A State of Mind: Reinforcing a Safety Culture

Every organization has a culture, whether it realizes that fact or not.  The way people view themselves, each other, what is expected of them, what may be important or not – all represent factors that build into that culture.

Attitudes and behaviors surrounding safety fit into that mix, and in ways that can hit the bottom line.

According to OSHA, an established safety culture can reduce an organization’s injury and illness costs by 20 to 40 percent.  Regarding safety, OSHA provides the following statistics:

  • Employers pay nearly $1 billion per week for direct workers’ compensation costs alone, which comes straight out of corporate profits.
  • Injuries and illnesses increase workers’ compensation and retraining costs.
  • Lost productivity from injuries and illnesses costs companies approximately $63 billion annually.

A stronger safety culture can help alleviate many of those avoidable costs.  But how does a culture take root and begin to become part of the organization’s DNA?

One approach comes in tying safety behaviors to incentives and compensation.  Reward employees who err on the side of safety over speed.  It’s important to distinguish between reward and recognition, however, meaning that you don’t want employees doing something only because they know they’ll get something in return.  It must become routine behavior because of the deeper benefits – namely, that they and their co-workers can return home after every shift safe and whole.

A strong safety culture inspires people to look out for one another and point out unsafe situations or behaviors.  Establishing and reinforcing this level of mutual consideration, protection, and sense of responsibility leads to a culture where an organization can achieve its business goals because its people care about the team.

The Insurance professionals at The Reschini Group can help identify a roadmap to help your organization build and promote a safety culture that alleviates the cost of injuries and illnesses, but more importantly, keeps your people safe and productive.


Copyright 2019 The Reschini Group

The Reschini Group provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

Staying Safe: Five Tips to Greater Cybersecurity

 

Cybersecurity practices remain a key focus for both the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC).   An article* in Forbes magazine summarizes five best practices cited by these organizations to mitigate the risk of cyber attacks:

 

  1. Governance

FINRA has found that although Boards of Directors are actively focused on cybersecurity, during their regulatory exams up to two-thirds of companies were found to have deficiencies or weaknesses in their policies and procedures.  Cybersecurity policies need to be specific and articulate the procedures necessary for implementation.

 

  1. Risk Assessment 

Risk assessment should be an ongoing process as opposed to a single point in time. Companies should gather and evaluate indicators of potential risks on a monthly, quarterly and annual basis. They should also look to what’s happening at other organizations and other industries, both to gain best practices ideas and to help thwart attackers’ plans.

 

  1. Cybersecurity Training

Because employees represent the biggest risk, training needs to be conducted regularly and be varied, both in method (such as in-person, email, blogs) and with different topics (such as passwords or visitor access).  Show employees what good cyber behavior looks like so they may bring those practices home with them to protect their families and personal systems, as well.

 

  1. Access Management

While the SEC watches how organizations conduct reviews of access rights periodically, it is estimated that about half either do not follow policies and procedures for terminating access rights, or inadvertently provide unauthorized system access to users contrary to established policy.  Best practice is for any remote access to a core network to be protected by two-factor authentication.

 

  1. Vendor Management

Risk from vendors needs to be addressed and constantly vetted and assessed.  One idea calls for the business to obtain permission before bringing on any new vendor that handles, touches, or stores data. To make it easier, create a list of pre-approved vendors.

The team of professionals at The Reschini Group can help assess your cybersecurity exposures and offer comprehensive insurance solutions to transfer cyber risk and protect your company.  Contact us to learn more.

* https://www.forbes.com/sites/joannabelbey/2017/06/30/how-to-avoid-cyberattacks-5-best-practices-from-sec-and-finra/#56ae09df1a16


Copyright 2019 The Reschini Group

 

The Reschini Group provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.