Risk management is not an academic exercise our panel warns A quality risk management program continuously works to lower the risks a company faces Risk improvement begins with identifying key risks and hazards and then making a compelling case for proposed improvement measures If a risk manager has been successful in gaining upper management support and driv ing a culture of loss prevention then implementing individual risk improvement programs will be a much easier task Increasing the sensitivity to loss exposures helps build a loss prevention culture throughout the company Publicizing case studies of real losses prominent industry losses and the compa ny s own loss history or near misses can help pave the way for investments in risk improvements In establishing priorities our panel of experts recommends attacking easily accomplished improvements first This can establish risk improvement as an achievable goal It also helps to widely convey the results of a risk improvement program share success stories and recognize those involved in the program Creating incentives for risk improvements is also important This can be done by offer ing financial incentives for risk improvements or fostering healthy competition between plants or facilities This can be accomplished via benchmarking using a simple internal grading system a program like RiskMark safety incident rates or other applicable tools A risk manager should be able to detail how risk improvements will positively impact revenue market share reputation or environmental concerns The risk man ager should also identify needed benchmarking data and establish success metrics so the impact of the improvements can be quantified Continued support from upper management will help maintain risk improvement as a prior ity Anticipating obstacles and objections set ting expectations with senior officers project managers and loss control personnel and obtaining executive sponsors for top priori ties are proven ways to keep risk improve ments on the front burner 2 ACHIEVE RISK IMPROVEMENT Changes managed proac tively and continuous risk im provement will help to ensure that the business is robust in the face of materializing threats This will translate into the protection of the revenue generating operations and hence the bottom line ANDY BRYSON GROUP INSURANCE AND RISK MANAGER COBHAM PLC We put a step by step game plan together to overhaul the sprinkler system Clearly top management and shareholders in the company believed in the sprinkler program because our people were at stake For me that was very satisfying We never even talked about money they just said we have to do it and we went ahead and plotted the entire program put in the budget and proposal and did it It demonstrated real commitment from the corporation top management and shareholders that they care about our people sitting in our part of the world thousands of miles away from them SWEE LEONG LIM PRESIDENT LEVITON CHINA ISSUE 2 2015 REASON 43

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