What is 
Risk Management

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Risk Management and Insurance is the study of  methods used by organizations and individuals to manage activities and physical entities whose outcomes cannot be forecasted exactly. These methods include: measures taken to reduce the risk of damage to physical assets, exposure to legal liability, and injury to employees or customers.

In organizations, the purpose of risk management is to enable the organization to progress toward its goals and objectives on a direct, efficient, and effective path.  Risk management should be a central management function, devoted to the assessment and management of uncertainty and its effect on the organization.

Risk management and insurance is focused on risks that can be controlled and how to insure against uncertainty. Safety procedures and damage control programs of an organization can have a dramatic effect on losses from natural events, human error, and injury to employees causing reduced productivity and adding to Workers' Compensation costs.  Wellness and EAP plans can have significant effects on employee productivity and the premium costs of Benefit Plans.  Risk Management is relevant in the public and private sectors and to organizations of all sizes.  The risk management plan should be supported by accountability, measurement, continued review, and with rewards for successful outcomes.

In addition to the above, Risk Management and Insurance utilizes actuaries and actuarial sciences.  Activities include actuarial life/health and actuarial property/casualty models, to create modern financial tools, employee benefits design, pension plan evaluation, and statistical methods applied to insurance and financial problems.

When Risk Factors have been identified and assessed, generally there are five options available to the Organization:
         
          1)  Avoidance - Limiting the legal and financial liabilities
          2)  Reduction - Taking proactive measures to contain or reduce
               costs
          3)  Managing - Developing employee training plans and
                advocacy programs
          4)  Retention - Accepting the risk and self-insuring within a
                budget
          5)  Transfer - Insuring against the risk


Consulting Companies,  H&L Brokers and P&C Brokers - combined with internal controls focused on communication, compliance, and advocacy services - can combine the above options to reduce an Organization's exposure to risk.  Risk Management should be an on-going, year-round, endeavor.  These efforts should help contain the ever-increasing cost of insuring  - whether self-funded or fully insured. 
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