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Safety’ refers to protection against major hazards such as storms, floods and industrial explosions. National, regional and local authority emergency plans should be complemented by compatible emergency plans for hospitals, health systems, dangerous manufacturing sites, airports, cultural heritage sites and other key installations.
Various types of hazards must be considered. After identifying hazards and risks, consider how they are harmful and the possible outcomes. This means that risks presenting a higher threat must receive more comprehensive control measures than lower-risk hazards. Economic risk. Operational risk. Third-party risk. Quality risk.
Any hazards associated with cloud architectural changes, the use of new platforms such as IoT devices, or new IT systems can lead to digital risk. This refers to all risks introduced by service providers and third parties working with your enterprise. This could include data breaches, intellectual property theft, and financial data theft.
Passing or sharing the risk via insurance, joint venture, or another arrangement. Identified risks are analyzed to assess both their likelihood and hazard potential. The two fundamental components of ERM are (1) the evaluation of significant risks, followed by (2) application of adequate responses. Prevention or termination of a risk.
The reactions to risk include: Acceptance or toleration of a risk; Prevention or termination of a risk; Passing or sharing the risk via insurance, joint venture, or another arrangement; Mitigating or reducing the risk by internal control procedures or other risk-prevention measures. Risk Assessment. Risk Response.
Not long ago, risk managers concerned themselves mainly with hazards such as fires and floods; or in the financial sector, loan defaults (credit risk). Organizations typically bought insurance to avoid the losses these risks could cause, thus “transferring” the risk to the insurance company.
Insurance Contact Information. This is also a method similar to that in emergency management as All-Hazard planning. Local hospital numbers. Business Continuity Planning Committee. Plan Revision Tracking and Approval. Key Contact Information. Internal Contacts. External contacts. Key Vendor Contact Information.
You must assess the efficacy of your company’s compliance program and identify potential hazards. Include a method for workers to report compliance problems and fraudulent or illegal activities anonymously and without fear of reprisal. Set up a mechanism for monitoring and auditing. Maintain steady discipline.
One client recently obtained a $500 Million dollar increase in insurance coverage with zero increase in premium costs. This was done based on the Business Continuity Plans and Program developed after meeting with the insurance providers and providing details of the program and progress made. Location of fire risers and standpipes.
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