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Top Risks for the Year

August 05, 2011 | Leave a Comment

With improving unemployment statistics and a widespread belief that the U.S. GDP will grow 2 percent in 2011, economic recovery seems to be fully underway. Nonetheless, a recent risk management survey at RIMS in Vancouver revealed that economic slowdown remains the top risk executives see for their organizations.

Besides the economy, other risks remain top of mind. In recent years, technology risk has been consistently present, while other risks, such as reputation risk, have appeared with increasing frequency. The top ten risks identified were:

  1. Economic slowdown
  2. Regulatory/legislative changes
  3. Increasing competition
  4. Damage to reputation
  5. Business interruption
  6. Failure to innovate/meet customer needs
  7. Failure to attract top talent
  8. Commodity price risk
  9. Technology failure/system failure
  10. Cash flow/liquidity risk

One of the most critical components of any business is its employees. It is imperative to maximize the performance of your employees in order to maximize your profitability.

In a recent survey by Buck Consultants, 82 percent of participants reported that their company’s health care costs are significantly or moderately impacted by employee stress. What’s more, 79 percent and 77 percent have experienced a significant or moderate impact on absenteeism and workplace safety, respectively. Working while stressed can increase the likelihood of an accident, so taking steps to combat employee stress can make the workplace safer for all employees – and protect expenses through loss prevention.

Investing in strategies to reduce employee stress in the workplace – like employee assistance programs or continual safety training – can have high ROI for employers.

Please contact The Cornerstone Insurance Group for guidance on maximizing your return on investment.

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