Why Risk Managers are the First Line of Defense with Zach Wright, Risk Manager at The Haskell Company
Jul 19, 2023
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Zach Wright, a certified Construction Risk and Insurance Specialist, discusses with host Jason Reichl the importance of risk managers as the first line of defense, the grading and risk assessment process, and how organizations can affect their insurance premiums. They also touch on the themes of the RIMS Risk World, the value of networking, and the role of risk managers in ensuring safety and serving customers.
Risk managers are now seen as valuable partners in ensuring safety and success by being proactive and helpful, shifting from being perceived as 'know people' who just say no.
Regular training sessions in risk management educate project teams on emerging risks, best practices, and changes in insurance requirements, making risk managers a valuable resource for support and guidance.
Deep dives
The Importance of Proactive Risk Management
The podcast episode discusses the shift in risk management from being seen as the 'know people' who just say no to becoming a proactive and helpful team. Risk managers are encouraged to be the first line of defense, assisting project teams in mitigating risks and finding the best outcome. The focus is on being proactive rather than reactive, and risk managers are now seen as valuable partners in ensuring safety and success.
Training and Education for Risk Mitigation
The podcast highlights the significance of training in risk management. Regular training sessions are conducted with project teams to educate them on emerging risks and best practices. Specific examples discussed include the risks associated with personal drones on construction sites and the importance of cybersecurity. The risk management team also strives to keep project teams informed about any changes in insurance requirements and acts as a resource for questions and support.
Managing Risk with Vendors and Contracts
The discussion revolves around managing risk when working with vendors and contracts. The risk management team emphasizes the importance of assessing vendor risk during the pre-qualification process. They have implemented waivers when vendors cannot meet certain insurance limits. The team actively reviews certificates of insurance (COIs) and provides guidance to project teams on risks associated with waivers or non-compliance. Additionally, they work closely with the legal team to identify and properly transfer contractual risks through agreements with owners and vendors.
In this episode of Risk Management: Brick by Brick, host Jason Reichl is accompanied by Zach Wright, a risk manager for The Haskell Company. The Haskell Company is a large organization with over 2,000 professionals. As an experienced professional, Zach is a certified Construction Risk and Insurance Specialist who really knows his stuff.
During their discussion, Jason and Zach discuss a myriad of topics from the themes of this year’s RIMS Risk World in Atlanta to the grading and risk assessment process prior to taking a contract on. Plus, they touch on why Zach believes that risk managers are the first line of defense, safeguarding businesses from potential risks.
The pair wrap up the episode by talking through how organizations can affect their insurance premiums by displaying clear processes and programs, and why networking can lead to a long and fruitful career in risk management.
To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.
Risk Management: Brick by Brick is handcrafted by our friends over at: fame.so
Previous guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation.