Identify, analyse and evaluate your risk exposures, risk retention or risk transfer.
The risk identification and assessment process are a critical part of effectively managing risks or events as part of an organization’s operational risk. Risks are identified, and then classified by risk category. Each risk is then assessed based on its impact, and prioritized in order to direct management focus toward the most important.
The process consists of 4 simple steps conducted by AMG:
- Identify potential risks that could impact the organization and classify each risk into categories.
- Rate each risk based on impact and likelihood, and provide rationale and understanding of root causes related to each risk
- Prioritize top-rated risks to ensure the right ones are managed going forward.
- Develop specific action plans to address the risks.
AMG help you to determining what type and amount of risk management insurance is needed for your business involves identifying business assets and operations; identifying threats or events that could affect the company; mitigating those risks as much as possible; and finally, determining the percentage of likelihood that an event will occur. That percentage of likelihood is the amount used to establish how much risk management insurance your business needs and what, if any, additional coverage options should be explored.
When we evaluating you in preparation for purchasing risk management insurance, we identify the causes of loss that may affect your business. These causes of loss may include any or all of the following: the cost to settle claims or judgments of liability, basically any financial risks; risks to the operation of the business, such as labor strikes; natural disasters, weather and political changes, classified as perimeter risks; and strategic risks, such as changes in management or the loss of professional reputation.
In addition, AMG use the cost of risk to guide the formulation and evaluation of a risk management strategy. This cost includes any retained losses, such as deductibles or exclusions; the cost for loss control activities; claim management expenses; net insurance proceeds; and the administrative costs of maintaining the risk management program itself.
AMG can help to assess and document a company’s “risk profile” and determine whether the current insurance and risk management program provides adequate and cost-effective protection.