Tag Archives: approach to risk management

Break The Bottlenecks With Business Insurance

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The Harvard Business Review recently published an article titled “Break Your Industry’s Bottlenecks”. The concept being that to create a successful business “you have to break the rules and overturn the received wisdom about how things work.” This could not be truer when it comes to the purchase of business insurance, which is a bottleneck […]

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Who, What, When, Where – Does Your Risk Management Program Dig In?

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We recommend using the 4W’s as a method of digging in to better understand the operations of a business. This concept is not new and sounds simple but is often not utilized appropriately. The 4W’s concept can be used as the building blocks with a focus at all stages of operations when considering risk management. […]

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Cost of Risk & The Price of Your Risk Management Program

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Every facet of your organization affects your cost of risk. It is difficult, at best, to quantify all aspects of this total cost of risk. For example, if you manufacture specialty equipment or products and you are faced with a recall, what is your loss of reputation or market share? In contrast, other components of […]

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Risk Tip: 2 important tenets of risk management

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Don’t risk more than you can afford to lose…& don’t risk a lot for a little. Comment: These two are both basics – the first refers to the idea that if you don’t have enough money to pay for the exposure to loss (risk) out of your pocket/balance sheet, then insure for the risk, transfer […]

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Decisions, Decisions, Decisions…are you capable of making them?

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In a recent Harvard Business Review post by Nick Tasler 3 Myths That Kill Strategic Planning, he shares that the most “precious ability” a great leader has is his or her ability to make decisions based on strategic thinking. He uses a Napoleon quote to make his point: “Nothing is more difficult, and therefore more […]

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Approaches to Risk Management: Part 2 Digging Deeper

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In part one of this series, Approaches to Risk Management: The Basic Concepts, we recommended you analyze your business risk management program from 7 major aspects. Beyond these basic concepts, some academic authorities suggest the following as necessary considerations in the development of a formal Risk Management Process as well. Assets & Exposures – it […]

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