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Michael Saltzstein on Uniting Risk Management with Strategic Planning

Michael Saltzstein believes the ever-changing and ever-expanding needs of a business necessitate a thorough rethinking of the risk management process. A recent update to the COSO's enterprise risk management (ERM) framework offers new ideas on how companies can preserve their business's value, if not enhance it, by incorporating and examining risks from the strategy formulation stage.   This approach elevates ERM from an operational- and compliance-focused information-gathering and reporting model to a strategy-focused model that can add value to organizations. However, implementing the change is a challenge in and of itself, as organizations, particularly larger ones, are hesitant to redefine their existing ERM process without a precise cost/benefit analysis that demonstrates added value.   As Michael Saltzstein indicates, it’s important to address how risk management professionals can persuade decision-makers to incorporate risk management insights identified through
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Michael Saltzstein on Global Risk Management in Times of Conflict

Michael Saltzstein believes risk management is critical to both successful business practices and successful military operations during a time of conflict between nations. Although the danger is inherent in many military duties, planning for operational contingencies can reduce risks and save lives. Moreover, mitigating risk in a coalition environment is even more critical because the scenarios that planners must consider are complicated by various policies, equipment, training, and security procedures.   According to Forrester Research, Inc. analysts, the ramifications of the Russia-Ukraine friction are reverberating in global markets. Risk management leaders worldwide are already, or will soon be, dealing with the impact of the conflict and sanctions. AM Best reported that the industry's indirect exposure could be significant.   First Steps Toward Loss Prevention According to Michael Saltzstein, the first step for commercial policyholders with business units exposed to

Michael Saltzstein explains why crisis management is essential

Like other management professionals, Michael Saltzstein has seen how the COVID-19 pandemic has thrown global businesses into complete meltdown, causing significant economic upheavals. This, compared to anything else, is the best example of how crisis management is one of the essential aspects to have in any company’s contingency plans.   Crisis management coverage Crisis management extends not just to IT troubles or internal problems. The concept of crisis management includes external factors such as cyber-attacks, pandemics, and PR problems. In the same way that not having a backup of data can cause untold financial damage to a company, not having a contingency plan in case of a crisis can cause a business to shutter entirely. For Michael Saltzstein, any sudden or unexpected event that causes widespread unrest throughout an enterprise can be classified as a crisis. From here, management professionals must take action and find a way to bring solutions. This is best done by care

Michael Saltzstein Discusses HR’s Role in Stopping Harassment

  Workplace harassment is a serious concern for any HR team, and Michael Saltzstein has seen many HR departments place strict sanctions against it. Even a single major scandal could be catastrophic to a company ’ s image and completely goes against HR ’ s role in helping to protect employees. With more sexual harassment cases coming to light, coming from companies large and small, the social climate requires HR departments to take a more active role in identifying and halting such instances.   Standing Against Harassment HR departments must make a public, clear stance against it. This doesn ’ t just mean drawing up guidelines and restrictions in employee handbooks. It also means taking active measures to ensure that employees understand what sexual harassment is and why it should not tolerated in the workplace.   Michael Saltzstein has seen that HR departments must implement programs teaching employees to identify these situations. And beyond just identifying these situations

Michael Saltzstein Explains Multiline Insurance and Its Benefits

Have you ever heard of insurance policy bundling that can potentially help you save money? Michael Saltzstein believes multiline insurance is a comparable policy option that you can use to reduce the number of bills you receive as a business.   What is multiline insurance? A multiline insurance contract is an insurance policy that combines many risk exposures and covers them under a single policy. Meaning, these policies can generate additional revenue for providers while also providing enhanced convenience and premium discounts to customers.   What are the benefits of multiline insurance? Multiline contracts are appealing because these policies aggregate deductibles to cover multiple kinds of risks. Also, these products benefit providers since they lessen exposure by distributing risk across a wide range of variables, reducing the financial load in a catastrophic disaster. So, Michael Saltzstein believes it is most suitable for firms that face internal and external risks l

Corporate Insurance: What are the Benefits?

Corporate insurance is a form of insurance policy that major corporations typically use to protect their operations from operational risks such as theft, financial losses, employee health, and accidents. But, Michael Saltstein believes that comprehensive business insurance helps both former and current employees and the organization the best.   Unless wise decisions from management or people with authority accompany it, a basic insurance plan may not be enough to expand businesses. Furthermore, it is highly likely to fail to safeguard the corporation from any damages incurred due to employee dishonesty. So it is vital to remember that every company insurance policy has limitations. But, despite this fact, Michael Saltstein believes corporate insurance can protect you from all lawsuits resulting from unintended or negligent mistakes from the management or workers.   What are the Benefits of Corporate Insurance? Before engaging in a contract with a client, businesses usually in

The upside of having corporate insurance

Image source: careinsurance.com When it comes to preparing for the worst possible thing that can happen to your corporate enterprise, Michael Saltzstein attests to the importance of having corporate insurance. Below explores some of its upsides. 1. Defense against lawsuits Don’t be too complacent and think that nobody will sue you, even when you know in your heart that you have not done anything wrong in your practice. The experts always consider reality as a litigious society. One disgruntled employee, one unhappy customer, or one small contractual error is all it takes for a lawsuit to be filed against you. Be humble enough to accept that you do not know everything, and be smart about preparing for unfortunate circumstances, suggests Michael Saltzstein. 2. Business credibility Having corporate insurance offers you protection from so many things. Also, news of your company having corporate insurance increases your overall credibility. Such an image makes you stand out a