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By:  Dan Reith  BA(Hons) CAIB

Biggest Risks to Watch in 2020

The most relevant risks to Canadian businesses are constantly in flux. Only by observing trends and planning appropriately is it possible to reduce these risks and prevent being caught unprepared. According to experts, the following are the biggest risks for Canadian businesses to watch out for in 2020. 

Data Protection

The number of reported cyber threats targeting data, such as ransomware, continues to rise, indicating an increased need for data protection and privacy. This risk is further underscored by the growing amount of data being collected and number of devices being connected to each other, each representing a new potential avenue to exploit.

Third-party Liability

Risks increase as organizations become more interconnected, sharing data, systems and technology. Organizations need to not only worry about their own security and risk management, but also about every other organization that they share resources with, as each one represents a new potential vulnerability for cyber attacks. In fact, 24 per cent of ransomware incidents reported in the third quarter of 2019 were caused by a vendor or managed service provider.


Employees, business partners, stakeholders, consumers and the public are increasingly holding organizations accountable for unacceptable behaviour or conduct. High-profile cyber breaches and social movements such as #MeToo have shown that damaging news travels faster than ever through major media and social network channels. Organizations must closely examine and refine their approach to dealing with risks, and emphasize crisis and contingency planning.

Benefits of Mental Health Days

Mental health is an increasingly popular subject these days, with many studies and organizations drawing attention to the fact that mental health issues are more prevalent and harmful than was previously believed. In many ways, mental health is just as important as physical health in that it has a significant effect on one’s ability to perform to the best of their abilities while at the workplace.

As such, it’s important for organizations to recognize the importance of mental health in the workplace, and adjust policies and expectations accordingly. This can be done through offering greater flexibility in the workplace, such as by offering flexible hours, the ability to work from home and greater autonomy. Additionally, it’s also important to encourage employees to take mental health days if they are feeling mentally burdened.

While there is no need to create a separate form of time off specifically for mental health days, being candid with employees about the importance of their mental health and highlighting the ability to take time off or adjust hours worked to focus on mental health can go a long way toward improving morale, employee satisfaction and productivity.

To help encourage the use of time off for mental health at your organization, consider adopting the following practices:

  • Encourage conversations about mental health—Speak candidly to your employees about the topic, underscoring the fact that you understand and support decisions made in the interest of maintaining or improving mental health. Provide resources and education about mental health to increase awareness and communicate any related policy changes to employees.
  • Adopt a policy of confidentiality—Employees may not feel comfortable disclosing the use or purpose of a mental health day, whether it’s a full day off to rest or a few hours off to see a therapist. Make it known that requests for mental health days will not need a stated reason for approval.
  • Follow up after time off—While respecting their privacy, check in with employees after they have taken time off to find out if they are doing alright and if they require any additional support on your end, such as a temporarily lighter workload.

Your group benefits provider can provide a number of tools to assist in tracking these sorts of issues to ensure you a healthy and productive workplace.