“An ounce of prevention is worth a pound of cure.” This old-fashioned quote has never been more relevant than in the past few years. Society experienced a traumatic upheaval because of the pandemic and social unrest. The overall effects were devastating, and many businesses were rocked to their core. Preventing future chaos suddenly became a priority for leaders across the world. The corporate world was not immune, as companies began to acknowledge many potential threats they may have previously dismissed. Suddenly, the idea of risk management solutions was an urgent topic.
What are the major risks that today’s companies are combatting? Forbes recently listed the top 10: data breaches, climate change, mass resignation, lack of talent, pandemic repercussions, lack of inventory, burnout, inflation, financial crises and failure to innovate. Of course, no sole company experiences all of these threats, nor does one threat apply to every company. Size and scope of work typically affect the dangers a business uniquely faces. Regardless, risks almost always lead to corporate crises, which is why savvy business leaders invest in the best risk management strategies.
For the past 20+ years, eMaxx has been providing commercial risk management services for clients nationwide. By empowering their clients with technology and innovative safety and loss prevention tools, the eMaxx team puts decision-making in the hands of the company. From transportation to construction, energy, utilities, waste and recycling and crane & rigging, eMaxx serves niche markets and meets them where their needs are greatest, for example: combatting unique threats to drivers, foreseeing problems with large equipment or assessing environmental hazards. Operational risk management tools include telematics, online safety learning tools, interactive training, weather alerts, dashcams, analytics and cloud-based software.
This cutting-edge use of third-party data and analytics ensures that each client’s program is tailored to its needs and maximizes efficiency and profit while mitigating risk. eMaxx understands the nuances of model risk management. It uses big data and processes the input into quantitative estimates. The strategy is a safety net of sorts in that it employs tools that can identify, measure and mitigate actual model errors. A subset of operational risk, model risk can be dramatically lessened with independent review and tech-enabled testing methods.
In an ever-changing business atmosphere and with technology advancing faster than many business owners can digest, it is reassuring to know that a commercial insurance company understands the importance of risk management to avoid potential crises. eMaxx is a leader in the field of risk management + technology programs that lower costs and empower companies. Learn more about how to innovate your business. Contact eMaxx today.