Businesses accept the fact that every day, they will be exposed to risks. For entrepreneurs, small, mid-sized and large companies, hazards are impossible to avoid. Most of these problems occur within five different areas: strategic, compliance, financial and operational. The Small Business Chronicle underscores the fact that small businesses are especially vulnerable to financial and operational difficulties because of low capital or diminished resources. With hundreds, even thousands of risks affecting companies at all times, managing these potential timebombs can seem daunting. That’s precisely why a risk management activity tracker is a wise investment. Industry leader eMaxx, a tech-enabled insurer is a frontrunner in this innovative market and understands the importance of staying ahead of the pack when it comes to minimizing risk. Afterall, as Forbes comments, “Risks and threats are precursors to corporate crises.”
A risk management tracker can help companies with numerous facets of safety and loss prevention programs. These include: identification, assessment, monitoring, prediction, corrective actions, task organization, controls and mitigation scheduling. Most experts agree that risk management software is an indispensable tool in today’s business environment. One of the outstanding features of using this technology is the ability to forecast the longterm outcome of decisions before they’re made. This applies to product development, as well. Imagine eliminating virtually all natural risk and being offered solutions to avert crises ranging from a drop in sales to data breaches or noncompliance to regulatory statutes.
Obviously then, risk tracker project management is widely regarded as one of the best ways to reduce company costs. Of course, a company may not need this type of technology every day. But having the security that this technology provides is tantamount to the reassurance a company has knowing that its insurance is ready and waiting if needed.
The professional team at eMaxx knows how to track risk management. They have been working with clients nationwide for more than 20 years, meeting organizational needs with outstanding tech tools such as award-winning databases that track audits, warranty activity, phone calls, onsite visits, hours of work, billable hours and additional safety requirements. They also offer an online platform that provides the ability to review specific claims, including adjuster notes. Refining this type of risk management activity is especially important in niche markets, such as transportation, towing, utilities, recycling construction and crane & rigging—where safety and loss prevention are hot areas.
Telematic programs are also skyrocketing in need and popularity, especially among fleet managers, who benefit from sensors and other equipment that can monitor driver behavior. This information, which sometimes includes video of drivers, goes a long way to improving safety measures. It can also be a powerful legal tool in establishing or defending liability in a claim. On a practical basis, this data can be used to help monitor and improve fuel efficiency, which ultimately can help schedule tune-ups more efficiently.
Don’t wait to track risk management. The investment will yield lasting benefits for your organization’s financial, operational, strategic and compliance needs. Contact eMaxx to learn more.