b'RiskW Management: n\'I"~~,,. ." \'") \',\',,-\' Risk managementn beas thecarrier may have a trained DOT advisor on staffhon assist ca definedw caidentificalion, assessment, andzation ofrisks, followedthe organizational leadership responsible for safety and prioriti risk by the coordinatedndfresourcesmanagemenL. a economical application oto minimize, monitor, and control the probability orpact ofTherefore, ourigned stakeholders couldsurance im ass be an inunforlunate evenls. Risk managementcarrier representative andorganization\'s safety leader. The efforts also maximizean the realization ofes.resources providedeach stakeholderillry bet n opportuniti byw va weeNow thathave a basic understanding of the definilion,organizations; therefore, itimportant that all stakeholders weis let\'s ask ourselves, how do we manage risks? Ifwe struggle tocollaborate to identifyresources are available. what m bem When do we implement the risk management plan? answer this question, itaytime to develop a riskanagemenlmanagement plan can plan. Developing a riskprovide a\'Ihe risk managementis ready to go "live" once we\'ve road mapmanage the exposures we face in business.plan toidentified ourped stralegies, andigned a Let\'s take a closer look at the five Ws (who, what,hen,objectives, develo assw stakeholder to complete the objectives by an agreed-upon date. where, andy) ofng a risk management wh developi plan. Who is involved in a risk management plan?Where is the risk management plan? The stakeholders who overseefety and business insuranceman pla aThe riskagementn should bevailable to staff associsa atedthe safety and business insurance oforganization. decisions should be involved in the risk management plan. Atwithan It\'s important thatparties have a thorough understanding of a minimum, stakeholders should include leadership and staffall the objectives andnalil)\' of the plan. from Lhe organization purchasingsurance, insur functiobusiness in For example, an organization\'s leadership can communicate ance agents/brokers, and insurance carrier representatives.the risk managementn\'s status aty, monthly, or Each stakeholderan interest in developing andut pla weeklhasexec quarterly employee meetings. Insurancents/brokers can ing an eff ive risk managementan. Leadership and SlaffageecL pl schedule weekly, monthly, orarterly reviews with their client from an organization want to ensure safetya core value ofquisand nsurance carrier. A visible plan, reviewed on a consistent their operation. Insurance agents/brokers want to transfer riskibasis,""illhelp ensure the success ofrisk manageappropriately and manage exposures for their client. Insurancean effective mentn. carriers want to insure an organization thatas controls inplahplace Lo manage and minimize their exposures.Why should a business want to implement a risk manAn organization will gain greatertrol ofirsuranceagement plan? con the incosts whenstakeholders play their parts inA risk managementlan provides all slaleholders with alla risk manage pmentdirection to improve safety, identifyimplement plan.andstraLegies What is in a risk management plan?designed Lo manage and minimize business exposures, and gain greater conlrol oversurance costs. 1nese areof A risk management planinclude identification ofurablein a few canins the benefits thatfrom implementing a risknagement and uninsurable exposures Lo thesiness; objectives, includ comemabu plan. Each risk management plan should beas a ing strategies to manage the identified exposures, and theviewed assignmenta stakeholder orholders to manage them;working document that will change over time. As business ofstake exposures change, so do the objectives outlined in a risk taandrget dates for completion of the agreed-upon objectives. For example, stakeholders may agree thatofmanagement plan.lementing a risk managementnj DepartmentIn summary, imp plaTransportation (DOT) compliance is anuren orgaexpos for a provides benefits toallstakeholders. Developing a goodan is nization. In this example, our objective could be recognizedplnotand does note a lotLime ifrdinated as \'\'managing DOT compliance: Itnow the responsibilityexpensiverequir ofcooiscorrectly. A good risknagement plan can improve your oftakeholders to collaborate and discuss a strategy formaall s insurance profile; reduce business insurance cosls; and, most managing the organizalion\'s DOT exposure. One stralegy canimportantly, possibly save lives. include performingbiannual review of he organization\'s aLDOT compliance program.Pete Paulsen, constructionadvisor, iVl3 Insurance, Green Bay, risk Once the strategy is agreed upon, itimportant Lo assign isM, can be reached ator 800.272.2443Pete.Paulsen@m3ins.com. slakeholders as the owners responsible for completing Lhis objective. In this case, Lhe insurance agencyinsurance or 14www.mrca.org- MidwestRoofer'