Halloween is a time to watch scary movies, visit frightening haunted houses, and dress up as ghosts, witches, and zombies. As we prepared for this day of spooky things, we asked our team to share what they consider the scariest risks facing businesses today.
Every organization is different. What you consider the biggest risks will vary from industry, size, and region. While not all inclusive, here are 7 scary risks currently haunting many businesses:
- Workplace Violence – The threat of violence is a reality in the modern workplace. And the impact can be devastating. The first step towards prevention is creating a formal workplace violence program.
- Cyber Risks – Regardless of your business size, cyber security and privacy liability should be on your radar. Make sure your cyber risk management efforts include preventive measures and education about emerging risks including social engineering fraud and ransomware.
- Health Care: Rising Costs & Compliance – The rising cost of health care remains a significant risk for most organizations. Maneuvering the minutia of compliance regulations is more difficult and important than ever before.
- Attracting & Retaining Top Talent – Finding the right people, and keeping them, continues to be an issue. Whether it be finding skilled workers, engaging your workforce, retaining your talent, or succession planning – this is an important risk area to consider.
- Reputation Risk – With the continual rise in technology and social media, reputation risk management remains a top concern for businesses. How are you protecting your company’s brand?
- Disasters & Business Continuity – Most businesses are still unprepared for a disaster – be it severe weather, power outage, data loss, or other crises. Not only should you take action to prevent incidents, but also create a plan of how your organization will respond during and after disaster strikes.
- Employee Fatality - A work-related accident that results in an employee death is something no employer wants to encounter. Accidents are predictable, preventable, and unacceptable. To help protect your employees, focus on developing a safety culture in your workplace.
Our team didn’t stop at just 7 – they also suggested kidnap & ransom, a struggling economy, pandemic, crime, and supplier issues, among other frightening risks.
What risks keep you up at night? Talk with your advisor to ensure your risk management strategy addresses these concerns.
