Risk is everywhere. Manage it.
As a construction Owner, no matter your company’s size, you are constantly taking risks. It’s part of the industry. However, there are some risks that you can’t gamble on. That’s why having a good risk management plan can minimize your overall exposures.
Understanding Risk
In order to create a risk management plan, it’s important to understand your company’s risk exposures. When you work with TSIB, we help you achieve this with our 5-step risk management process.
We start with performing a comprehensive Risk Assessment that identifies your risk exposures. These risk exposures can be either internal or external.
Internal Risks
Business Risk, or Operational Risk, are internal risks that affect the operations of your company. These would be HR/Labor relations, contractual risk, employee health & welfare, administration risk, succession planning, information technology, management oversight, and key personnel.
External Risks
Strategic Risks are external risks that affect the overall strategy of your company. Examples of Strategic Risk are regulation changes, legislation & political risk, human capital, competition/market share, emerging risks, and reputational risks.
Financial risk is another External Risk. These focus on the availability of credit, cash flow, fraud, pricing risks, and bonding capacity.
Hazard risks are liability, bodily injury, property damage, and environmental concerns for your company. This type of risk includes work-related injuries, property damage, pollution events, litigation/legal risk, theft, damage to tools & equipment, warranty issues, construction defects, car accidents, data breaches, and weather conditions.
Once each risk has been analyzed, we work with you to determine which risk management strategy would be best in addressing each risk:
- Avoidance
- Mitigate
- Transfer
- Financial
- Assumption
Utilizing these methods, we are able to create a formal risk management plan that addresses each of your exposures.
Benefits of Risk Management
Having a good risk management plan is extremely important as it prepares your company for the unexpected and reduces your overall business liability.
At TSIB, our goal is to help de-risk your business and provide the plan to help you achieve that. Speak with one of TSIB’s Risk Consultants today and receive a free risk assessment.
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