Running a business organization is not an easy task. There are numerous uncertainties involved in the everyday operations of business organizations. An experienced risk management professional and businessman, Michael Saltzstein mentions that there are many types of risks that can financially cripple an organization. Hence, it is important for entrepreneurs to orderly anticipate various risks faced by their firm and systematically prepare for it.
Michael Saltzstein highlights the crucial aspects of risk management
In the contemporary corporate world, it has become important for entrepreneurs to give a major focus to the elements of risk management and business insurance. Experienced professionals in this field like Michael Saltzstein have the skills, knowledge, and experience necessary to provide various companies with good risk management solutions that can help in minimizing the financial risks faced by them, while enabling them to secure commendable profit prospects. Mike Saltzstein is a prominent industry leader who has successfully led global risk services and optimized award-winning risk programs for his clients. He is a veteran USA Swimming official as well, and has served as a national and international referee at the Beijing Olympics. He has also trained and inspired many young swimmers over the years while serving as a swimming coach, volunteer, and official. After engaging in the sport of swimming for several years, he entered the corporate work.
Over the years, Michael Saltzstein has made an impressive reputation for himself in the industry of risk management. He has predominately dealt with areas like:
- Alternative Risk Financing
- Loss Control
- Technology Solutions
- Workers’ Compensation
- Occupational Health and Safety
- Crisis Leadership
- Strategic Alignment
- Change Management
- Self-Insured/Deductible Analysis
- Actuarial Studies
- Retain/Transfer Decisions
- Win-Win Negotiations
- Coverage Evaluation
- Growth Strategies
In his years in the industry, Michael Saltzstein has helped many entrepreneurs to formulate impressive, well-rounded and effective risk management plans for their respective organizations. These plans have helped entrepreneurs to reduce the risks faced by their firm, thereby eradicating any expenses that would have occurred due to them. According to him, there are three major steps involved in developing a good risk management plan for a business. Here is a brief overview of those steps:
- Identifying the cause and nature of risk: To create a risk management plan for a business, it is important to firstly identify the diverse types of risks that are faced by that specific organization. For example: A factory where inflammable products are manufactured faces a high risk of fires.
- Determining how much risk entrepreneurs can retain: This factor basically underlines the sum of deductibles that various entrepreneurs would agree to assume for any type of a risk management solution.
- Choosing how to handle the risks not retained: For any risk management professional, it is extremely crucial to efficiently balance distinct types of insurance expenditures against the risks that would leave a negative impact on the financial status of the entrepreneurs. They should focus on finding a solution that would be most profitable for their clients.
These are some of the key steps followed by Michael Saltzstein and similar professionals to help manage the risks faced by a company.
