All perils can’t be avoided, however the impact to the bottom line can be mitigated when done correctly. This video will detail plan on how to reduce frequency and severity of the crises that do happen.
- You can't control everything in business.…However, you have more control than you might think…on reducing the financial impact.…We will explore five strategies to gain control…over your financial destiny.…The first is called avoidance.…This is avoiding the risk of loss…by eliminating a product or service.…Avoidance isn't always practical…because avoiding any of what you produce…as a product or service would mean you have no business.…
The second is prevention.…Prevention reduces frequency.…If you have a business that has a frequency concerns…of slips and falls for both customers and employees,…your control measures might include…better flooring to improve footing,…handrails to improve balance,…and better lighting to improve vision.…Say you have an auto fleet that has an issue…with backing accidents.…You can install backup cameras…and schedule driving training.…
The third strategy is reduction.…Reduction reduces the severity of a loss,…which is the financial impact to your bottom line.…A severe loss would be a devastating fire.…
- Explain the process of identifying exposures.
- Cite examples of transferring risk.
- Name the tools used for implementation and monitoring risks.
- Define “organizational amnesia” and explain how to prevent it.
- Describe security concerns an organization may have and explain the cybersecurity tools that may be used to mitigate them.
- Identify the benefits of an employee handbook for mitigating risks.
- Explain the various parts of an insurance policy.
- Summarize the importance of a business continuity plan and describe the steps for creating one.