Risk Insider: Eric Copple

6 Ways to Fight Risk Management Muscle Atrophy

By: | September 14, 2018 • 2 min read

Eric B. Copple CIC, CRM is a risk management adviser for Arthur J. Gallagher & Co. Throughout his 20 years of brokerage experience, he has helped clients build effective risk management systems to stay on the road to success. He can be reached at [email protected]

Businesses often suffer from a condition I like to call “risk-management muscle atrophy.”

The ideas, processes, systems, and energy within these businesses were effective at one time, but the leadership stopped emphasizing and implementing them somewhere along the way. As a result, they became ineffective.

If your company is going through the business equivalent of a mid-life crisis, you might need to work toward recuperating long-unused muscle. How can you make that happen?

There are six key factors needed to re-strengthen atrophied business muscle:

1. Analysis

Begin with an analysis of where your business stands currently: how much muscle power has been lost? Using the appropriate weight-room equipment – Data Audits, Procedures Audits, Internal surveys – your business can begin to plot the path back to full strength.

2. Time

This return to good muscle health is going to take time. Determine just how important it is for you to get your program back in fighting form: how much time needs to be dedicated to this process?

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3. Consistency

Hire the equivalent of a personal trainer, someone who knows what methods work because they have personally witnessed their effects on other people. The right trainer can also help your business stay on track through behavioral consistency and regular exercises to help regrow those muscles.

4. Prioritization

To achieve your mission, it is vital that the people who are tasked with carrying it out on a daily basis believe in it. They must understand that in the current prioritization of tasks, the muscle health of the business is the number one focus.

5. Accountability

To ensure that the changes your business is making are long-lasting, you must sell the employees on the importance of this new workout initiative. Creating accountability among employees will be achievable if they love the idea of the desired outcome.

6. Motivation

Accountability will also increase company-wide motivation to succeed. This means making sure that you are hiring people who can align this idea with their personal goals or see this as a worthy use of their time.

When was the last time you reviewed your hiring process? How are you communicating your goals and vision? What questions are you asking the applicant to identify their personal goals? And as new hires settle in to the corporate structure, are you meeting with individual employees to ask questions that will discern whether or not they are thinking positively and are aligned with the change?

It’s time to get your risk-management muscle back. Let’s do the work to achieve good business health.

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The R&I Editorial Team can be reached at [email protected]