Risk Management Step 1: Identify Risks

The risk management process can be daunting. The first step in this process, however, is to identify risks to your business. But how should you go about identifying risks to which your organization might be exposed?

For starters, brainstorm with your current employees. Collaboration with your staff can bring new perspective to the risks to your business. Also, observe a competitor’s operations to see how an organization in a similar industry manages its risks. Another option is to review trade magazines and journals to keep up on current issues and trends relevant for your organization. Yet another way to help in identifying risks is to attend professional workshops or educational seminars to learn from experts.

Consider reviewing litigation history of either your business or those businesses within your industry. Beyond litigation history, reviews of accident reports may provide a similar analysis on which risks are problematic to your organization. Both analyzing litigation history and accident reports may provide clues on how to avoid ending up in litigation in the future.

Additionally, there is a lot to be said about walking the premises of your facility. Look from top to bottom of your facility with a watchful eye to ways that people on your property might get hurt. This includes looking over equipment for defects or wear.
Problems can also arise from issues with your staff, clients, contracts, weather, travel plans, insurance, financial assets, financial liabilities and much more. These are just some of the areas that can be scrutinized to identify risks to your organization. Ultimately, the process of identifying risks and knowing how to manage those risks can be overwhelming. Nohr Sports Risk Management, LLC can help you identify and manage those risks. Contact us to find out how.