June 26, 2017
Technical Assurance, LLC

Risk Management Study

Risk Management is not a product but a process that begins with an in-depth study of operations and ends with a responsibility towards risk.  It should never be static, but dynamic and ongoing, continually monitored and adjusted when necessary to compensate for fluctuations and changes in the firm's operations, the business environment, and the insurance industry.

As part of the Technical Assurance, Risk Management study, we will work with you to:

  

1)  Accurately Access and Forecast your Companies Loss Projection

Loss Forecasting and Analysis is the starting point for most all risk management activities with benchmarking projects providing measurements of frequency, (the probability of a loss causing event), and severity, (potential consequences), factored to determine a companies loss projection.

 

2)  Identify and Separate Business Risk from Insurable Risk

Catalog exposures and design risk control packages and strategies for handling risk. Includes meeting with management and field personnel, conducting job site inspections, financial statement analysis, loss and claims analysis, insurance requirements, hold harmless, and indemnity provisions, contract and subcontract review.

 

3)  Implement Controls and Contractual Risk Transfer Techniques to Aid in Reducing Costs

Contractual risk transfer involves the transfer of risk through stipulations in the contract. This includes hold harmless agreements, indemnity clauses, and defined Insurance requirements.  Residual risk is then transferred to an insurance company through the purchase of insurance.

 

4)  Determine what Risk and Exposure Levels you would be willing to financially entertain

Employ forecasting methods that assist clients in assessing risk-bearing capacity, both for individual lines of coverage and in the aggregate.  This includes loss costs, (both insured and uninsured), insurance costs, financial benchmarks, client-specific circumstances and aversions.

 

5)  Design and Implementation

Establish decision criteria that aid in the development of objectives that drive program design including the insurance specifications for the purchase and pricing of insurance on the residual exposures.

 

6)  Monitoring the Results

Establish detailed recordkeeping to track performance and accountability.