Exit Coach Bill Black interviews Top Advisors for Tips, Ideas & Precautions for Business Owners who want to grow and protect their company value and plan for a successful Business Sale or Transfer. Listen daily so you can be well-planned!
Episodes
Wednesday Sep 07, 2016
Wednesday Sep 07, 2016
In this 1 minute highlight, Larry Sukay, Vice President, Patriot Risk & Insurance Services discusses the concept of Behavioral Risk Management.
Transcript:
Larry: For about 15 years I did risk management, organizational, operational, and cultural change management for Fortune 1,000 organizations. And during that time period, I pioneered a process which now is referred to as, Behavioral Risk Management. And it's based on the premise that culture of any organization drives the behavior within that organization, and behavior then will drive loss, and if you're able to control your loss, you'll ultimately then be able to control your cost. So, I spent a number of years developing that whole concept and principle. Ultimately, I was doing a lot of work with larger organizations using a lot of continuous processes and proving demming techniques and so forth, and turning these companies around. From a risk management perspective, these were organizations that had high worker's comp cost, they might be organizations where they're experiencing 10% loss as a percentage of payroll. 10% is extremely high, and they had gone through all the traditional means of trying to reduce that loss, and ultimately they just got so frustrated they brought me in, and within periods of time I was able to bring those costs down.
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