Importance of risk management training
Aside from various legal imperatives that mandate certain forms of risk management training, the most obvious benefit of risk management training is in achieving improved risk management practices, says Marsh Risk Consulting. This has the added value of a reduction of losses and associated downtime, improving the risk profile of the company and providing improved options in terms of risk financing and transfers.
“More often than not, risk management training also goes hand in hand with improved efficiency because of the emphasis placed on best work methods and procedures. There is usually also an increase in productivity – the quality of work produced is better and less time is spent on resolving mistakes,” says the company.
A secondary effect may also be the protection of family members, employers, customers, suppliers, communities and members of the public that might be impacted by the workplace environment. “Some companies which have long-standing training programmes find that communities around them become more mindful and risk aware – a ripple effect that benefits society as a whole.”
Clearly, risk management training is also beneficial to workplace attitudes, not just because it encourages healthy behaviour in the workplace or because it makes everyone aware of their accountability; but also because it shows managerial and business commitment to staff welfare and high performance standards. This may even have an effect on staff turnover, as staff who see their employers investing in them are statistically less likely to look elsewhere.
Marsh combines a broad variety of risk expertise – such as SHEQ Training, Asset Valuation, Business Continuity Planning, Risk Assessments, Fire Protection System Design, Environmental Risk Management and COID Administration – to produce this sort of positive results for its clients.