Peabody, MA -- (ReleaseWire) -- 09/13/2023 --It's easy to get into a rut, and businesses are no exception. Even Harvard Business School recognizes this fact. A recent Harvard article titled "Novel Risks" warns executives of this complacency. Most business owners are fairly good at managing hazards by decreasing their likelihood and impact. But the routineness of these protocols sometimes prevents even the best managers from recognizing truly important events and problems when they occur. Consequently, they are not equipped to respond rapidly to novel risks.
How should companies—big, medium or small—react? And better yet, how can they proactively plan for these events? Harvard, like most experts, underscores the importance of setting up teams in advance to carefully plan risk management processes. No matter the size of the company, this can be daunting. Industry leader eMaxx can make it easier. Their highly acclaimed risk technology platforms and team approach to insurance and safety and loss prevention have placed them at the forefront of tech-enabled commercial insurance partners for over two decades.
Even for companies in niche markets, the steps of risk management process are inherently the same: identifying, assessing, treating, monitoring and reporting. Following these guidelines is critical for all businesses regardless of their market or size. This response impacts asset protection, finances and operations. Ultimately, it ensures that a company is fulfilling legal compliance, corporate governance and, in some cases, due diligence. Adhering to these rules will protect a business's reputation and credibility. The International Federation of Accountants goes as far as to say that it is critical to establish this "risk management culture" throughout a company.
Despite the importance of these processes, only about one-third of businesses take risk management seriously, according to the Journal of Accountancy. Small and medium-sized businesses are especially vulnerable; however, insurance experts agree that most of these smaller firms have the same risks as larger companies—only on a smaller scale. As a result, most of the programs for safety and loss prevention can be easily adapted.
The process of risk management should be integrated into the culture of the company and thought of as an integral part of the entire commercial insurance program that not only provides coverage in the event of a claim, but also looks ahead to prevent future claims. How can companies make this happen? Most experts recommend full transparency, engagement of all stakeholders as true partners in the plan, use of high-tech quantitation methods to better understand risks, and identification of new and emerging hazards using data from third-party providers. All of these tactics should be value-added.
The eMaxx team of professionals can provide all of these elements in a comprehensive, tech-based risk management program that offers solutions, values partnership and delivers results. From online claim management platforms to outstanding telematics, eMaxx thinks about your future before it happens. Plan now for unexpected circumstances and protect your company against their severe consequences. Contact eMaxx today.
eMaxx Risk Management Process