What does it take to avoid catastrophe? A lot of luck never hurts, but relying on luck alone is probably not a formula for success anywhere. Maybe an objective self-evaluation would do a lot more good in the long run.
During the 2014 Risk Summit in Chicago, Peter Persuitti, managing director of Arthur J. Gallagher & Co., offered the Top 10 strategies for success. They are:
- Data is king. Be diligent about maintaining comprehensive, relevant underwriting information for your organization;
- Prepare for catastrophic events (probable and black swan);
- Align with local authorities as partners in the community;
- Document, communicate, advocate;
- Educate. Be proactive about educating your community and constituencies about inherent risks, whether with online training, campaigns or regular meetings and consistent messages;
- Partner with the organization’s workers compensation carrier to process open claims to be closed as soon as possible. Advocate “return to work” protocols;
- Use cloud computing;
- Standardize accounting practices across the organization;
- Share the qualitative data the organization has in place with the organization’s underwriter. This includes business plans, the awards the organization has received and the backgrounds of the management team; and,
- Create a culture of risk management.
