The risk management expert must be well read as a minimum about the area in which the task is focused and have a fairly good working awareness of the region. Planning for the task must take place well in advance and must include, as a matter of priority, a detailed statement of requirement from the customer. This will negate any misunderstandings relating to expectations. The expert should ensure that induction and introductory briefings regarding the customer organisation is undertaken so as to completely understand the customer. As an absolute minimum I would suggest the following as essential before starting the work:

• Know the client and what they do.
• Know where they operate, are looking to operate and the duration.
• Know what assets the operation involves – people, equipment, real estate.
• Understand the customer’s expectancies – statement of requirement.

Awareness of the above will give the risk management consultant with a very useful’ Know Your Customer Folder’ in order to plan and make initial preparations but much more should follow. Research on the customer organisation should include any history of issues encountered during, or resulting from previous operations and ventures. This is of importance when calculating the risks particularly if hostile actions followed. For example, if the population of a region may have objected to certain aspects of an operation within their region or does the organisation have a ‘reputation’ which has followed them and is the operation being undertaken by the client controversial in any way?

The value of local knowledge is priceless and having the opportunity to engage with informed locals frequently provides data vital to the task which may otherwise be ignored. Take the opportunity, should it present itself, to discuss matters with influential and well placed local members of the population. It has furnished me many times with a precise indication concerning future development of issues. Additionally, it results in the formation of relationships with local people and possibly even local authorities like the Police which is very useful.

Be methodical and thorough in your risk management survey. Whereever feasible prove the information you are handing over to your client. Take photos, drive routes, visit areas and test, test, test! Your customer is paying for a service and expects convincing and factual results and that of course includes furnishing him with any ‘bad news’ if and when it arises.

To summarise: A well planned, well-conducted and well presented risk management survey is potentially of extreme importance to your customer. Failing to plan is planning to fail and your paying client deserves the best from his consultant’s endeavours.

Craig Jones is the M.D. of Advanced Training and Security Solutions Limited, an independent company established to supply a bespoke security and resilience service. Craig has worked for a number of organisations in a variety of roles. ATSS have a base in Cheshire, UK with a presence in London and a worldwide reach. They have experience with working in the Middle East, North Africa and Eastern Europe. Graig is a prolific writer of articles concerning risk assessment, emergency planning, business continuity and security management.

Identifying Risk is a post from: WiredWriter

The primary areas of review for the insurance risk management are highlighted below:

1)         Premium Reduction – If you manage your insurance policy as you do your company, insurance companies will be ready to supply far better premiums and you’ll be in a better position to shop around because your company will be a little more appealing to prospective insurers.

2)         Sums Insured – By conducting a full evaluation of your sums insured you’re keeping your insurance policy being susceptible to average if there is a significant claim.  Being underinsured is amongst the major issues faced by business.  Massive quantities of money could be cut from a claim in the event the amounts insured are inaccurate.  It is extremely important the appropriate sums insured are on the policy and making use of insurance risk management will let you accomplish this.

3)         Meeting Warranties – Nearly all commercial insurance policies carry warranties.  These may be in the style of security requirements, alarm warranty, stillage (products kept above the floor at pallet level) and safety and health requirements including electrical check, etc.  This can usually easily be accomplished provided that you are completely aware of what is expected by the insurers. If you do a total risk management plan you may assure all aspects are achieved, thus not letting an insurance company to be able to null and void the insurance policy in the eventuality of an insurance claim.

4)         Material Facts – Virtually all policies count on business to mention any material facts.  This consists of past claims, if you have been refused insurance or perhaps had terms imposed and if a director has ever been involved in a business or company which has gone in to liquidation.  If any one of these things are not stated, a policy can be void if there is a claim.  Together with careful insurance risk management these problems can be averted.

5)         Excesses – So frequently the actual excess on a policy isn’t thoroughly understood.  It is not until an insurance claim comes about that the actual amount of excess applicable is actually realised and this is simply too late. 

Steer clear of problems and think about undertaking insurance risk management.  You can achieve this yourself or utilize a specialist broker who can stress test your policy and make sure you are meeting the requirements.

Do Not Overlook The Importance Of Insurance Risk Management is a post from: WiredWriter