Creating an Improved System for Managing Risk

January 27, 2020  Media, PA
Quadra , Tech Insight


When it comes to managing risk and controlling losses, companies must be watchful on a number of fronts. They must have systems in place to reduce the likelihood of lawsuits, errors, accidents, and fines; follow regulations designed to prevent wrongdoing; and promote industry standards of quality and safety. With operational and compliance risks on all sides, how would a company promote organization-wide risk management efforts?

The best place to start is with a set of tools and procedures that encourage everyone within an organization to take responsibility for risk management.  A holistic approach to risk management begins with heightening awareness of what the risks are.  AETI’s asset management and cost allocation solution Quadra® features a risk management module that helps organizations maintain standards and operational procedures that can be easily accessed.

Documents maintained in the module can include details on government or industry regulations, actions required by the company to ensure compliance with regulations, or internal guidelines created by the company that describe sources of risk and steps employees can take to prevent losses. Using sophisticated search and organization features, the module encourages company-wide risk mitigation across all departments. The next step in maintaining standards is to audit against the standards. With Quadra’s survey module, audits can be developed as a way to ensure compliance and further prevent losses.  

How Training Can Support Loss Control Efforts

Training is another key component in supporting an organization’s risk management program. AETI’s soon-to-be launched Training module will facilitate greater understanding of loss control tactics across all organizational levels including executives, managers, and employees.  

Since procedures can be numerous and complex, it is advantageous for employers to have information on regulations organized and presented in a clear, concise format. Through an effective training program, employees will learn and retain the information much more readily, ensuring compliance and reducing losses for the company as a whole.  

Getting Everyone On Board

It is worth noting that the commitment to implementing risk mitigation practices has to come from the top down. At AETI, our job is to provide the means to support the senior leadership’s goal of having every person in the organization embrace the fact that risk management is their responsibility, too. Ultimately, risk management is not a responsibility handled by just one person or department – it is a set of practices that every employee can and should utilize to control losses.  

If you are interested in learning more about the Risk Management or Training modules within Quadra, please contact us!

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