Risk Management

Going beyond your standard human resource concerns, a partnership with HR Wise brings with it the full dedication of our Risk Management team as well. Risk management is dedicated to the overall safety of your worksite, whether it is an office, garage, restaurant or construction site. We have available a full suite of training materials that we can present to you and your employees to help improve their overall safety and protect your bottom line.

Safer employees reduce your chances of being hit with an expensive workers' compensation claim that may raise your insurance rates for next year. Well-trained employees may also reduce your liability for issues such as lawsuits dealing with sexual harassment or other matters.

Risk Warning Signs
There are a number of warning signs that can indicate that a business is at risk. These include:

  • Financial position: Flat or reduced revenue, inability to pay invoices on time or to meet payroll
  • Customers: Increased number of complaints, loss of regular customers, potential leads dwindling
  • Staff: High turnover, low productivity levels, inability to fill key positions, loss of a key employee
  • Market and competitors: Increased competition, declining sales, falling market share, need to reduce prices to drive up sales
  • Management: Lack of executive commitment, ineffective decision making
  • Suppliers: Reduced reliability
  • Lenders: Reduced access to credit, poor terms offered
  • IT: Disruption to critical systems, data integrity lost, downtime, user complaints, unauthorized access, exposure to malware or hackers

Risk management systems can benefit business in a number of ways. These include lower insurance premiums, reduced risk of legal action against the business, less risk of financial losses and reduced downtime tackling the problem caused by a particular risk. No matter how small the business, every firm can benefit from sound risk management practices, providing it with better stability, which in turn leads to greater longevity.