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5 Tips For Becoming A Successful Risk Manager

Angus Rhodes

Addressing challenges and distributing data effectively is one of your most valuable assets as a risk manager. The key to your success — expand your technological capabilities. Having a risk management console at your fingertips protects your organization. Lower your potential profit losses while increasing productivity. Accidents, security breaches and injuries; they happen. According to Murphy’s Law, “Anything that can go wrong will go wrong,” but if it does — you’ll be ready.

Risk management software systems are the future. Leading software developers like Ventiv Technology are in the business of giving you the power to identify problems and future issues. Empower yourself with the ability to track down claims and incidents to their root causes. Monitor performance and create effective loss prevention programs for a specific location or unit. Essentially, as a risk manager your biggest investment is managing exposures effortlessly while decreasing risk.

Here are five basic steps to successful risk management.

Stay in the Know

Don’t become one of those managers who finds out about a problem after it's too late. When things go wrong, it hurts your organization financially, tarnishes their reputation and erodes confidence. Stay ahead of the game. Have the information you need at your fingertips. Do away with spreadsheets and the reliance upon third parties to keep you informed. Also, creating spreadsheets the old-fashioned way leaves room for mistakes and it’s time consuming. When information is kept like that, it interrupts the flow of communication and you're unable to respond to potential threats immediately. Empower yourself and your organization with the ability to highlight and classify risk. Identify problems at a glance. Having the ability to quickly report on performance makes coming to decisions easier. 

Reduce Cost & Improve Efficiency

The latest risk analysis software systems are designed with prevention in mind in order to save you time and money. Injuries happen on the job all the time. As a result, claims have to be settled, legal disputes need to be addressed and you could see an increase in premiums. However, the opposite is also true. A reduction in risk means fewer claims, and better insurance rates to choose from.

Keep Your Organization Healthy

Insurance companies need to understand your production processes and your financial goals in order to identify potential risk and to prevent them. Reducing risk in the workplace shouldn’t equal a reduction in productivity. When risk managers implement safer procedures this creates better efficiency. Risk management information systems improve your ability to keep your organization healthy and safe.

Enhances Communication

Boost communication between senior executives, managers and employees. By doing so, you get ahead of any challenges and can spot small fires before they grow. Today’s risk managers understand that managing issues is an interdepartmental effort. Risk management analysis software promotes increased communication and keeps everyone informed. Develop loss prevention programs seamlessly and get the word out fast.

Identify Opportunities for Growth

Being able to identify a problem quickly with software analysis strengthens your policies and procedures. It’s an opportunity to implement new ways of doing business. Take time to explore new alternatives and business innovations. Focus on solutions. Don't live in the problem. How can the staff be organized in a way that enhances their responsibilities? Can you ensure growth and expand on your ideas? Take your organization to the next level. Unravel the possibilities. Invest in a RMIS system console.

Successful enterprise, operational and IT risk managers know the benefit of having strategic and advanced frameworks for mitigating risk — crisis management is not a one-size-fit-all endeavor. Make sure you have access to a powerful tool and solution that sets you apart.

Angus Rhodes is the global product manager at Ventiv Technology. If you would like any further information on this topic please contact him at angus.rhodes@ventivtech.com Rhodes






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Jan 8, 2020

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