Article / Risk Management
Midsize Companies Benefit from Leveraging Established Risk Management Processes

Middle-market companies can learn a lot from their larger counterparts when it comes to risk management processes, according to a recent article in Business Insurance. Larger companies have the necessary resources to invest in establishing methodology and framework. It is becoming increasingly crucial for midsize companies to embed these risk management principles into their organization.

In addition to managing supply chain risks and clearly defining risk appetite, Lockton’s Mark Moreland recently told Business Insurance magazine smaller companies need to be sure they are using benchmarking appropriately.

“Benchmarking is always something that clients are interested in,” said Moreland. “I think the real challenge is to get benchmarking that you can draw clear conclusions from.”

Moreland points out that while benchmarking is valuable, it has to be used in context with the needs of the company. He says that it’s especially important for companies to connect their business goals to their risk management objectives and programs.

Read the full article.

    
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