Even with a perfect safety record, your business may still have unidentified risks in the workplace. And where there is risk, there is always potential for loss. Risk is an everyday challenge: new equipment, old equipment, new and seasoned employees, new products, new and out-dated processes, etc.

To reduce losses, your organization should shift your programs to managing, identifying and reducing risk. Don’t just act on past losses.Travelers Insurance has developed a 4-Step Risk Management Puzzle to help identify and reduce your risks before they become losses.

Travelers Risk Management Puzzle

Step 1: Know your risk.

• How do you know what might cause a loss?
• Analyze past losses and near misses.
• Identify the risks BEFORE they result in loss.
• Examine processes, policies and employee behaviors.
• Evaluate hazards and exposures.

Step 2: Plan your attack.

• A well-devised plan can reduce risk and prevent loss.
• Stay on target! Get commitment from your management team.
• Keep focused on the identified risk from Step 1.
• Prioritize your efforts.
• Identify solutions and resources.

Step 3: Implement your solutions.

• Execute programs and solutions across many categories.
• Include solutions that target buildings, equipment, the environment, employees, the public, customers and vendors.
• Communicate your plan and educate your employees.
• Use feedback and suggestions to continually improve.

Step 4: Measure your success.

• The road to safety success starts here! Implementing your program is just the beginning
• Do the solutions work?
• Do they reduce risk and mitigate loss?
• How would you know?
• Piece together what you've learned in steps 1, 2, and 3 to monitor, measure and make adjustments.
• Celebrate your safety successes.