Risk Management Resolutions: Look Back to Look Forward

When you think about your past year in risk management, what sticks out to you? What worked? What didn’t? What can you improve? Did you have an above-average safety record? Maybe one of your employees was injured. Did your attitude toward workplace safety help or hinder your success? Now is a good time to take stock of the past 12 months, as unusual and unprecedented as they were, and move forward using the experience you gained. Here are a few ideas to help get you thinking about how to use 2020 to create a better 2021.

Your people are your priority. Your employees are your number one asset. Whenever you create or revise policies and procedures, do it with their well-being in mind. If your employees are working safely, they are more productive, your operation is more efficient, and you are more likely to meet your organization’s goals.

Make risk management a part of your company culture. Creating a safer workplace is not a one-time task. It requires attention and participation at all levels — but it starts at the top. When leaders show passion and commitment, employees will naturally follow.

Control what you can; prepare for what you can’t. Risk management is a mixture of affecting variables and adjusting to outside influences. For example, you can train your employees on proper ladder use, helping reduce their chances of injuring themselves while climbing. However, you can’t prevent a weather event from damaging your facilities, but you can make a plan to react to such events to help keep your business operating as smoothly as possible under the circumstances.

Strengthen your existing policies and practices. Even if your risk management program is already strong, it can always get better. Are you giving new employees information and tools for success? Can you use technology to help increase safety and efficiency? Examine your risk management activities and look for opportunities for development.

Don’t let lessons go to waste. If your business had a safety incident like an auto crash or workplace injury, use the experience to help guide your efforts. Don’t let an unfortunate event be in vain.

Watch out for emerging risks. Businesses face new threats to their success every day, so keep an eye on what’s happening in the world and in your industry. Risks like cybercrime, and rises in punitive court judgments for auto liability have become more prominent in recent years. 

Risk management is an ongoing process. One of the most important parts of that process is learning from your experiences. But be careful not to dwell on the past. Instead, use it as a valuable resource on your journey to success. 

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Risk Management Resolutions: Look Back to Look Forward (pdf)

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. 

Published Date:December 15, 2020

Categories: Risk Management Corner