Hub International

Tina Osen

Today’s business leaders operate in an uncertain world. They don’t know what’s coming, but they do know change is coming faster than ever before.

With this constant change comes the need to make decisions quickly. Yet this kind of agility can create additional risk for the organization as well. It’s a challenging catch-22 that can be resolved easily – assuming the leaders have a framework.

Seeking Opportunity in Uncertainty

During challenging times, many business leaders find themselves stuck in a reactive mode. They respond quickly because they feel they have no choice. But the result is that they might be so focused on the small details that they miss the big picture.

The solution is to slow down enough to review the data and understand the situation fully. When you don’t understand the circumstances, every decision is the wrong decision. But when leaders have that data – as well as a deep understanding of the company’s culture and values – they can easily shift gears from that reactive mode to a proactive mindset.

That proactive framework stems from a comprehensive risk management program. Organizations that not only develop a strategy but also refine it and practice it will empower their leadership teams with the important background data for making good decisions.

Top 5 Ways to Take Action

Consider these five tips for finding opportunities in uncertainty:

It all starts with an advisor. In today’s world, securing basic insurance coverage and risk management techniques isn’t enough. Instead, leading businesses tailor their risk management program to their unique situation. Whether this means offering the right kinds of benefits programs to employees or securing unique insurance protections, you can’t do it without an advisor to guide you. Personalization happens through the data: Is this program sustainable? Will it cover the kinds of risks we are experiencing? Where are the gaps? Do we have the right funding in place? Where are we vulnerable?

“With this Constant Change Comes the Need to Make Decisions Quickly”

Consider pre-planning for disruption. A single catastrophic event can take down an entire company, so work with your advisor to develop and implement a comprehensive risk management solution for the business. Use their expertise to develop organizational resilience and look at the risk from a broader perspective. In fact, all decisions should be made through that risk management lens. Keep in mind that businesses do evolve over time, so they need constant assessment and planning to evaluate what is put into place and what needs more work.

Protect the leadership. Don’t wait until the CEO has been sued to consider securing protections for your leadership team. Many organizations already know about Directors & Officers (D&O) coverage, but it’s critical to review the policy regularly and determine whether the limits are still adequate. The policy should include consideration for any changes to the business, including expansion to international markets and credit risk issues.

Don’t forget about cyber protection. Even with a growing number of high-profile cyber attacks, many organizations still have no coverage for cyber incidents. Remember that a cyber attack isn’t just about your website going down – it often means your entire network has been affected. Consider all your risks, and work with an expert to customize the policy to meet your needs. Since every cyber policy comes with a panel of vendors who can support the business after an attack, it’s also a good idea to build relationships with those people immediately, rather than waiting to reach out after you’ve been hit.

Reassess all business relationships. With supply chains shifting and buyers struggling with the bottom line, credit risk takes on new meaning in times of uncertainty. Organizations will have to do a risk assessment on all buyers, vendors and other partners to ensure their existing contracts are stable. It’s a good time to look for new opportunities, including researching new markets and launching new products, but you may want to tap into credit insurance to ensure you are contracting with creditworthy buyers, and you can utilize credit insurance to enhance your corporate financing to keep the business moving in the right direction.

Your employees are watching, so it’s an important time for organizations to figure out their values – and to make the decisions that will support them. Developing a robust risk management program is about uncovering the right opportunities to push the organization forward and come through the uncertainty stronger.

About the author

Tina Osen is President of HUB International Canada, the largest insurance broker in the country. As President of HUB’s Canadian operations, Tina is responsible for six regional “hub” retail entities, as well as HUB Financial and Specialty Program Group Canada.

A recognized leader and innovator who has championed employee empowerment, customer service and community investment, Tina has 30 years of experience in the insurance sector. Prior to her role as President of HUB International Canada, Tina was CEO of HUB’s Greater Vancouver region.

Tina is synonymous with community leadership. She currently sits as the Chair of Thrive Youth Development Canada and as the Chair of the Member Advisory Group of Nature Force, an action-oriented climate resilience initiative. Tina is a former Chapter Chair for the Young Presidents Organization in Vancouver and a past Director on the Vancouver Board of Trade. She has also received the HUB International’s Chairman’s Award eight times. Tina has been recognized as one of the Top 100 Most Influential Women in Canada by the Women’s Executive Network, and is a past mentor with the Women’s Executive Network’s Top 100 Mentoring Program. She is a recipient of the 2016 Wendy McDonald Diversity Award by the Vancouver Board of Trade, and was named Salute BC’s 2016 Insurance Person of the Year.

Under Tina and her team’s leadership, HUB International has been actively involved in supporting multiple charitable causes.