Why Risk Management Needs to Be a Key Initiative

Are you taking the right steps to hire safe contractors, implement world-class safety training, and avoid lawsuits?

In today’s litigious society, taking preventative measures to ensure that your workforce is safe, compliant with regulations, and using good common sense is essential to efficient supply chain risk management. 

It’s no wonder why so many executives identify risk mitigation as a top initiative for their supply chains.

More than 60% of senior executives identified risk management and risk awareness as key initiatives.

And it’s no secret why. In today’s litigious society, taking preventative measures to ensure that your workforce is safe, compliant with regulations, and using good common sense is essential to efficient supply chain management.

Consider a contractor who is hired to remove natural gas lines. The contractor hires a two person sub-contracting company to assist.

The sub-contractor forgets to check the three gas lines prior to cutting, and the two contractor employees suffer severe burns. Neither company has Workers Compensation or Employer Liability Insurance. Who ends up on the hook for the damage involved?

The lawsuit goes to the company who hired them; the controlling employer of the project is now held responsible, and ends up paying $3.42 Million to settle both cases.

The result of contractors meeting regulatory and contractual requirements is reduced risk and cost savings.

In this quick-read PICS white paper, you’ll learn how proven risk management enables your company to:

• Avoid lawsuits
• Implement safety training that works
• Dramatically reduce supply chain risk
• Track contractor data easily
• And much more!