Risk management includes a funding mechanism that stimulates investment in loss prevention and loss control measures to reduce the cost of risk. Funding may be obtained through a percentage of workers’ compensation base accrual rates. Investing in loss prevention reduces claim frequency, which has a positive effect on severity and overall claim exposure. An appropriate tracking system documents losses or exposure prior to initiating the new program and, after a selected time, documents the effect of the program on losses or exposure.
Imagine this scenario: You’re writing a blog post for a blog site whose readers are heads of risk management departments.
Select 1 loss prevention initiative from your own experience or from peer-reviewed scholarly sources.
Write a 500- to 700-word blog post that analyzes your selected loss prevention initiative. In your blog post:
Summarize the background, goals, and needs of your selected loss prevention initiative.
Identify the loss prevention initiative’s:
Primary and secondary funding sources
Funding constraints for each source
Describe a plan to structure these funding sources to meet the initiative’s goals.
Specify the potential internal ramifications that may arise when implementing the loss prevention initiative and your plan for managing the ramifications.
Include relevant visuals and external website links to support the initiative.
Cite the references and visuals you used to support your assignment.
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