How to Minimize a Loss Within Your Organization
by Kelly Reed

How to Minimize a Loss Within Your Organization


Last week I spoke about Prevention of Risk, this week I will discuss how to mitigate or minimize the impact of an adverse event if and when it occurs.  An example of how we might help you with that at VAST would be in a work comp situation.  When an employee is injured our goal is to get them back to work as soon as they are medically able to do so.  This helps the organization in several ways:

  1. It assists the employee in their recovery and helps them earn their full wage.
  2. It lifts the morale of the rest of the team that is covering the injured employee’s work load.
  3. It reduces the cost of work comp for the company.

You might be wondering how we do this?  VAST has a trademarked solution called the Playbook™ that assists in coordinating the events after a workplace injury occurs.  It also increases communication throughout the entire process for everyone involved.

Another example would be around a big topic right now, cyber liability or data breech.  If something were to happen that caused a breach of confidential information, how would your organization respond?  If you told me we have a team in place with a data breach response plan, your organization is one that is prepared and will mitigate that loss.  If your response is that you will consult your lawyer and hope that they can help you…  Your loss will most likely cost far more than if you were prepared.

Next week I will discuss how to transfer risk contractually away from your organization.  To learn more contact Kelly Reed  |  906.315.7227  |  kellyr@vastsolution.com.

 

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