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 the conflict zone should be to plan to maintain resilience for those divisions. It must include risk managers meeting with chief security officers and IT leaders to assess whether they rely on technology suppliers in the impacted regions and evaluate their ability to switch suppliers if necessary. You should review business continuity plans, supply chain arrangements, and alternative third-party vendors. Additionally, executives should have the authority to make quick decisions on alternative suppliers if the need arises.

Furthermore, according to Forrester's analysis, businesses should brace themselves for additional supply chain bottlenecks, as sanctions and other disruptions might wreak havoc on supply chains over the next 24 months. These issues are expected to manifest through higher fuel prices, possible shortages, and increased freight and travel costs.

After considering the business units at risk and the supply chain, Michael Saltzstein advises risk managers to pay attention to the changing situation, particularly those that may necessitate changes to third-party vendors. In addition, as analysts expect more sanctions, it is best to be proactive in screening third-party partnerships, including direct partners, foreign affiliates, and customers.

Furthermore, it would be good to prioritize geopolitical instability in the enterprise risk management plan. It should consider all the new geopolitical risks, and the impact analysis should include potential conflict and its aftereffects.

Comments

Michael Saltzstein: Strategies to Keep Good Employees

Michael Saltzstein: Effective Employee Retention Strategies Employee retention is a key issue for all businesses. In order to avoid excessive spending on replacing employees, it is important to know how to retain workers. What is an employee retention strategy? An employee retention strategy is a plan to reduce employee turnover. It consists of different programs and policies that are designed to make people want to stay with the company, explains Michael Saltzstein. This strategy is important for businesses as a high turnover rate means more money goes to hiring and training new employees. Also, if workers are unsatisfied, they have low morale, which can make some of them unproductive. By implementing effective employee retention strategies, you can save your company some money. Focus on your hiring practices The best way to retain employees is by hiring the best people for the job in the first place, notes Michael Saltzstein. Start your search for candidates with a ...

Michael Saltzstein on Effective Recruitment Strategies

Michael Saltzstein: Recruitment for the Modern Workforce images.pexels.com Hiring the right people for an organization is not just about filling open positions; it's also about finding the right fit for the job and the company culture. A good recruitment process helps identify and attract candidates who meet the qualifications and align with the values of the company. Effective recruitment and selection involve a thorough evaluation of job applicants to identify those who have the necessary skills and experience to function effectively in their role and can contribute to the overall success of the company. Businesses can increase their chances of finding candidates who are an ideal match for the job and the organization's culture by implementing a comprehensive recruitment process. Michael Saltzstein helps us get the process right. Provide what the candidates look for. With the rise of remote and hybrid work, people want to decide on their work environment and have better...

Michael Saltzstein on Making Employees Feel Valued

Michael Saltzstein: How to Show Employee Appreciation images.pexels.com Not everyone finds their dream job immediately, but many still live fulfilled working lives. Those who find fulfillment and meaning in the eight hours they spend at work every day will have greater job satisfaction and stick around for longer, notes Michael Saltzstein. That's why, if you're interested in developing a great company culture that people want to work in, making employees feel valued is a manager's most important job. Here are three ways to do it. Connect people across the company. images.pexels.com Many employees feel disconnected from their colleagues — especially during organizational growth. It often comes from a lack of understanding of what other employees do — every employee is needed, but people don't always know why and how, notes Michael Saltzstein. Letting people see, appreciate, and understand their colleagues is an excellent way to build happier atmospheres, says Mich...

Michael Saltzstein

Search This Blog