What are the responsibilities of the risk manager in workers’ compensation?
A risk manager should identify, evaluate, and mitigate the possible risk exposures from various sources in the organization. One such risk is the ‘Employee Risks’. This type of risk is concerned with the equity and equality of the benefits given to the employees. This includes evaluation of the benefits and compensation from different legal premises including the EEOC, ADA, and so forth. A risk manager is to inspect and prevent the possible occurrence of the violation and report that to the top management so that any issue related to worker compensation and benefit does not lead to a severe penalty to the organization.
2). What role does employee safety play in risk management?
Employee safety has a significant role where risk management is concerned. If the work environment is not safe, there will be risk of having a significant number of minor and major accidents. These accidents’ cause the organization’s efficiency to be decreased due to the injury. This may even increase cost for caring for the injured employee. Additionally, there is always a chance of getting severely penalized in monetary terms when any non-conformity is found in safety audits done by external organizations. These losses can be directly imposed or can occur indirectly. Therefore, employee safety is one of major emphasis on risk management.
3). What can the risk management team to do ensure the risks of workers’ compensation is properly managed?
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.
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