This economy probably has your company facing heightened risks — risks that you might not be prepared for and that could ultimately cripple your business.
The global economy is the No. 1 risk businesses say they face today, according to the Aon 2009 Global Risk Management Survey. But the survey points out that less than 66 percent of respondents have formally reviewed their major risks or have plans in place to deal with them, including the economic downturn.
Now is a crucial time to have a detailed risk management program in place. After all, budgets are tight, you’re looking for savings and managing risk can directly influence your bottom line.
“(Managing risk) gives you a lot more control over your bottom line outcome if you are acutely aware of what your risks are that you face every day and you have a clearly communicated strategy across your organization to deal with those risks,” says Colin MacNab, vice president, MJ Insurance Inc. “It can help eliminate surprises that can impact your bottom line negatively.”
Hiring an in-house executive to focus on risk may financially be out of the question. But a good insurance broker can help you put the puzzle pieces in place, starting with the questions that will lead to true solutions.