Risk Management

Working with Clients to Help Minimize Risk

What is Risk Management?  Risk Management is the process of protecting an organization’s assets.  There are many ways of managing and controlling risk – avoidance, transfer, separate or segregate, loss prevention, loss reduction, or a combination of these.  Managing the uncertainty of risk is very important.

There are 5 steps to the Risk Management process: 

  • Risk Identification – process of identifying and examining exposures facing an organization.

  • Risk Analysis – the assessment of the potential impact that various exposures can have on the organization.

  • Risk Control – action to minimize, at the optimal cost, losses which strike the organization.

  • Risk Finance – the acquisition of funds at the least possible cost to pay for the losses that effect an organization.  There are many ways to finance risk, one of which is insurance.  “Transferring” risk to the insurance companies in exchange for premium is an alternative, risk financing mechanism.

  • Risk Administration – the planning, implementing and monitoring of the risk management policy.

  • Insurance Systems Group is able to identify potential hazards to an organization and implement a process to minimize the risk.  We feel a Risk Management Program is often essential to an organization’s progress.  Some of the benefits include reduced costs of accidents, integration of safety plans, ability to plan and budget better, and providing adequate protection when a hazard is identified.  This could be very broad, but includes Products Liability, Auto Liability, Workers Compensation and projecting future losses.

    Our President holds the Certified Risk Manager for Churches and Schools (CRMSC) designation given by Cambridge University.  Our Vice President earned the designation of Certified Risk Manager (CRM), given by the National Alliance for Insurance Education & Research.

    For Risk Management services, please contact Insurance Systems.  We would be willing and able to assist in any format possible.