Posted: November 9th, 2021 9:09am +00:00 | By Phil Walden

ERM Implementation – Tips 5, 6 & 7

Organisation wide risk responsibility

All managers who are responsible for a business goal should be responsible for the risk management associated with that goal, as well as the overall attainment of the objective. This ensures that risk management is practiced on a companywide level and creates a risk culture throughout the organisation. The manager responsible for reducing pothole claims for example, will be tracking with interest as claims are submitted. They will be making informed decisions about the amount of money they spend in order to fix the highways and reduce the overall number of claims, perhaps hiring new staff or using contractors as required to mitigate a potential staff shortage for example.

Additional performance indicator

Positive risk behaviour could be included into personnel reviews to ensure that employees maintain focussed on risk management.

Risk culture

Creating a risk culture will take some time but ensuring an environment where people can talk openly about any issues or problems they are experiencing will help to embed a risk culture across an organisation. If everyone is aware of any problems, then there is a greater opportunity to rectify them. An important part of risk management is to learn from previous failings so that an organisation can be pro-active rather than reactive. Having the appropriate mechanism in place to discuss lessons learned in a positive and educational manner is essential to avoid repeating the same mistakes.

News you might like
Positive referral for JCAD Claims software

During a recent procurement exercise the prospect reached out to a couple of our clients to seek additional assurance. Three…

Read more
What do you need before embarking on an ERM project?

Climate change, the COVID 19 pandemic, financial crises and geo-political instabilities are just the sort of hard-hitting topics that make…

Read more
Congratulations Alarm 2022 Awards Winners

After a two-year enforced absence due to COVID, JCAD were again exhibitors at Alarm 2022. A big thank you goes…

Read more

JCAD will subscribe you to our newsletter . Please see our updated privacy policy for more information regarding the use of your data. You can unsubscribe whenever you like through the preferences option on the newsletter.