Risk Management as a Strategic Imperative – Getting the Message to the C-Suite/Board

• Patrick Walsh – President, Casualty, Sedgwick
• Susan Shemanski – Vice President, Risk Management, The Adecco Group
• Kerri Kevlin USIC – Senior Manager, Workers’ Compensation and Auto Liability Claims
• Michael Costello – Next Era Energy/Florida Power

Underwriting

Over the past few years, the underwriting market has been very active. As business opportunities blossom, so do its liabilities. More programs have to be written to properly keep an organization insured. When considering a new policy, carefully review the proposal with the decision makers. Before the program goes into effect, meet with your C-suite to establish requirements, and a scheduled agreements.

Claims

Nuclear verdicts are cases well above high-cost thresholds in major claims. Often caused by catastrophic events, nuclear verdicts can be intimidating to discuss with executives. They typically involve major losses, something that’s not easy to bring up in any board meeting. When dealing with heavy claims, it’s best to be proactive and present a risk management plan with a budget, investigated details, and a dedicated team.

Remote Work

With increasing trends of remote work and hybrid models, employers often face challenges to enforce job functions. As we enter an age with flexible work privileges, it’s important to monitor productivity while functioning away from the office. To make remote truly effective, keep track of all activity and be prepared for corrective action if necessary. Additionally, consider enforcing a communication policy, along with specific technology permissions.

Cyber Risk

Cybersecurity is more prevalent than ever before. With a rise in online hacking and breach activity, more and more threats evolve, creating more impact than many physical dangers. When it comes to cyber risk management, education and compliance are vital. Issuing training helps condition the workforce on appropriate cyber measures. It’s more than just phishing alerts, though. Notify employees on emerging issues, and communicate best practices for safe handling.

All in all, it takes a proactive approach to thwart off dangers and keep threats at bay. Little things like keeping all company software up-to-date, investing in multi-factor authorization, and utilizing a VPN go a long way in keeping your data out of harms reach.

Key Leaders and Influencers

The C-suite should be kept abreast on all issues and company initiatives. Clear and thorough communication is of the utmost importance. When speaking with an executive, the best thing an employee can do is match their language. Be poised, direct, and communicate each talking point in a digestible manner. The trick is to keep conversation as simple as possible. Be detail-oriented, but maintain a smooth flow of communication to help break down the key talking points.

Risk Management Tips

• Identify the right broker and match them with specific claims.
• Get involved with industry groups, coalitions, and related committees.
• Keep all stakeholders and C-suite parties informed with each milestone.