Today’s article is a reprint of the last of four guest editorials originally published in The Demotech Difference, a journal targeting small- to midsize property and casualty insurance companies.
The first three articles in the series delved into the foundations of building a performance-focused risk management process, specifically the importance of culture, identifying the company’s unique needs, and developing custom tools and empowering people at all levels to use them in the decision-making process.
Today’s piece ties all of this together to provide executives a roadmap for using these tools to ensure the organization’s success and avoid the “check-the-box” trap that so many fall prey to. Learn general questions executives should be asking to ensure goals, initiatives, or solutions meet the needs of the company and align with the desired level of risk taking.
I want to say thank you to The Demotech Difference for the opportunity to help their readers learn more about risk-informed decision making. While targeted toward P&C insurers, the principles and concepts are applicable to any organization.
Click the image below to access the pdf file (Adobe Acrobat required)
Do your company’s executives utilize ERM tools developed for managers and other personnel to ensure strategic decision-making is risk informed?
I say it often, but it bears repeating; every company’s needs and culture are different and therefore require a specially tailored approach to risk-informed decision-making.
If you would like to share your thoughts and experiences, please don’t hesitate to leave a comment below or join the conversation on LinkedIn.
And if you are trying to develop a process for your organization but keep experiencing roadblocks or you are not sure where to start, contact me to discuss your specific situation today.
Featured image courtesy of Sora Shimazaki via Pexels.com