Loss Control Management
Definition - What does Loss Control Management mean?
Loss control management refers to the process of managing the level of safety risk within a workplace.
It is the job of a loss control consultant to identify exposures to potential loss due to safety incidents and to identify how these exposures can be ameliorated in a cost-effective manner.
Safeopedia explains Loss Control Management
Loss control management services are typically provided by insurance firms and private consulting firms, although large firms may also have in-house loss control management systems. Individuals who practice loss control management typically have a background in engineering, industrial hygiene, fire protection, or a related field. Certification in loss control management is offered by a variety of organizations such as the Board of Certified Safety Professionals.
Loss control management is a significant element of cost control within workplaces. A fully implemented loss-control program should identify all potential risks within a workplace, implement effective controls, and assess the financial impacts of existing risks and safety measures within the workplace.
In some jurisdictions, loss control management is integrated into the legislative and regulatory framework of the jurisdiction’s occupational safety standards. For instance, California requires insurers to provide certified loss control consultation services to employers with high rates of workers' compensation losses. Furthermore, the certification of loss control services is conducted by the state itself, as opposed to a private agency such as a standards organization. Widely recognized certifications that are offered by independent institutions include the Associate in Loss Control Management certification offered by the Insurance Institute of America.
In addition to specialist services provided by dedicated loss control consultants, general loss control management may be conducted by managers, supervisors, and other responsible persons. These persons have typically participated in continuing professional education programs that provide foundational levels of training in risk management and hazard identification.