Question

1). What are the responsibilities of the risk manager in workers' compensation?

2). What role does employee safety play in risk management?

3). What can the risk management team to do ensure the risks of workers' compensation is properly managed?

Answer 1

1 A risk manager should identify, evaluate, and mitigate the conceivable risk exposures from different sources in the association. One such risk is the 'Employee Risks'. This kind of risk is worried about the equity as well as equality of the benefits given to the employees. This incorporates assessment of the benefits and compensation from various legal premises including the EEOC, ADA, et cetera. A risk manager should review and prevent the conceivable event of the violation and report it to the top management so any issue identified with laborer compensation and advantage does not prompt an extreme penalty to the association.

2. Employee safety is having a critical part the extent that the risk management is concerned. To start with, is the workplace isn't protected, there will risk of having a noteworthy number of minor and major accidents. These accidents' misfortune is two-folds - while on one side, association's efficiency is lost because of the loss in man-days, the additional cost is borne by the management in dealing with the recovery of the injured employee. Moreover, there is dependably a shot of getting seriously penalized in money related terms when any non-conformity is caught in safety audits done by outside associations. These losses can be specifically forced or can happen indirectly in view of the conclusion of the plant. Along these lines, employee safety is one of the major spotlight on risk management.

3. There are two classes of activities on the broad level which the risk management group can perform –

• The pre-loss activities
• The post-loss activities.

The pre-loss activities will incorporate elimination, prevention and safety. The post-loss activities incorporate control, claim management, and subsidizing for covering the money related loss assuming any.