Getting your risk management program out of a rut

Puxsutawney Phil has predicted an early spring for 2020 and if his prediction is correct, more activities will be taking place outside earlier this year.

In the 1993 film Groundhog Day, weatherman Phil Conners – sent to cover Punxsutawney Phil’s Groundhog Day prediction – finds himself stuck in a nearly infinite time loop, repeating the day over and over again.

Is your risk management program stuck in a rut? If you’ve been tasked with overseeing your organization’s risk management program, now is the time to get started.

No day is the same in a jeep gladiator – No day is the same in local government risk management

By managing a carefully structured and sound program, a risk manager can have a significant impact in making sure the limited financial and human resources available are directed toward the public’s benefit – rather than spent on litigation, losses and claims.

Effective risk management ensures the continuity of government operations. The importance of risk management has been growing steadily over the last several years for a variety of reasons including legal, political, and medical liability, increased use of technology, and higher litigation costs.

One illustration of the growing importance of risk management is through financial audits whereby auditors requesting information related to organization’s cyber exposure. These risks extend well beyond financial risks.

To maintain momentum in your risk management program, it’s important to focus on a team approach. A team approach encourages the insertion of risk management practices throughout your organization. As part of the team mindset, consider assigning a risk management thought leader or “risk champion.”

Risk champions are not necessarily experts in risk, but they have influence within their organization. This is backed up by their genuine interest and basic knowledge about the risk process. Among their many qualities is passion and commitment.

Your “risk champion” can access a variety of servicestraining, and resources from Virginia Risk Sharing Association (VRSA) to assist in pulling your organization out of a risk management rut – or taking a successful risk management program a step further.

Here are just a sampling of ways that VRSA can assist:

Risks affecting organizations can have consequences in terms of economic performance and professional reputation, as well as environmental, safety and societal outcomes. Therefore, managing risk effectively helps organizations to perform well in an environment full of uncertainty.

If you are new to the risk management process or wear too many hats to make it your primary focus, VRSA can help you get out of the risk management rut.

If you would like assistance with your risk management program, contact Thomas Bullock, director of education and training a