5 Steps of Managing Risk

Posted by Great West

A female truck driver smiling in the front seat - Managing risk

All motor carriers share one thing in common: managing risk, a task that is key to profitability. Regardless of fleet size, every motor carrier strives to minimize the risks that can lead to financial losses. For those new to risk management, the concepts and techniques used may feel overwhelming, even confusing. That’s okay.
 
To help you ease into this world, review the graphic below; it demonstrates a five-step risk management process. Keep in mind, this example is not intended to be all-inclusive, and you may choose to expand your own process beyond five steps. This example is simply for educational purposes but spotlights a common risk all motor carriers face: rear-end crashes.

5-STEP-RM-PROCESS

CALL TO ACTION

  • Train managers and supervisors on the risk management process.

  • Assign personnel to identify risks affecting their departments.

  • Rank each risk and prioritize those needing immediate intervention.

  • Evaluate alternative risk management techniques such as engineering controls.

 

The information in this article is provided as a courtesy of Great West Casualty Company and is part of the Value-Driven® Company program. Value-Driven Company was created to help educate and inform insureds so they can make better decisions, build a culture that values safety, and manage risk more effectively. To see what additional resources Great West Casualty Company can provide for its insureds, please contact your safety representative, or click below to find an agent.

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© Great West Casualty Company 2022. The material in this publication is the property of Great West Casualty Company unless otherwise noted and may not be reproduced without its written consent by any person other than a current insured of Great West Casualty Company for business purposes. Insured should attribute use as follows: “© Great West Casualty Company 2022. Used with permission by Great West Casualty Company.”

This material is intended to be a broad overview of the subject matter and is provided for informational purposes only. Great West Casualty Company does not provide legal advice to its insureds, nor does it advise insureds on employment-related issues. Therefore, the subject matter is not intended to serve as legal or employment advice for any issue(s) that may arise in the operations of its insureds. Legal advice should always be sought from the insured’s legal counsel. Great West Casualty Company shall have neither liability nor responsibility to any person or entity with respect to any loss, action, or inaction alleged to be caused directly or indirectly as a result of the information contained herein.

Filed Under:

Risk Management

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