The Benefits of Medical and Security Risk Management

Program managers and risk managers know the benefits of applying risk management to projects. A well-built risk management matrix can help companies develop plans to avoid high-risk issues, allowing them to stay on budget and on time.

However, in some cases, it makes sense to outsource risk management to an expert in another area. Security and medical risk management are good examples. Security risk management experts analyze the risks in a place where the project will occur. They then recommend the best security solution for that area.

Medical risk management is closely related to security risk management. Both are focused on keeping employees safe and healthy. Suppose there is a high risk of a medical incident, such as a car crash. In that case, medical risk management can help companies prepare with on-site medical help and quick and effective medical evacuations. 

Including medical and security risk management during the planning phase of a project can have many benefits, including the following:

Safety of Employees and Assets

Employees traveling to a project for work generally expect to feel safe and supported. An initial security risk management plan ensures that they have the security they need to travel through the country safely.

Medical risk management is also vital in the event of a medical incident. Having a medic with the employees can improve the care the injured employee receives while waiting for medical evacuation.

The inclusion of a structured plan for employee safety while traveling has many benefits beyond business continuity. It can help with employee retention. It also shows that the company cares for its employees, which can be important for business reputation.

Brand Protection

Most construction companies plan extensively to avoid incidents in which employees get injured.  Whole HSE departments are devoted to keeping injury rates low. One reason for this is that the incident reflects poorly on the company, making it hard to retain talent in the future.

Security and medical risk management fulfill much of the same purpose. The plans exist to help companies avoid incidents as much as possible and develop the appropriate response when they occur. 

Budgeted Costs

Some companies don’t consider security and medical risk management until they win a contract in an area that could be dangerous. However, taking action early and getting a quote to incorporate these costs into the project can be advantageous.

Depending on the level of unrest in the country, security can be expensive. The costs of armed guards and armored vehicles add up over time. Having a line item budgeted early in the project is helpful. 

Medical evacuations can also be costly. Many countries don’t have adequate medical support, so injured employees’ evacuation will occur across borders. This is a cost that companies hope never to incur. Proper planning ensures that the handling of any incidents is efficient and cost-effective as possible.

When someone is injured, the financial and reputational costs can often exceed the costs to conduct security and medical risk management analyses before starting a project. Therefore, having an internal or subcontracted analysis before the project starts can be critical.

Choosing a Risk Management Subcontractor

A great risk management subcontractor focuses on increasing safety while maintaining a cost-effective price.

Experience and reputation can help you evaluate a subcontractor’s focus on safety. A risk management company should have various assets to share, such as country profiles, security forecasts, intelligence reports, and health surveys.

Pricing can be harder to evaluate objectively unless you get bids from multiple companies. One thing to look for is a custom solution for your project. Though a “bespoke” solution may sound more expensive than a “standard” one, the tailoring ensures that the medical and security solutions are the right fit for your project.

Remote Medical International, with its recent acquisition SSI Group, focuses on providing the best blend of safety and price-effectiveness through tailored solutions for each project.

Interested in Medical or Security Risk Management?

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