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 and risk management, an employer should be able to recognize all risks, both good and bad. Then, the employer must evaluate how likely these risks will come to fruition and how they may affect the workplace. The employer must also decide what can and should be done to mitigate or cultivate those risks.
According to FEMA, almost 40 percent of workplaces that 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 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. An employer that is practicing good business risk management will make sure that it is insured in all the areas that might realistically apply.
Trends: Among the many concerns that employers should take into account when performing a risk assessment is the likelihood of violence in the workplace. An employer may want to provide its employees with training in the event of an active shooter.
Author: Melissa Gonzalez Boyce, JD, Legal Editor
Updated to include forthcoming amendments to the Arkansas Medical Marijuana Amendment of 2016.
Updated to reflect forthcoming law addressing data breach notification requirements.
Updated to reflect an employee's ability to carry and store a firearm in his or her vehicle, effective March 21, 2017.
In the event of an emergency, it is critical that employees are aware of how the situation affects them, their office and their workday. An employer may use this policy to advise employees on the communication channels available, which may include remote access to the employer's network and a local telephone number with an updated recorded message on the status of the emergency.
It is important for employees to know ahead of time what to do in order to keep themselves and others safe in the event of an active shooter event. XpertHR rounds up resources to help an employer prepare its workplace and its workforce for such an incident.
Illinois-based health care network Presence Health has agreed to pay the federal government $475,000 to settle claims that it failed to provide notification about a breach of protected health information (PHI) within 60 days of discovering the breach, as the Health Insurance Portability and Accountability Act (HIPAA) requires.
HR and legal considerations when creating and implementing risk management plans. Advice on eliminating bad risks and optimizing good risks.