Business Risk Management
Business Risk Management
What Is Risk Management?
Business risk management is about preparing for surprising situations and avoiding claims by changing operating procedures. Risk identification and a risk management plan are an important part of a well-built company's insurance solution. Identifying risks allows you to take out the necessary business insurance policies to provide coverage against certain risks when it is possible and sensible. Even if something is not insurable, you will have identified your business’s risks and remain aware of the related risks.
Typically, a company's risks are divided into financial risks, strategic risks, operational risks and damage risks. The risk management plan specifies how risks can be avoided, reduced, transferred or retained. Changing operations may also be a good option if other methods do not work. Well-planned risk management always begins with a risk analysis performed by an insurance broker. Excellent risk management in a company is never only related to purchasing insurance, but also to the way in which the whole company operates.
Enterprise Risk Management (ERM) Starts With Risk Analysis
Risk analysis usually refers to the identification and assessment of risks. The end goal of risk analysis is to get a comprehensive picture of the risks that affect operations and objectives and their impact. Risk analysis can be carried out in a variety of ways using several techniques. In general, the best result is achieved when the work is done in a group or at least from several different perspectives.
We will help your company to plan a comprehensive risk management process that is part your everyday work. A good risk management process includes a clear description of risk management operations, effective tools and methods for risk management, and well-drafted company risk surveys.
Through comprehensive risk management, your organisation will be able to identify, process and report the key risks related to the organisation’s operation and objectives. Consistent and clear operations make it easy to report the results as part of annual reports and activity reports.
Continuity Planning In Risk Management
A continuity plan identifies the risks that are deemed to be too high for the company to bear despite risk management measures. A comprehensive continuity plan includes the following areas and more:
First response activities aimed at limiting the risk or reducing its impact together with different parties.
Crisis management activities, including arrangements for exceptional circumstances and making the required decisions.
Business activity restoration activities aimed at restoring what has been lost.
In the event of a crisis, an up-to-date continuity plan is one of the most valuable documents a company can have.
Property & Business Interruption Risk Surveys In Risk Management
In practice, risk surveying refers to the identification and assessment of risks. We will prepare a property and interruption risk survey, most often alongside insurance analyses, to support insurance tendering or separately to support the risk management efforts of our clients.
In a property and business interruption risk survey, we will go through typical risk information related to sites and operations (so-called under writing information), descriptions of operations from the perspective of risk management, assessments of damage scenarios, and development proposals that we believe can improve risk management.
A property and business interruption risk survey related to a site is always carried out on the basis of a visit to the site. Risk surveys are a recurring process in established risk management operations, and larger organisations are likely almost always working on some kind of risk survey.
What Is Risk Management?
Business risk management is about preparing for surprising situations and avoiding claims by changing operating procedures. Risk identification and a risk management plan are an important part of a well-built company's insurance solution. Identifying risks allows you to take out the necessary business insurance policies to provide coverage against certain risks when it is possible and sensible. Even if something is not insurable, you will have identified your business’s risks and remain aware of the related risks.
Typically, a company's risks are divided into financial risks, strategic risks, operational risks and damage risks. The risk management plan specifies how risks can be avoided, reduced, transferred or retained. Changing operations may also be a good option if other methods do not work. Well-planned risk management always begins with a risk analysis performed by an insurance broker. Excellent risk management in a company is never only related to purchasing insurance, but also to the way in which the whole company operates.
Comprehensive Enterprise Risk Management (ERM) Starts With Risk Analysis
Risk analysis usually refers to the identification and assessment of risks. The end goal of risk analysis is to get a comprehensive picture of the risks that affect operations and objectives and their impact.
Risk analysis can be carried out in a variety of ways using several techniques. In general, the best result is achieved when the work is done in a group or at least from several different perspectives.
We will help your company to plan a comprehensive risk management process that is part your everyday work. A good risk management process includes a clear description of risk management operations, effective tools and methods for risk management, and well-drafted company risk surveys.
Through comprehensive risk management, your organisation will be able to identify, process and report the key risks related to the organisation’s operation and objectives. Consistent and clear operations make it easy to report the results as part of annual reports and activity reports.
Continuity Planning As Part Of Risk Management
A continuity plan identifies the risks that are deemed to be too high for the company to bear despite risk management measures.
A comprehensive continuity plan includes the following areas and more:
First response activities aimed at limiting the risk or reducing its impact together with different parties.
Crisis management activities, including arrangements for exceptional circumstances and making the required decisions.
Business activity restoration activities aimed at restoring what has been lost.
In the event of a crisis, an up-to-date continuity plan is one of the most valuable documents a company can have.
Property And Business Interruption Risk Surveys As Part Of The Risk Management Plan
In practice, risk surveying refers to the identification and assessment of risks. We will prepare a property and interruption risk survey, most often alongside insurance analyses, to support insurance tendering or separately to support the risk management efforts of our clients.
In a property and business interruption risk survey, we will go through typical risk information related to sites and operations (so-called under writing information), descriptions of operations from the perspective of risk management, assessments of damage scenarios, and development proposals that we believe can improve risk management.
A property and business interruption risk survey related to a site is always carried out on the basis of a visit to the site. Risk surveys are a recurring process in established risk management operations, and larger organisations are likely almost always working on some kind of risk survey.
Risk Management Consulting According to The Needs of Your Company
When necessary, we also advise in risk management of a specific business area or item (e.g., supply chain risk management). Our experienced experts are happy to take on even more complex risk management challenges. Please contact us and let's see if we can help! In addition to risk management, we also offer other services related to the company's insurance! Our insurance broker always looks at your company individually and builds a solution that meets your needs. Read more about our services:
We Will Ensure That Your Business Is Appropriately Insured
In short, appropriate insurance means that your insurance covers the risks associated with your company's operations. We will ensure that your business is always insured in the best way possible, at a cost-effective price. Contact us to learn more!
