Current & Emerging Risk
Adapt to Your Industry to Stay Competitive
The business environment is constantly changing – and so too are the risks your business faces. What process do you have in place to evaluate those evolving risks on an ongoing basis? Who on your team is helping to identify those risks?
Think back to the COVID-19 pandemic – supply chain issues, inflation, employment shortages, employee absences, health requirements. All caused by one virus.
When you’re thinking about current and emerging risk, you’re adapting to change before it happens. Think about how commercial delivery companies will need to adapt to autonomous vehicles. Think of how gas stations and convenience stores need to adapt to the rise in electric vehicles. Think of how Blockbuster needed to adapt to online video streaming.
How are you preparing today for what tomorrow will bring?
“I can say what we’ve appreciated the past seven or eight years has really been our relationship with our risk advisor. He brought a lot of knowledge about the work we do into his role and then has taken the time to understand our unique needs and liability needs among the childcare system, social services system.”
Why Plan Against Current and Emerging Risks?
Stay on the Cutting Edge
Technology has changed nearly every industry – and it’s not done yet. Whether it’s protecting against becoming outdated, creating efficiencies, or overcoming operational risks, finding a solution to properly evaluate and measure technology’s impact on your business is vital.
Protect Against the Unexpected
With a holistic approach to risk management, you’re often accounting for current and emerging risks without even knowing it. Think of how companies who implemented remote work policies were ahead of the curve when COVID-19 regulations hit.
Agility in Crisis
When you’re accounting for emerging risk, you’re planning, not necessarily acting. Often, it’s as simple as protecting your business practices – having backup supply chains, backing up your data, or having a cyber security plan in place.
Risk Management Scenario
You own a pool installation company that works with residential clients. Your company installs the pools and pours concrete, but you generally subcontract out any deck building or woodworking required.
You install a pool that has a deck leading up to the edge of the concrete on one side of pool. However, after the project, the client calls to complain that the composite decking material is cracked in three places and the screws used to hold the material in place are protruding from the ground, causing people to cut their feet when walking on the deck.
The contract language will dictate who is responsible for replacing or fixing the deck – and who is liable if a lawsuit were to emerge from the injuries caused by the deck.
Protect Your Purpose
Guidebook
See if Ellerbrock-Norris is a fit for your business with our 60-plus page guidebook on how we help you Protect Your Purpose.
Risk Management Scenario
You own a pool installation company that works with residential clients. Your company installs the pools and pours concrete, but you generally subcontract out any deck building or woodworking required.
You install a pool that has a deck leading up to the edge of the concrete on one side of pool. However, after the project, the client calls to complain that the composite decking material is cracked in three places and the screws used to hold the material in place are protruding from the ground, causing people to cut their feet when walking on the deck.
The contract language will dictate who is responsible for replacing or fixing the deck – and who is liable if a lawsuit were to emerge from the injuries caused by the deck.
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