Overall, risk management aims to identify, assess, and mitigate potential hazards to your business.
Risk identification: This can involve conducting surveys and polls, consulting industry research, or completing interviews with you to learn more about reasonably expectable risks within your business.
Risk assessment: Your business may be atypical of your industry niche. That’s why, in this next step, your risk management consultant will assess the likelihood of each potential risk you’ve identified. You may also consult data from the surveys or additional analytics and benchmarking tools.
Risk mitigation strategies: Some risks must simply be accepted, while others might endanger the health and wellness of your employees, not to mention your livelihood as a business owner. So in this step, you will choose strategies to address each vulnerability.
Risk avoidance, risk control, risk reduction, risk retention, and risk transfer: You can avoid risk, for instance, by outsourcing a business activity to a partner. You can reduce risk through safety training or preventive data analysis. If you decide a risk is a natural part of your business, you can choose to accept or transfer it. Usually, you would only accept the losses tied to minor exposures while trying to transfer risks to specialized business partners.
Claims advocacy: When you’re already handling a claim, you don’t want the additional stress of navigating reporting and settlement. We’ll ensure you’re treated fairly, from reporting a loss to your insurer to working with your insurer to settle the claim.
Risk monitoring and communication: Once your strategy is in place, it’s crucial to monitor your operations for safety control and evolving exposures. This includes regularly reviewing and updating your risk management plans and safety protocols and communicating any changes with your business partners.
We offer tailored packages such as:
- Benchmarking and loss trend identification
- Business continuity risk management
- Regulatory compliance
- Strategic risk assessment
- Workforce strategies
- And more