The Dos and Don'ts of Managing Risk in 2024
Did your organization make a New Year’s resolution to ramp up its risk management program (We hope so)? The Fund is here to support you. Use this list of dos and don’ts to proactively control the costs associated with workplace injuries, data breaches, property damage, and other incidents.
Demonstrate Leadership Commitment
Successful risk management programs start at the top of the org chart. If employees believe leaders unconditionally support the program, they are more likely to buy in:
- Do make sure leaders understand that incidents carry direct and indirect costs. Direct costs are the benefits paid by your coverage provider. Indirect costs such as regulatory fines, lost productivity, and hiring/training temporary employees come out of your budget.
- Don’t settle for lip service. Authorizing monetary and human capital investments in the risk management program is just part of the job. Leaders must set the tone by following the same best practices they expect employees to follow, attending training sessions, responding to employee concerns, celebrating success, and promoting open communication.
Manage Workplace Accidents
Every educational entity is unique, but at least one principle applies across our sector: Experienced, dedicated employees are more valuable on the job than sitting home recovering from workplace injuries:
- Do implement an accident prevention plan. If time and resources are limited, start with accident investigations to uncover and correct the root causes of on-the-job injuries.
- Don't miss the opportunity to cash in on a return-to-work (RTW) program when accidents do happen. RTW empowers employers to promote healing, control claim costs, and boost productivity.
Take Cybercrime Seriously
In a 2021 survey by global cybersecurity company Kaspersky, parents cited the compromise of their children’s sensitive data as their biggest concern (43%). Just 11% of parents are worried about the impact that beefing up security will have on taxpayers:
- Do make sure your schools follow these four tips for a stronger cybersecurity program at minimum.
- Don't hold your IT team exclusively responsible for cybersecurity. In a strong cybersecurity culture, everyone does their part to protect sensitive data.
Protect Against Cold-Weather Claims
Winter doesn't retreat when the bell beckons staff and students back from holiday break. Frigid temperatures can wreak havoc on your facilities and derail your plans for a smooth return to school:
- Do keep indoor temperatures at 50 degrees or higher to protect against burst pipes and costly flooding.
- Don't let your guard down. We’re only a few months removed from the second-hottest summer on record. Now, the Farmer’s Almanac forecasts a potentially severe winter, with a major storm in mid-January.
Train Your Team
Well trained employees are your strongest defense against risk. Fund training services give your team the tools they need to do their jobs safely and compliantly:
- Do take advantage of in-person and hybrid training delivered by our risk solutions consultants, as well as on-demand training when it fits your schedule.
- Don't treat training as a one-and-done endeavor. Keep best practices top of mind by training employees year-round.
Let’s Collaborate in 2024
The Fund and its members are stronger when we work together to manage risk, and our team will be here to support you in 2024 and beyond. Let us help you spend less time on coverage issues and more time delivering a quality education to Texans.
Editor's note: This article was originally published in January 2020 and has been updated for accuracy and comprehensiveness.
Risk Solutions Staff
The TASB risk solutions team includes risk solutions consultants and communications professionals who deliver training, consultations, articles, and resources that help Fund members control losses and their associated costs.