Last month Mark and I had the pleasure of presenting at the Lean Accounting and Management Summit in Jacksonville. Our topic, "Lean Risk Management. Improving Risk. Eliminating Waste." was well received. We discussed how companies can improve their risk management function by implementing Lean principles. It's all part of a continuous improvement process:
As we discussed at the Summit, we encourage companies, as part of the Lean Risk Management process, to: (1) adopt standard work; (2) collapse the silos within the company where the risk management function is handled - legal and financial; (3) create value streams to improve efficiencies; (4) continuously assess the risks (what could go wrong) in the company and prioritize them; (5) implement strategies to deal with the risks; (6) monitor the process to ensure that implemented strategies were effective; and (7) establish a process for managing and documenting claims, insurance policies, corporate history and other key information and documents in the company.
Lean Risk Management is a great way for companies to systematically improve. It's more than insurance. It's a better way to do business.
Lean Risk Management is a great way for companies to systematically improve. It's more than insurance. It's a better way to do business.
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