Insights and Strategies in Risk Management for Engineering Leaders

Effectively navigating and mitigating risks remains a cornerstone of success for engineering firms. In the January installment of the Leadership Institute Class of 2024, participants delved into the intricacies of risk management. This session, marked by insightful presentations, aimed to equip future leaders with a comprehensive understanding of managing risks.

We began with an introduction to Enterprise Risk Management. Anne Black and Cassie Coopman from Mead & Hunt guided the Class of 2024 through a comprehensive overview of ERM. To foster practical engagement, participants were led through an interactive risk log exercise, a valuable tool designed to identify and contemplate various risks.

Shifting focus towards the human element, the session explored the risks associated with leading and managing people. Jennifer Mirus, Boardman & Clark LLP, delivered a presentation on HR Legal Basics for Managers. Her insights provided actionable takeaways for managers, emphasizing the crucial collaboration between project managers and Human Resources to mitigate legal exposures effectively.

The module further delved into risk management best practices from different perspectives. Paula Dixon and Allison Schneider, from Holmes Murphy & Associates, shared invaluable insights from the lens of the insurance industry. Concurrently, Joe Bunker, PE, of Strand Associates, enriched the session with real-world examples from the engineering realm. These practical examples, drawn from actual projects, spurred engaging questions and discussions among the participants.

Concluding the session, Karen Erger from Lockton Companies provided a unique perspective on risk, offering insights from an attorney's standpoint. Her presentation, titled "The Legal Liability of Design Professionals," effectively tied together the overarching lessons learned throughout the risk management module.

The Leadership Institute Class of 2024's exploration of risk management broadened their understanding and equipped them with practical tools and strategies to navigate the complex landscape of risks in the engineering industry.