By including HR threat assessments as part of your risk management program, your organization could predict, prevent, and mitigate damage from any human capital threat.
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How to Avoid the Sting of Unknown Risks
1. Human Capital Risk Management
How to Avoid the Sting of
Unknown Risks
Through HR Threat Assessments
2. “Almost everything that can
go wrong in a business has a
human capital component.”
— DAVID CREELMAN OF CREELMAN RESEARCH
3. Human capital risks commonly stem from
one or more of these 5 critical areas:
Occupational
Fraud
Catastrophic
Workplace
Events
Complacency Turnover Negligent Hiring
or Retention
4. Culprits of Complacency
Foregoing a ‘moment of insight’
Excessive sense of confidence
False sense of reality
Tendency to make excuses
5. Turnover: A Costly Risk
Direct Costs
• Separation
• Temporary staffing
• Replacement
• Training
Indirect Costs
• Lost productivity
• Coping with vacancy
• Learning curve of new employee
• Reduced morale
• Lost clients
• Lost knowledge
Companies typically pay between 25% and 250%
of an employee’s annual salary to replace that employee.
6. Occupational Fraud
Types:
• Corruption
• Asset Misappropriation
• Financial Statement Fraud
Costs:
• Management costs
• Brand
• Staff morale
• External business relations
• Regulator relationships
• Share value
Companies lose 5% of top-line revenue to fraud every year.
7. Catastrophic Events
The consequences of large failures can impose
financial, reputational, loyalty, and other brand-
related costs that will persist for a very long time.
• Active assailant incidents
• Major data breaches
• Armed robberies
• Kidnappings
• Workplace violence
• Etc.
Every employer must not only prepare, but anticipate each
potential catastrophic workplace event, before it occurs.
9. Got HR Risks?
Only 36%
of businesses include HR risks
in their risk management frameworks
—DELOITTE’S 2014 RISK AND REGULATORY TALENT SURVEY
10. With the wrong people in place,
risk can turn into loss quickly.
When those risks aren’t even on
your radar, the losses can
be even more devastating.
Screening, Testing,
Background Checks
Threat Assessments
11. Unknown risks sink ships.
The Titanic: A Case Study in
Human Capital Risk Management
• Excessive speed
• Warnings ignored
• Faulty engineering
• Lack of training in evacuation
• Captain lacked relevant experience
• And the list goes on…
12. HR Threat Assessments:
Because what you don’t know CAN hurt you.
IDENTIFY THREATS
Consider both existing and emergent threats.
CATEGORIZE
Determine internal vs external sources of
threats and how to mitigate them.
EVALUATE
Assess the likelihood and
outcome/ramifications of each risk.
PRIORITIZE
Recommend proper security and defenses to
address your specific threats.
AUDIT & TEST
Regularly check for suitability and employee
compliance. Also, test measures for
effectiveness.
MONITOR
Evaluate, monitor, observe, and assess for new
or evolving threats and to optimize your risk
mitigation program.
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13. The Role of Background Screening in HCRM
Verifies that your applicant’s claims about
experience, education, and
accomplishments are accurate.
Demonstrates due diligence in the hiring
process.
Helps to create a safer and more
productive workplace environment.
Improves your organization’s ability to keep
good employees.
Reduces outright organizational fraud.
14. “People are at the core of each major risk.
If not as part of the problem,
then as part of the solution.”
— DELOITTE, 2012 REPORT