For today’s post, I would like to share an article originally published in the Fall 2020 issue of The Demotech Difference, a journal targeting midsize property & casualty insurance companies.
This article is the third in a four-part series exploring the foundations of a performance-focused risk management process. Articles one and two in the series discussed the importance of culture to a successful risk management effort and assessing the company’s needs for long-term success.
Today’s piece dives into the next steps of this journey, namely, developing custom tools unique to the organization’s culture and needs and empowering people across the organization to use these tools in the decision-making process. Any successful risk management endeavor cannot have one without the other.
Although this article targets P&C insurers, many of the insights are applicable to any type of organization. Click the image below to access the pdf file (Adobe Acrobat required).
Does your company have tools for enabling better decision-making? Are personnel throughout the enterprise empowered to use these tools effectively?
As I’ve said repeatedly (…and will continue to emphasize), every organization’s needs and culture are unique and require a tailored risk management approach in order to provide strategic value.
To share your unique experience, leave a comment below or join the conversation on LinkedIn.
And if you are feverishly trying to get your company’s risk management process off the ground but need an outside perspective to address obstacles, please don’t hesitate to contact me to explore potential options today!
Featured image courtesy of Cytoon Photography via Unsplash.com