Who Benefits Most From Workplace Safety Regulations?

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StrategyDriven Risk Management Article | Who Benefits Most From Workplace Safety Regulations?There were nearly 3 million workplace injuries and illnesses reported in 2018. Workplace safety has never been more important.

But who benefits most from workplace safety regulations? Although they’re implemented to keep employees safe, they offer major benefits for employers too. Additionally, these regulations play a crucial role in the broader context of workers’ compensation, ensuring that employees are supported if they suffer from work-related injuries.

But are they as comprehensive enough?

Keep reading to learn more about which workplace safety regulations matter most and who they protect.

How Workplace Safety Regulations Benefit Employers

Safety regulations are created by government agencies to ensure that organizations meet minimum safety requirements to reduce risk on the job. By creating workplace safety regulations, employers protect themselves from penalties for noncompliance.

Although you should go above and beyond when it comes to protecting your staff, you’re only required to meet the minimum standards.

These safety regulations also provide guidelines for creating your own policies and best practices. You can also reference these regulations to identify holes in your current plan.

It’s important to keep in mind that some safety issues, such as worker fatigue, aren’t often addressed in workplace regulations. There’s no concrete way to measure employee fatigue, which can put that employee, other staff members, and your business at risk.

All you can do to prevent worker fatigue is to educate your staff on managing risk fatigue and offer time off, breaks, and other support and resources.

It’s your legal obligation to create a safe, healthy work environment for employees. Failing to do could result in major financial and legal trouble.

How Workplace Safety Regulations Benefit Staff Members

Workplace safety regulations protect employers from incurring penalties and fines. For employees, the benefits are more personal.

Having safety regulations in place means you’re receiving at least a minimum level of protection against workplace hazards and dangers. Regulations ensure that your health and wellbeing are valued. You can also fall back on these regulations if your employer is treating you unfairly or you’re working under unauthorized conditions.

Employees shouldn’t rely too heavily on the regulations that are put in place. Just because an organization is compliant with the standards doesn’t mean there are zero risks. Avoid getting complacent in your role.

This could lead to a serious accident or injury. If you’ve already incurred a work-related injury, the doctors at https://workerscompdoctor.com/ can help evaluate your condition and explain your rights.

Holes in the Plan

One of the biggest problems with workplace safety regulations is that they’re sometimes unrealistic and only cover the basic needs of staff. Most people agree that the scenarios outlined in the regulations don’t accurately depict day-to-day working conditions. Some of the information and standards may not even apply to your position.

Most regulations leave a lot to be desired. Just because an organization is compliant, doesn’t necessarily mean it’s safe.

Some people argue that the answer to who benefits most from workplace safety regulations is the government agencies who hand them down. The regulations are often vague and created in a more generalized manner, leaving gaps in the specific needs of both employees and employers.

The Answer to Who Benefits Most from Workplace Safety Regulations Might Not Be Who You Think

You might think that the answer to who benefits most from workplace safety regulations is the employees. While these guidelines do protect their basic safety, they don’t address everything.

Companies should use these workplace regulations as guidelines for creating more comprehensive and industry-specific safety practices. Workplace safety is a major concern for both leaders and workers and shouldn’t be taken lightly.

Want more tips on boosting your job performance? Check out our blog for tips, videos, and advice on succeeding in business.

Stay Secure: How to Do an IT Risk Assessment

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StrategyDriven Risk Management Article |IT Risk Assessment|Stay Secure: How to Do an IT Risk AssessmentThere is no question that IT security is a high priority for businesses and government organizations around the world. It seems like there’s a new major story of a security breach every day.

Universities and even the U.S. Coast Guard were attacked with ransomware. You may think that your business is small so it won’t be targeted. Every organization that has a network connection is at risk of an attack.

The best way to prevent an attack is to perform an IT risk assessment. Read on to learn what a risk assessment is and how you can perform one to improve your security.

What is a Risk Assessment?

Your first question is likely to be “What is a security risk assessment?” It’s an in-depth process where you analyze your entire network and databases to determine where your systems are the most vulnerable.

That allows you to prioritize your risks and take action to secure your systems. This is an important thing to do regularly because it can save your business.

A security attack or data breach can be incredibly costly to your business. You’ll experience downtime and lost productivity. Your business will also lose public trust, which can be very difficult to regain.

Your business may be exposed to class-action lawsuits. Those are very costly and could bankrupt your business.

How to Perform an IT Risk Assessment

You don’t want to wait until your systems experience an attack to strengthen the security of your network. An IT risk assessment is a preventative measure that can help you identify your most vulnerable areas and plug up the holes in your systems, policies, and procedures.

Here are the steps you should take to perform a thorough risk assessment.

Know Your Most Vulnerable Assets

Usually, when hackers attack your systems, they want a couple of things. They want to get your most sensitive data, and they want to make money from it.

Your first step is to identify the areas that are real threats that hackers could attack. For example, databases where you store payment information needs additional security.

Intellectual property, trade secrets, confidential documents with vendors, servers, and contact information all require a high level of security.

You want to ask yourself what types of data you collect, why you collect the data, and where the data is stored.

Review Current IT Policies

Most organizations have an IT policy that governs how internal networks and devices are used by employees.
Employees are often the biggest threat to businesses because they are targets of phishing attacks. They just need to click on the wrong email to bring your systems to a halt.

Another area that needs review is mobile device usage. Many employees are mobile and conduct business at client sites and coffee shops. You need to have a strict policy to protect these devices.

For example, a part of the policy could state that they cannot use a public WiFi connection to connect to your network. Instead, they have to use a VPN at all times.

What Would Happen If…

This step isn’t very fun, but it will help you figure out the worst-case scenario if you were to experience an attack.

Think through different situations, like what would happen if you got hit with a ransomware attack. What would the consequences and the costs be to your organization?

Other situations include data loss and compliance consequences. In some cases, a data breach could violate privacy laws and regulations. That could result in major fines for your organization.

Compliance Audit

As part of your audit, you need to make sure that your organization is in compliance with various privacy and data laws.

This will vary by industry, so you need to be aware of the laws and regulations that apply to you.

Prioritize the Threats

Your next step in the risk assessment is to prioritize the threats according to the cost to your business.
You want to have three levels of danger to your business – high risk, medium, and low risk.

For example, a denial of service attack would be detrimental to your business because it would bring down your servers. This would be a high-level threat.

A natural disaster could be a low-level threat if your building is far from a flood plain or is in an earthqueak-resistant building.

Create an Attack Strategy

You have to develop a plan of attack to shore up the security of your systems. This will help you take care of the most critical threats first and then tackle the low-level threats.

You should have a spreadsheet or document that outlines the threat, when it needs to be complete, and who is responsible. That will keep everyone accountable.

Educate Your Team

The one thing you can do to prevent security attacks is to educate your team. Not just the IT staff, but everyone who interacts with your networks. That could be vendors, customers, or employees.

The more they understand about IT security, the less risk they become to your business. That enables them to be on the lookout for threats and bring them to your attention.

Have a Response Plan

It also helps to have a response plan in place in case the worst does happen. Your response plan is meant to take quick action to minimize the damage.

Be Smart About IT Security

If there’s one major threat to your business, it’s your IT network. Hackers will try to get into your systems and steal data, which can be sold to the highest bidder.

The best way to prevent those attacks is to do an IT risk assessment. That is an in-depth overview of your systems and networks to identify the vulnerabilities and close them before it’s too late.

Do you want more great tech content? Come back to this site again for more great articles.

5 Benefits of Blockchain Technology for Businesses

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StrategyDriven Risk Management Article | 5 Benefits of Blockchain Technology for Businesses

Many people are using the world blockchain these days. So much so that the phrase has become a buzzword. Currently, ASX blockchain companies are providing these services to users.

Finance and business executives often joke that the word blockchain placed at the end of the company name is enough to increase the share price of any entity at least twofold.

Jokes apart, it is a fact that more than 50% of companies are using – or planning to use – the blockchain technology, which gives a boost to the relatively nascent market.

Before we discuss its business benefits, we should first find out what blockchain really means, and what value it has to offer.

Blockchain Technology Defined

Blockchain technology is simply defined as a list of records known as blocks linked through cryptography. Each block contains transaction data and a time stamp.

It was first introduced for circumventing the traditional banks and financial institutions and satisfy their fears regarding unregulated money, making its way into the mainstream.

Blockchain technology authenticates and enforces financial transactions. Every aspect of the transaction, from creation to settlement, is carried out in real-time.

Businesses can use this technology for making and receiving payments, store data on clouds, or executing agreements.

In the article below, we will discuss some benefits of blockchain technology for businesses.

1. Money Transfer and Payments

This is perhaps the most widely known use of blockchain. With the help of this technology, businesses can carry out payments and transfers. Blockchain offers a secure and safe transfer of money anywhere in the world with a very low fee.

There are no intermediaries involved in blockchain transactions which usually charge high commissions, and also cause slowdowns in the process.

A business that has clients or employees in different parts of the world can carry out instant crypto-currency transfer in a cost-effective manner.

There are some organizations, including Abra and Bitage, who are spearheading the blockchain money transfer phenomenon.

2. Supply Chain Management

Most people in business abhor paperwork. They think that it stalls their speed and decreases their efficiency. When the matter is urgent, paperwork becomes a burden.

For businesses that are involved in supply chain management, logistics, or shipping, blockchain allows opportunities to bypass delays created due to excessive paperwork, and track all the shipments in real-time.

3. Transparency of transactions

Blockchain technology has allowed transaction histories to be more transparent. The reason is that it is a distributed ledger.

The same documentation is shared with all the participants involved in the transaction. There are no separate copies for each user.

Every participant in the transaction must agree on the documents, which will not become valid until there is a consensus. If a single change is needed in any document, it will mean changing all the existing and subsequent records after obtaining confirmation from all participants.

This system of affirmations and confirmations maintains the accuracy and transparency of the data. This also means that the data on the blockchain is more accurate than similar data shared through papers.

Blockchain can be understood with the help of Google Docs. There is a document that is available to many people who can make changes and save them. The same document is available to every user. However, there is just one difference. No single user can delete previous entries made in the document. They can only make additions.

4. Safety and Security

Blockchain technology is way more secure than the traditional systems of record keeping. First of all, every transaction must be agreed and affirmed by all participants before it is properly recorded.

Secondly, once approval is received from all participants, the transaction is encrypted, and then connected with the preceding transactions.

Thirdly, the information encrypted through this process is not stored in a single computer. Rather, it makes its way into a network of computers belonging to participants involved in these transactions. The availability of the same data on many computers across different geographical locations renders it impossible for hackers to attack all of them simultaneously.

The sanctity and security of data are imperative to every organization, whether it is healthcare services, banks, financial institutions, or government entities. Blockchain technology offers a novel way of sharing information without the fear that it will be compromised in any way. The risk of unauthorized access or activity or willful fraud is almost non-existent through blockchain.

5. Better management of inventory

Blockchain technology offers a complete and concise record of every monetary transaction that takes place in your business.

It also offers the opportunity to connect with every other part that you are dealing with, whether it is your supplier, clients, warehouse, or a retailer.

Everyone who is part of the network has the same data available to them. Since the information is similar to everyone, there is little room for confusion regarding the transactions that took place at each end. This leads to much better management of inventory as compared to the traditional method where every participant has their own set of documents that are reconciled with the rest at the end of any given period.

It will be useful to note here that the world’s largest shipping company, Maersk, is currently using blockchain technology for handling its workflows. The company started using blockchain after it found out that a simple shipment involved hundreds of interactions between different people across the globe, hindering speed and efficiency.

With the help of blockchain, the company is able to keep and process that data of its thousands of containers scattered all over the globe with ease and efficiency.

The Final Word

Initially, blockchain was envisaged as a technology that would support the Bitcoin. However, as time passed, experts suggested that it may have many more advantages. Currently, it is being discussed that blockchain may fundamentally alter the internet itself.

Gradually, with time, blockchain tore the boundaries of money-related transactions and became a distributed ledger phenomenon.

Presently, the demand for blockchain in businesses has been increasing exponentially. The demand for blockchain is expected to shoot up by more than 75% by 2022.

 

Why It’s Important To Install Security Alarms for Companies

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StrategyDriven Risk Management Article |Security Alarms|Why It's Important To Install Security Alarms for CompaniesManaging a company is an arduous task. From prospecting, working with clients, to leading financial aspects of the business, it seems like the challenges are never-ending.

As a business owner, you must ensure that you are doing everything right for the company to run smoothly. The problem is that most business owners become too engulfed by the issues of the company that they forget to work on another equally-important element – the security of the company.

A security system like security alarms is something that every company should have not only to prevent robberies and thefts but also to save money and time. Of course, the last thing you would want is for your company to end up in jeopardy.

Installation of security alarms is already a widespread practice among homeowners, and it would also be a profitable investment for businesses.

If you still have doubts about reaching out to an alarm monitoring company and unsure if it is going to be beneficial to your business, take a look at the following reasons why it is essential to install security alarms for companies.

It Protects Your Company Building From Fire.

Security alarms are not only all about preventing illegal intrusions and theft. This system can also be an added layer of protection against fire. Modern security alarms now have early warning features to alert business owners about potential fire outbreaks.

A dedicated team of professionals monitors the security system to ensure that the right people in the company will immediately know about sources of heat and smoke. Heat and smoke detectors have become a popular element of a fire prevention technique.

A security alarm system will also notify the authorities so that they can respond to a building fire in no time. Prompt response from the authorities is essential since time is the most significant factor in any emergency. Immediate action from the monitoring team, the company, and the authorities could identify the difference between the safety of the company employees and the destruction of the building.

StrategyDriven Risk Management Article |Security Alarms|Why It's Important To Install Security Alarms for CompaniesIt Receives Real-Time Updates About The Company Security Situation.

Due to the continuous development of technology, business security has never been more affordable, sensitive, and specific. Modern security alarms can now send updates to business owners through their mobile phones, enabling them to keep an eye on the security situation of their business at the comfort of their homes.

Real-time updates also mean peace of mind for business owners, even if they are away on a trip for a business meeting or extended vacations.

A multifaceted security alarm system now has complex coding systems and varying access levels, enabling business owners to secure private business information. These features take away the worry about external or internal burglary from the business owner. It’s because they are working with experts to ensure extra protection and safety of their company.

It Keeps Your Valuable Company Assets Safe.

Investing in a security alarm system for a few hundred dollars will save you lots of money in the long run. A security system deters thieves from breaking into your company building just by the thought that you have a security alarm in place.

Having security guards is not enough since thieves have become more sophisticated these days in terms of their methods for breaking into a building, and they can get past the guards quickly. Not to mention the fact that thieves have also improved their weaponry and can take down a small security force, like a piece of cake.

With a security alarm installed in your company, the relevant authorities get notified, and police can immediately help out in neutralizing the thieves. This is why company owners, as well as those who maintain commercial buildings for rent as their business, should get a security alarm system installed as soon as possible.

It Prevents Unethical Employees From Stealing Company Cash.

Have you ever wondered why your company is suffering despite hitting your target sales each month? If so, then you can assume that an internal burglary is happening in your business, and someone from your employees is the culprit.

You can prevent this kind of scenario in your company with the help of a security alarm. The security system enables you to monitor the behavior and activities of your employees. It makes sure that they are not taking out money from the company illegally.

It Lets You Focus More On Running Your Business.

While the security of your company is essential, you cannot afford to spend all your time worrying about it and forget about the other things that matter in your business.

Having a security alarm system installed in your company building gives you the peace of mind knowing that your business is protected and safe. This way, you can focus more on what you do best – running, and growing your business.

Conclusion

A security alarm system is a necessity for companies nowadays, and there is no doubt about it. It is one of the best decisions a business owner can make in the face of a rising rate of crimes related to robbery and burglary. A security alarm is one of the security priorities for the growth of your business.

Environmental Impact

Though the above steps are useful in moving towards an eco-friendly future, it’s important that you always consider the environmental impact of any work that you carry out. For example, if you were planning on constructing more commercial buildings – your focus should not only be on obtaining land but instead should focus on obtaining the right kind of land. For example, you may need to carry out ecological surveys ahead of time if the construction of your next commercial property could interfere with animals or wildlife. This is due to the fact that many animals, such as bats, are classified as a protected species – meaning certain steps must be taken ahead of time to maximize their safety.

Therefore, it is within your best interest to work with companies that provide bat surveys for professional ecologists, as this means they can perform routine surveys to figure out whether any bats are living in the area in which you intend to build upon. Working with these companies means that you can continue with your construction without damaging animal life – thus clearly demonstrating your commitment to a greener planet.

How to Manage Risk with Captive Insurance Companies

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StrategyDriven Risk Management Article |captive insurance companies|How to Manage Risk with Captive Insurance CompaniesInsurance is a complicated, yet important, aspect of any company. It’s what lets companies behave confidently, assured that if they face damages as a result of taking poor risks, they’ll be able to cope. Yet, not all businesses can be covered by traditional insurance companies.

For them, there are captive insurance companies that cover businesses that traditional insurances find too risky. And captive insurance companies manage to do this in a simple, yet effective, way. The business owns the insurance company itself and relies on itself to cover any damage it may endure while operating.

Only large companies can afford to use captive insurance companies, since having one requires having enough money to dole out insurance. For the most part, captive insurance companies are a way to prove that you have the money to make risky plays. And that’s not all they can do for a company.

To learn how captive insurance companies helped large businesses, keep reading below!

Captive Insurance Companies Put You in Charge of Risk

No matter what kind of business you’re in, your company will have to take on a level of risk. Doing business requires that you behave in ways that can cost you more money than you make, and there needs to be some way to recoup your losses. Most of the time, traditional insurance helps you do this.

Yet, there are some kinds of companies that traditional insurance companies don’t cover. These are large companies in risky industries that insurance companies simply can’t afford to cover. Luckily, companies this large usually have enough cash on hand to invest in captive insurance.

When a company invests in a captive insurance company, it is free to behave however it wants. It doesn’t need to follow a policy created by a traditional insurance company. Instead, it creates its own policies and controls how much risk it can take on.

Ensure You’re Allowed to Use Captive Insurance

Not all industries can use captive insurance since they create the possibility to reduce the amount of oversight in companies. Captive insurance companies create the risk that wealthy business owners will create shady tax havens for themselves. They may store money in captive insurance companies to avoid having to pay tax on it.

Using one can land you in severe legal trouble, and you may need to spend more than you save using them. So, talk to a lawyer and make sure your captive insurance company is set up correctly. It helps avoid risk, and that’s what business is all about!

Captive Insurance May Not Be For Everyone

Captive insurance companies are complex businesses that don’t exist outside of larger corporations. When a company gets big enough, it can eventually use a captive insurance company to take on new kinds of risks. Yet, for average business owners, they may not be worth the cost.

Average business owners can keep reading our website instead, to learn how to make the best decisions for their company. We understand the kinds of risks you’re used to taking, and we’ll guide you through it no matter what!