Risk management is more important than ever in the year that changed everything. Offices went dark, workforces went remote, digital technologies accelerated, and there were no bad ideas – only ones that couldn’t account for the unpredictable. Now that this train of uncertainty has pulled into a way station, it’s time to take stock of our journey so far.
As we survey the unfamiliar paths ahead of us, we may sense danger and opportunity around every corner. In this new frontier, risk management is imperative, and having high-quality information is crucial.
With that in mind, we’ve created a brand-new solution, Work.com. Work.com has all the information, platforms, and resources necessary for C-suite leaders to make informed decisions about risk management before safely reopening their workplace.
Before we get started, let’s review what risk management means and why it’s so important in the New Normal.
What is risk management and why is it important?
Simply put, risk management is the process of identifying and mitigating risk, which is especially important in the New Normal. An effective risk management strategy enables businesses to plan for and avoid potential hazards, or at least minimise their impact.
Risk management also allows organisations to be more confident in their decision-making since assessing risk helps businesses navigate around pitfalls and stay on track. More and more companies have added risk management departments in recent years, and the post-pandemic climate will only further accelerate the adoption of risk management tools.
How to manage risk in the New Normal
Building resilience and mitigating risk are critical in the current climate. Considering the future of work involves making informed decisions about safety, legal liabilities, and potential threats to both capital and employees.
The key to risk management is anticipation, and the keys to anticipating challenges are technology, information, and data. In a new world defined by digital transformation, analytics, and burgeoning AI, trying to successfully manage risk with analogue tools is no longer an option. Work.com not only offers actionable insights and suggestions from business leaders around the globe, but it’s also a one-stop shop for some of the best new digital solutions available.
The Workplace Command Centre is a centralised platform that enables business leaders and risk managers to monitor employee wellness, safety, and workplace preparedness data in one place. Work.com also features Employee Wellness tools that gather data and track wellness trends. It also has Shift Management tools to avoid employee congestion, conduct a skills gap analysis, and up-skill your workforce to overcome new challenges.
If you’re planning to reopen your business, health and safety must come first. This is why we created Work.com. It enables you to better manage risk, get the most out of your workforce, and prepare for a brighter tomorrow.
What are 4 ways to manage risk?
As lockdown measures lift and workplaces reopen, we can expect unprecedented regulation and compliance concerns. Let’s review four ways businesses can manage risk and ensure the safety of their employees:
The best ways to manage risk in the New Normal
- Perform a routine risk assessment to make sure your organisation is complying with any new regulations and safety procedures. Not all risk management strategies will revolve around employee well-being, but this is a good place to start.
- Implement new technologies to safeguard the workforce. Work.com offers manual contact-tracing functionality that respects the user’s privacy and a program that enables organisations to avoid high-congestion areas when scheduling.
- Listen to employee concerns then brainstorm ways to address their apprehensions. We’re in unusual times and there’s no playbook to turn to, so gathering information from employees – and acting on it – is important.
- Analyse the biggest risks in the new climate that might affect how your business functions. From supply chains to cyber-security, it’s important to assess every process and prepare to mitigate potential risks.
Risk management in the New Normal and beyond
Reopening business after COVID-19 means adapting to a new world of social distancing measures, increased self-service options, contact tracing, and mandatory health and safety protocols. There’s little doubt that business will be done in new ways, and organisations will have to evolve to reach their potential. Mitigating risk at the outset allows organisations to focus on other areas of their business.
It’s important to prepare for whatever challenges lie ahead, but no one knows where the next leg of our journey will take us. Cartographers in the 18th century would have labelled our current position as ‘There Be Dragons’ and left it at that. However, risk managers must pick up their sword and shield and explore the possibilities of the New Normal, the Next Normal, and beyond.
Scenario planning to successfully manage risk
Scenario planning is a must in the New Normal. Detailed plans for various contingencies will enable organisations to quickly pivot challenges, overcome adversity, and deliver on customer expectations. If there’s anything that the last few months have shown us, it’s that planning for every curveball life throws at us is difficult. But with a dedicated risk management strategy and Work.com, mitigating risk is a lot easier.
To find all the tools and resources needed to build a successful risk management strategy and safely reopen your business, visit Work.com today.
