MDM Interview: Minimizing Risk in Your Business
Distributors face many kinds of risk, including product liability claims, economic uncertainty, employee injuries, natural disasters and supply chain disruptions. By identifying potential scenarios, and ranking and planning for each of them, risk can be reduced and managed, Vernon Grose, author of Managing Risk: Systematic Loss Prevention for Executives and founder of Omega Systems Group Inc., tells Staff Writer Angela Poulson. Grose is a former member of the National Transportation Safety Board and a risk management aviation expert who has applied lessons from that work to help businesses and organizations.
This article includes:
- Advice on how distributors should approach risk in their businesses
- Details on the SMART (Systems Methodology Applied to Risk Termination) technique for managing risk
- The importance of ranking risk
- Common elements of risk that are often overlooked
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