For better or for worse, many businesses realize the need for Risk Management services only after suffering losses due to safety issues, theft or vandalism, lawsuit, or regulatory fines or other similar problems.

A careful analytical review of your past history in each of the domains where risk exposures exist is necessary to identify any trends not only regarding outcomes, but contributing factors as well. Your Risk Managers will conduct a thorough and detailed analysis of your organization's past experiences that led to loss and provide a comparison with other organizations in your industry or field, extracting useful metrics to develop future comparative models.  This gives you a basis to make ROI determinations on whether to implement specific practices or programs, helping you to put your risk management investments where they will yield maximum results. Often it may be possible for you to choose among several remediation paths - good historical data will help you with the decision-making process.

Just as important as your history of past losses and events is a careful analytical review of your current procedures.  Depending on the age, size, and type of your organization, your procedures may be more or less formalized.  Your Risk Managers will conduct a thorough review of your business processes and especially the procedures that implement them in order to identify your strengths as well as possible areas of loss exposure.  The result of this procedural review will be an itemized list of specific procedural recommendations designed to maximize the strengths you already have and address areas where risk exposures are identified.

Think of your procedures like individual staves in a barrel - the holding capacity of the barrel isn't determined by the size of the barrel or that of the longest stave - it can only hold as much as the shortest stave.  A procedural review allows the identification of the "short stave" or limiting procedure in your organization.  Addressing this area of limitation increases your total capacity for conducting your business processes without incurring risk.

Want to know more?  Contact Your Risk Managers today.

With an evaluation of your exposures on hand, along with an analysis of your past losses and a systematic review of your policies and procedures in hand, you are ready to build a multi-modality Risk Management Program.  Program development begins by implementing controls that will take care of your most critical exposures first - the ones which have resulted in past losses and have been shown by the procedure review.

Just putting in place new procedures isn't going to comprise a successful risk mitigation program.  Someone in your organization has to have the program as part of their responsibility, requiring their intentional engagement and involvement.  Your Risk Managers will work together with all those responsible as well as those affected to create practical, efficient program recommendations.  We'll be with you throughout their implementation, and will work with you to educate your workforce and train them in the new procedures, and we'll be there in the long term for ongoing site inspections, corrective actions, and accountability measures.

Implementing a successful, multidisicplinary risk mitigation program isn't cheap or easy, but the cost is insignificant compared to the losses you risk if you don't have a program in place.  It's a simple matter of minding your business and protecting it.

If you don't have a risk mitigation program in place, there's no better time to start than now.  Click here to contact Your Risk Managers now.