Overview: Not all risks are bad. For example, buying another company has many inherent risks, but the reward might be worth the risk. When it comes to risk analysis, risk management plans should be able to recognize all risks, both good and bad. Then, the next step in the risk assessment process should be to decide how likely the event will be to affect the workplace and decide what should be done to mitigate or cultivate those risks, formulating the plan in a risk management policy.
According to FEMA, almost 40 percent of workplaces that have to close because of an emergency never open again, with 25 percent of the rest closing within a year. To counteract this, employers should have a business continuity and risk management plan to ensure that important business functions, such as payroll, are able to continuously be run even when the building itself is closed. To keep employees safe, employers should also have specific emergency plans for any workplace disaster, whether manmade or natural, that has a realistic possibility of happening in the workplace.
There are numerous types of insurance to benefit businesses, from ransom insurance to general liability insurance, and an employer who is practicing good business risk management will also make sure that they are insured in all the areas that might realistically affect them.
Trends: Among the many concerns that employers should take into account when performing a risk assessment is the likelihood of violence in the workplace, and within this topic fall gun laws. Knowing state gun laws, including a recent increase in laws allowing employees to keep guns in their locked cars even on employer property, and planning accordingly will help protect the workplace from shootings.
Author: Ashley Shaw, JD, Legal Editor
Illinois employers wishing to limit or prohibit weapons in the workplace should consider including this model policy statement in their handbook.
As mandated by the Illinois State Police, employers covered by the Illinois Firearm Concealed Carry Act must post the Illinois Firearm Concealed Carry Act Notice Poster.
Minnesota employers wishing to limit or prohibit weapons in the workplace should consider including this model policy statement in their handbook.
Connecticut employers that engage in electronic surveillance to monitor activity in the workplace and seek to inform employees that they may be subject to electronic monitoring should consider including this model policy statement in their handbook.
Connecticut employees seeking to demonstrate compliance with the Connecticut law that requires any business that collects Social Security Numbers to create a privacy protection policy that is published or publicly displayed should consider including this model policy statement in their handbook.
Anthem Inc., the second largest health insurance company in the nation, was recently breached by hackers who gained access to the unencrypted personal information of nearly 80 million members and nonmembers, including the company's president/CEO and employees.
In-depth review of the spectrum of Alabama employment law requirements HR must follow with respect to workers' compensation.
In-depth review of the spectrum of Arizona employment law requirements HR must follow with respect to workers' compensation.
In-depth review of the spectrum of Arkansas employment law requirements HR must follow with respect to workers' compensation.
In-depth review of the spectrum of Ohio employment law requirements HR must follow in respect to workers' compensation.
HR and legal considerations when creating and implementing risk management plans. Advice on eliminating bad risks and optimizing good risks.