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Saturday, 23 March 2013

Why risk management is important to your company

By Ashley Mitchell


Running a company is time consuming and can quickly become overwhelming if you do not put in place the proper plans to deal with day to day management of the company. One common set of potential problems which are often over looked, are those that can arise because of a company's environmental liability. There is a simple way you can avoid these hazards and prepare for any situations that may arise. Research your companies potential for environmental liability and create an action plan to help respond to any and all emergencies.

A successful environmental risk management plan will address several different areas of concern and include more than one solution for every potential problem. Having a risk management plan will help you decrease the chances you will violate any environmental statutes, help protect you and your employees from hazards, and also educate your staff about how to respond in the case of an environmental accident in their work place.

Tips for lessening a company's environmental liability

Before you can develop a plan to prevent any kind of risk, you must know what the major risks are. One of the easiest ways to identify your environmental responsibilities is to go directly to the source of the regulations you will be expected to comply with. There are several different government agencies at local, state, and federal levels who all have established regulations that apply to most businesses. By approaching these groups directly, to educate yourself about current and future regulations, you can begin to develop a plan that will help you comply will them.

Once you have identified the potential risks, you can begin creating your environmental risk management plan. This plan should address every issue with more than one solution. When you are developing your plan, do not be afraid to involve your employees and ask them for ideas. You may be surprised how many front line workers have simple solutions for what seem like complex problems. There are also risk management experts that can be hired to help consult on larger issues.

Finally, all of the planning and education in the world cannot prevent every accident from occurring. Natural disasters and human error are always a possibility so you must have a plan for dealing with these things. One of the best ways to protect yourself against environmental risks that are out of your control is to carry an environmental insurance policy. There are many different options available that can be customized to fit your company's needs.




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