures that businesses often face. Executives need to be concerned about reputational damage, falling stock prices, shifts in customer appetites for products or services, and even currency fluctuations. In addition, businesses may be impacted by traditional insurance exposures. Some dramatic examples in recent years include:
- Hurricane damage from Superstorm Sandy and other severe weather events.
- The Ebola crisis that left a Dallas hospital reeling.
- Recent cyberattacks on SONY Pictures, Home Depot, Anthem Inc., Target Corp. and the federal government.
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