Developing a property conservation policy is one of the first best practices our risk management lead ers recommend A property conservation policy is a risk manager s philosophy on why and ultimately how to protect business assets and revenue streams This philosophy must align with the fundamental tenets of the organization in terms of strategy corporate culture and current practices and policies For a property conserva tion policy to be effective it also must be documented and supported by senior management A property conservation policy should be customized to address the precise nature of a company s business It should identify common hazards and mitigation techniques in the industry Moreover it should reveal interdependencies within an organization contain a vulnerability assessment of the company s supply chain and include contingency plans for critical customers and suppliers It should contain new acquisition procedures project management standards for managing change and information on how losses and claims will be handled It should include plans for gaining and sustaining support from the highest levels of man agement and for implementing effective training programs so employees have the knowledge they need to use this policy The policy should not be one size fits all Local facilities should have the opportunity to adapt the policy in a way that best suits their particular circumstances A well developed property conservation policy is a risk manager s playbook It ensures that the company fully understands the risks it s facing how best to mitigate those risks and how to minimize business disruptions in the event of a loss Fellow risk managers industry groups and FM Global s field engineers and client service teams are great resources for developing a property conservation policy And a good policy won t sit in a drawer and be dusted off every few years it will be a living document that drives the risk management and loss prevention of an organization 1 DEVELOP A PROPERTY CONSERVATION POLICY My philosophy is that I have to know the risk I have to examine the risk and I have to mitigate the risk Also I know that I must have partners who buy into that philosophy and will assist me in doing those three things MARIFRANCES MCGINN VICE PRESIDENT GENERAL COUNSEL AND RISK MANAGER PROVIDENCE COLLEGE Hershey s risk management program walks in stride with our strategic plan of the organization MEGAN MARSHALL DIRECTOR OF RISK MANAGEMENT THE HERSHEY COMPANY Insurance alone is not enough to manage business risk In fact insurance is a means of managing risk for relatively few corporate risks From a busi ness standpoint risk processes and controls need to be embedded in busi ness process from strategy through business operations into regulations and business ethics For the insurers there is a large amount of regulation and compliance requirements Controls are part of the day job PAUL TAYLOR PRESIDENT RISK MANAGEMENT OPTIONS LIMITED 42 REASON ISSUE 2 2015

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