As we usher in the new year, set a resolution to fortify your risk prevention strategies. Organizations often are vulnerable to a multitude of potential claims, but a systematic approach to risk management evaluations and reinforcements can help mitigate exposures that traditionally demand annual attention. Add the following key areas to your new year checklist.
Adhere to Laws & Regulations
With January often marking the implementation of new labor laws and regulations, it’s crucial for organizations operating in multiple locations to assess changes in each municipality. This comprehensive evaluation ensures that your business operates within legal and ethical boundaries.
Assess & Update Company Policies
Conduct an annual review and revision of organizational policies and protocols to align with current standards and legal obligations. Emphasize addressing discrimination, harassment and retaliation issues to establish a robust framework that promotes equity, impartiality and strict compliance with regulatory standards.
Confirm Employee Training Completion
Empower your staff with knowledge and skills in worker safety, cybersecurity and active shooter responses. Comprehensive training enables employees to serve as the primary line of defense against potential claims. Ensure your staff completes the required training annually to enhance their expertise and resilience.
Validate Certifications & Licenses
Employees in positions requiring certifications and licenses must maintain current credentials. Verify your staff is up to date to ensure workforce competence and safeguard your business against possible legal consequences.
Evaluate Data Security
Given the continued reliance on digital information, HR leaders must conduct regular assessments of data security practices. An annual evaluation should examine whether the handling and disposal of sensitive electronic information strictly adhere to current security protocols to safeguard against potential data breaches.
Analyze Business Continuity Plans & Disaster Recovery Procedures
The effectiveness of business continuity plans and disaster recovery procedures relies on an annual evaluation. Assess their efficacy and ensure employees are adequately trained in emergency protocols to create a well-prepared team.
Review Safety Programs & Workers’ Compensation Claims
Take a proactive stance on workplace safety by conducting a yearly evaluation of safety programs and an in-depth analysis of workers' compensation claims. Identify recurring trends in workplace injuries and illnesses to develop and implement tailored risk management strategies for a safer work environment.
Evaluate Workers’ Compensation Insurance
Conduct an annual assessment of workers' compensation insurance as a strategic initiative. By effectively allocating expenses and identifying potential risks, your business can enhance its budget planning for 2024, enabling greater financial preparedness.
We’re Here to Help Identify Annual Risks
Monitoring and assessing property and casualty risks annually allows your organization to manage challenges and opportunities in the coming year. Ensure compliance and implement strategic risk prevention measures to enhance your business' resilience and safeguard against potential risks. Connect with a member of our team to embrace the new year by strengthening your business' foundation and protecting its sustainability.