Tips & Tricks

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Risk Management Tips to Mitigate Risk in Your Practice

 The following tips & tricks give you an overview of some things you could do to minimise the risks to your practice. While you will never be 100% immune to the risks of operating a business (and hence, why insurance exists) we often find that a bad situation can be made worse because of a failure to carry out a few simple procedures. See the Case Studies page for examples.

These tips and tricks are intended as a guide only. If you want more information about how to protect your practice, call 1800 177 163.

Communication

Communication is key. Communicate (and document) internal changes to procedures and policies to staff immediately. Ensure that staff are trained or retrained in new or updated policies where required, keep a log of this training so that no-one is missed.

Best Practice

Ensure that your internal policies, guidelines and procedures reflect best practice. While time consuming, constant monitoring and improvement of policies promotes a health and structured risk culture.

Money, Money, Money

Don’t be complacent where internal money management is concerned. Ensure that your business operates on a dual control system, ie. two signatures must be used for the movement of money.

Why?

If you don’t take adequate steps to authenticate and control the movement of money and mitigate theft and fraud; you may void your entitlement to claim under the ‘fidelity’ clause of your policy should a staff member be found to be stealing or defrauding your practice. We have seen this cost some organisations hundreds of thousands of dollars.

OH&S

Ensure that staff and management are aware of their OH&S obligations via regular training sessions, and conduct regular OH&S audits.

Why?

You want to ensure your staff are trained in safe working practices at your workplace. This will mitigate your risk of a claim arising out a staff member injuring themselves performing a duty without adequate safety training or safety procedures in place.

Police Checks

Conduct police checks on incoming / new employees.

Why?

Statistics prove that staff that are caught defrauding you have likely done the same to a previous employer. You can mitigate your risk of theft and fraud by conducting a police check during the employment process.

HR Lawyers

Invest in the advice of a good HR lawyer before you dismiss an employee.

Why?

Half of all employment related disputes are won by the employee. To save you thousands in employment related disputes such as unfair dismissal claims, seek advice first BEFORE dismissing an employee.

Privacy

Review your  processes and procedures in relation to data management and privacy. Recent changes to Australia privacy legislation could mean significant fines and penalties for your practice if you have a data breach or breach of privacy. Ensure your staff are adequately trained and data is stored safely and securely.

Cyber Safe

Cyber crime is now a matter of when, not if. Ensure you have basic protection at the very least for your buildings, systems, computers, mobile devices and websites. Basic anti-virus can cost as little as a few hundred dollars, and could save you thousands. Finally, train your staff to recognise common hacking and cyber threats. A recent article by the Australian Financial Review revealed that hackers gained access to companies like Motorola by simply calling and asking staff for information. 

Why?

The costs to your practice of a cyber breach are potentially unlimited and immeasurable. Cyber criminals can severely, and sometimes irreparably, destroy everything from your website, systems, reputation and, if sensitive or personal information is leaked, your entire business or career.

 

 

The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Please refer to the Product Disclosure Statement for specific information regarding the insurance cover.

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