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What is Risk Management?

In every business, from the small corner store to the large manufacturer, there are common challenges with insurance, claims, and risk in general. Buildings can be damaged by fire, someone could slip and fall, vehicle accidents often occur, or losses can occur as a result of defective products.

Now, more than ever, it is vital to the success of an organization to understand risk management and to learn to control liability.
Contained below is all the information you need to understand the insurance market and to get you started with risk management.

Why Manage Risk?

There are many reasons to manage risk. Some of them include:
  • Saving resources: people, income, property, assets, time.
  • Protecting public image.
  • Protecting people from harm.
  • Preventing/reducing legal liability.
  • Protecting the environment.

Risk management process

  • Identify Potential Exposures to Loss.
  • Measure Frequency and Severity.
  • Examine Alternatives.
  • Decide Which Alternatives to Use.
  • Implement the Chosen Techniques.
  • Monitor Results.

Many businesses do things to prevent losses or mitigate risks every day but don’t think of it as risk management. Most prudent business people and managers take great care to do things like prevent accidents, protect property, and keep customers and employees from harm.
Any effort to manage risks is positive. It is important, however, to follow a formal process to ensure consistency and thoroughness. The following are the essential elements of the risk management process.

We guide our clients with strategic growth options to take a more value-focused approach rather than loss-focused to risk management among increasing volatility and unpredictability. We examine decisions identifying creative approaches to succeed in a world of uncertainty.

We help our clients to:

  • Take a dynamic approach to protect assets and organizations.
  • Identify which opportunities are worth pursuing.
  • Formalize risk governance.
  • Optimize returns on capital.
  • Allow shareholders to evaluate the organization’s risk management processes.