The Sensi Advisory Board comprises select industry leaders in a variety of fields, from education to cultivation. They are invited to share specialized insight in this dedicated section. The following piece is contributed by Advisory Board member, National Cannabis Risk Prevention Services.
In today’s increasingly complicated cannabis marketplace, business owners must employ every tool in their toolbox to ensure success. Fresh new products, increased digital engagement, and consumer-friendly retail spaces can grab all the attention and help drive profits. Still, there is one critical area that is routinely overlooked.
We are talking about risk management. While it’s not as sexy as many other parts of the industry, it is crucial to ensuring your long-term health and possibly survival. Ensuring that inside any cannabis business’s four walls that their property, product, worker safety, banking, and on-premises risks are secured is no simple task. While many people think that by having insurance, they are safe, they are incorrect.
“Any risk has the potential to make your business worse, period,” says Rocco Petrilli, the CEO and president of the National Cannabis Risk Prevention Services (NCRPS). “So, if you can mitigate and eliminate that risk, you improve your business. Nobody has ever mitigated risk by buying insurance coverage. Insurance simply shares or transfers the risk that can’t be fully reduced. What successful businesses do is take care of any risks up front.”
NCRPS is a pioneering and innovative risk management platform that solely focuses on the complexities of the cannabis world. Their members enjoy access to a whole suite of educational materials and access to cannabis-focused partners, and insurance plans. But one of their most critical offerings is their expert risk management assessment.
By crafting a complete risk assessment from time spent by one of their team, they identify and completely break down everything into easy-to-understand sections. Each facet of your business has a risk score detailing any identified issues and a list of recommendations to solve them. By using tried and true safety standards for non-cannabis industries and the many cannabis-specific problems, they know and understand, they can create a detailed action plan to ensure a safe workplace and peace of mind.
They are not finished once they hand over their report. That’s when NCRPS can bring their whole host of in-house and service partner resources into play to ensure their clients succeed. This hands-on execution ensures your business safety, security, and success are secured.
Note: NCRPS recently combined with the National Cannabis Risk Management Association (NCRMA) and will serve as the lead risk solutions brand while NCRMA manages association membership and the NCRM Academy’s educational offerings