The risk management process requires a systematic approach to the treatment of risk which begins with the identification and analysis of your exposures.  The qualitative determination of material risks can be accomplished in a number of ways:

  • Interview key individuals as the project dictates and develop an account profile to enable us to obtain a good understanding of operations and the quality of implementation of risk management techniques and loss control.
  • Internal or external auditing to determine current exposures faced through interviews and site visits to confirm that exposures are properly accounted for either through insurance, self-insurance, or transferred by contract to a third party.
  • Review of your business process flowcharts to identify hazards confirming that they have been addressed by the risk management process. Seemingly minor changes in the production process can bring about significant property and human safety exposures. Proactive monitoring of current and planned operations is key to exposure identification.
  • Utilize risk ranking techniques to determine the exposure and potential loss of assets.
  • Examine client contracts to confirm that coverage requests by third parties is provided by the client insurance program. If not, consider options and evaluate risk potential to the client.
  • Recommend risk transfer guidelines to be required of contractors and other vendors to avoid exposures that do not rightfully belong to the client.
  • From a historical perspective, review of past loss experience and identify trends that may point to exposures that can cause financial or physical loss and recommend action steps to mitigate loss.
  • Hold quarterly stewardship meetings with client/underwriters/other service providers to evaluate accomplishments, monitor progress, and redirect as needed.
  • Establish “indicators” to be examined on a quarterly basis to enable the client’s team to obtain early warnings and mitigate potential loss.

IIBS will assist you every step of the way in identifying risks and developing a risk management strategy. We will assist you in:

  • Determining appropriate deductibles
  • Making recommendations to reduce or eliminate risks
  • Helping transfer risks through strategic use of insurance or contract
  • Developing an administration program with support services
  • Implementing your plan and establish a process for ongoing protection.

Our traditional risk management model incorporates the following elements:

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