Improve Your Risk Evaluation and Control tip #5 – loss experience research

Identifying new risks and additional controls can provide visible and evident benefits to the organization but can initially seem daunting.  By following these tips, you can expedite this step and grow your network while enhancing your organization’s defences.

In addition to creating organization-wide methods of information collection and distribution, you may want to add these research methods to your information gathering activities.

Tip #5 Conduct research on historical experience of similar organizations

Most organizations are not unique.  Devote some time to researching the historical loss history of organizations similar to your own. Your insurance professionals can also provide insight. Insurance companies track loss data according to industry. Professional associations, trade shows, and the chamber of commerce might provide some industry risk information as well as a forum to discuss loss experience with colleagues. While direct competitors may not be forthcoming, others in your industry may also provide information on their incidents.

Return Monday for our next tip…

(For more information on DRI’s professional practices please read Professional Practice One – Program Initiation and Management DRII Professional Practices  June 1, 2012 Version 1)

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