Risk Management - Now and beyond

Risk Management has become a major concern for all corporations. Never before has the impact of public liability, litigation and work practices combined to produce such a threat to businesses large and small.

Elite-ID manufacture the Elite System which is used to provide attendance verification and monitoring information that is central to a successful risk management plan.

The following information is presented by Elite-ID as "background" information on these topics.

Key Issues:

• What is Risk Management - An overview



• About Public Liability Insurance



• Possible Future Directions



• The Role that Elite-ID can play



• Request Further Information

Disclaimer: Elite-ID Electronic System is a designer and manufacturer of electronic equipment. Elite-ID Electronic Systems does not claim any qualification or particular expertise in presenting the information contained here. All information contained herein is presented on an "as is" basis.

   

Risk Management - An Overview

There could be many definitions of what Risk Management really is.

Some could be;

• The identification and management of risks to an organization that affect its economic health.



• The management of risk situations to reduce the impact on an organization,



• The understanding and control of risk situations,



• . . . and probably many other definitions

What many companies are trying to do is;

"PLI" - Public Liability Insurance

Public liability insurance continues to be a hot topic for service organizations in Australia (and around the world) because of;

• the rapid increase in the cost of premiums



• the difficulty in obtaining cover - not many insurers are offering it



• the number and size of claims against this insurance

Trends overseas indicate this will continue into the future.

The reason is that without Public Liability Insurance - a service organization cannot fulfil its contractual obligations - so it must effective cease its operations. It cannot then bill for services rendered.

For example: a cleaning company cannot clean a retail area without the proper insurances - it would be a breach of any prudent contractual conditions.

The problem for many companies is that obtaining public liability insurance can be difficult (at best), expensive (and getting worse) and once obtained - difficult to keep.

   

Future Directions

History has shown that public liability litigation is becoming more and more common. Additionally, the types of claims, the way that they are made and requirements to substantiate claims clearly indicate that the trends will be;

• Wider scope for claims. More options and causes exist, over longer periods of time.



• Increasing frequency of claims



• Increasing difficulty in defending against claims



• Increasing size of claims

Evidence that exists that leads us to these conclusions is;

• Major companies do not implement risk management plans (which are expensive) without good reason to do so.



• Reducing number of insurance companies who offer public liability insurance



• Massive increase in public liability insurance costs



• Solicitors advertising "no cost" to clients of theirs who undertake to make a public liability claim. This may be causing an increase in the number of claims.
     

The Role Of Elite-ID and the Elite System

The Elite System has been developed to provide attendance verification and monitoring information that can form the basis for an ongoing Risk Management Plan or Strategy.

For example - an organization employing cleaners and security guards must show its diligence in ensuring that it is providing a safe and secure environment for the public and staff.

Elite-ID design and manufacture electronic hardware and software that is used to track the movement of staff.

Elite-ID design, manufacture, supply, service and support;

• Equipment to Record the movements of staff (we call this "attendance data")



• Software to Database and analyse attendance data



• A range of reports on attendance data allowing management to make informed decisions.

Information Brochure Request

Please click on the following link to request an information brochure from Elite-ID.

If you can tell us about your needs, we will be able to respond with relevant information.

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