Success in today's complex business environment is greatly dependent upon workforce productivity. Creating a proper work environment—one that is safe and secure for employees, customers and data—is vitally important. It means minimizing downside risk and creating a risk management culture.

There has been an invigorated focus on enterprise risk management, the analysis of a broad spectrum of loss exposures that businesses often face. Executives need to be concerned about reputational damage, falling stock prices, shifts in customer appetites for products or services, and even currency fluctuations. In addition, businesses may be impacted by traditional insurance exposures. Some dramatic examples in recent years include:

• Hurricane damage from Superstorm Sandy and other severe weather events.
• The Ebola crisis that left a Dallas hospital reeling.
• Recent cyberattacks on SONY Pictures, Home Depot, Anthem Inc., Target Corp. and the federal government.

Regardless of the threat, it's important for every commercial enterprise to have a plan in place long before something bad happens. While not all risks can be controlled (the weather is a good example), businesses have an opportunity to promote a risk management culture that incorporates worker safety, public safety and data safety.

Historically, businesses purchased property and casualty insurance and crossed their fingers. Today's businesses recognize that proactively creating a risk management culture is essential. President Barack Obama moved cybersecurity to the top of his 2015 agenda after recent hacking attacks. Every business needs a bullet-proof cyber risk management plan as soon as possible. Establishing an environment of personal safety for customers and employees is equally as important as cyber security. The Occupational Safety and Health Administration reports that a strong safety culture has the single greatest impact on accident reduction of any workplace practice.