When it comes to risk, you need to be proactive. And that’s what our risk management strategy is all about. We partner with you to develop a plan that improves risk management, reduces long-term risk financing costs and secures the broadest coverage possible. With a sound strategy in place, the likelihood of the risk occurring is reduced, as is the magnitude of its impact.
Our process begins by gaining an understanding of the financial, operational, regulatory and managerial risks likely to impact your organization enterprise-wide. Specifically, we review your risk management goals & objectives, operations, coverage, pricing, and risk management practices to identify exposures.
Once this information is gathered, its analyzed to determine loss trends, total costs of risk and potential impact. Additionally, we determine your risk tolerance level, which helps guide risk transfer, mitigation and management solutions. The quantifiable findings form the basis of our recommended risk solutions, which is compiled in a detailed report delivered to clients.
We develop a custom service plan outlining key action steps, accountable parties and dates for all activities. As your broker, we negotiate with insurance companies to secure comprehensive coverage with the most competitive rates, terms and conditions available in the marketplace. We implement risk controls and manage the claims process to ensure prompt and fair settlement, and meet with you as needed for ongoing review and advice.
Measuring success after plan implementation and making adjustments as needed to maximize outcomes is a key step. Our risk consultants monitor industry trends and communicate changes that may impact your coverage needs. They also share new products that may provide additional or better protection.