Is your Risk Management Focus on Emerging Risks Costing You in Your Core Risk Areas?
By Joe Anderson, CPCU, ARM AFSB, CBRA
Principal & Fractional Chief Risk Officer
Ongoing risk hygiene can suffer with an over-focus on emerging risks, as explained in this thought provoking and timely article by Brittany Basler, LPC, Risk and Safety Manager with the City of Kissimmee, and published in Risk Management Magazine.
Here are a few great takeaways:
- “Emerging risks do not eliminate historical risks” - As new risks emerge, resources and labor can be shifted from core risks creating an erosion of sound preparedness and risk management alertness.
- “Written standards often differ from daily execution” – Take your existing policies, reporting pathways, vendor requirements and escalation procedures and test them to see if they continue to execute well in an ever-changing world.
- “Every major exposure area should have a clearly defined owner” – Assigning threat ownership can empower your employees to continue to innovate and improve their risk management programs and response plans.
- “Review cycles … identify patterns that may otherwise remain hidden” – Establish structured and regular review cycles where you can review and test your response programs with your teams. New members get great exposure and the older team members stay sharp. Teambuilding is important.
At Fortify Risk & Safety, our team of Chief Risk Officers, Safety Directors, and Risk Specialists are helping proactive, agile companies stay on top of their risk management priorities.
We partner with leading businesses to:
1) Assess and Analyze your Risk in Business,
2) Create Winning Risk Management Goals & Strategies
3) Execute Targeted Tactics Right Alongside Your Team
From risk transfer tools to interactive safety trainings, and online threat simulators, we help you adventurize risk management & safety and make it fun!
Contact us today to set up an initial consult: Get Started — https://lnkd.in/gXV9xwKm
Joe Anderson began his insurance career with Marsh of Boise in 2001 and has enjoyed his 25-year career in risk management and insurance. As founder of Fortify Risk & Safety, his desire is to bring his expertise and strategic skills to companies who want to be elite in Risk Management & Safety Culture.
Over the years, he has gravitated to complex and challenging risks, exposures that were hard to insure or manage. When other professionals settled for higher-priced options or less coverage, Joe would not settle there. He pushed forward to improve the core risk function of his clients, build profitable partnerships with insurance companies, and invest in internal and external risk management personnel.
His company, Fortify Risk and Safety, is an independent, fee-for-service, fractional risk and safety firm. With an outsourced-team-approach, his industry veterans partner with clients to reduce risk in business and make businesses more resilient, agile, & profitable.
Written By: Joe Anderson, CPCU, ARM AFSB, CBRA
Principal & Fractional Chief Risk Officer
At Fortify Risk Management, our risk management veterans have on average 30+ years of corporate experience in managing risk, with companies like Carnival Cruise Line, Boise Cascade Company, Fluor Corporation, Sunkist Growers, and Idaho Power. We bring together risk executives with different backgrounds in a team to work with you to better optimize your risk management approach as you grow, increase profits, and create a great place to work for your employees.
Contact us today to find out how we can help: