Your Risk Analysis and Mitigation Calendar

For some time I have been considering the idea of a calendar of risk mitigation actions businesses should follow. The table below outlines a schedule of activities based on a "risk management year" based on the expiration date of the organization's insurance policies.

Month 1
-Your insurance renews
-Review binders
-Review auto id cards
-Review list of needed certificates

Month 2
-Review renewal policies for accuracy when delivered by agent
-Inspection looking for hazards, equipment, and safety issues

Month 3
-Test computer backup system
-Update contact info sheets - employees, customers, suppliers

Month 4
-Review / update disaster plan
-Inspection looking for hazards, equipment, and safety issues

Month 5
-Review open w/c losses - reserves adjusted for experience mod calculation
-Meet with agent - review coverage, losses, and future plans

Month 6
-Test computer backup system
-Review loses for trends and problems
-Inspection looking for hazards, equipment, and safety issues
-Update contact info sheets - employees, customers, suppliers

Month 7
-Review and update employment forms, procedures, and handbooks
-Audit files of new hires - handbook documentation? -Computer/ergonomic, harassment, and other training documentation?

Month 8
-Meet with agent to strategize renewal
-Decide whether a bid process is needed
-Inspection looking for hazards, equipment, and safety issues
-Risk Identification - Review a comprehensive listing of risk exposures to identify areas of need.

Month 9
-Review experience mod calculation from NCCI
-Test computer backup system
-If bidding, meet and select competing agents - provide info
Update contact info sheets - employees, customers, suppliers

Month 10
-Review / update disaster plan
-If not bidding renewal, review coverage limits with agent
-Manager training on employment law issues
-Walk through inspection looking for hazards, equipment, and safety issues

Month 11
-If bidding, obtain feedback from participating agents
-Review safety policies and audit compliance
-Review vendor relationships - their viability, sustainability, replacement relationships

Month 12
-If bidding, analyze bids
-Decide on renewal policy - agent, insurer, limits, and coverages
-Determine payment plan that best meets your cash-flow needs
-Test computer backup system
-Walk through inspection looking for hazards, equipment, and safety issues
-Update contact info sheets - employees, customers, suppliers

The key to exceptional performance is a system of "best practices." The above provides a framework for actions to manage risk in your operation. Who oversees this process for you?