The development of a risk management approach to the many financial and operational risks faced by a business or institution, was the natural consequence of insurance transfer products having periods of time when their availability and cost became erratic or uncertain. Organizations came to realize that some risk exposures might be eliminated, reduced, internally funded, partially transferred or otherwise financed outside of a traditional insurance product. Large organizations may have a full-time Risk Manager or Risk Officer to help guide the risk management program. Smaller organizations can utilize many of these principles through our consulting practice described briefly below:
- Help to identify exposures to loss from internal and external operations and assist with efforts to quantify those exposures in terms of frequency and severity;
- Consider various methods to mitigate those risks or if possible eliminate them;
- Review Loss Control, Claims Management, Property Valuations, Business Income Worksheets, Insurance Applications and other documents relating to exposure and risk issues;
- Review adequacy and cost structure of existing risk financing program including insurance and risk retentions of current program;
- Make recommendations to structure program to be more responsive to short-term and long-term organizational objectives;
- Monitor progress of risk program components as desired by client.
These services can be provided as a periodic review as a "risk management check-up" or we can provide a continuum of service during the course of the year to provide guidance as needs and situations arise in operations.