Potential harm comes in many varieties large and small, impacting people, animals, the environment, property, reputation, and dollars. Risk management is all about anticipating and reducing potential harm.
There are three basic risk management strategies: own it, transfer it, prevent or mitigate it. Deciding which of these alone or in combination is best for the risks you’re concerned with requires balancing uncertain harm against certain and uncertain costs.
We can help you figure out which risk management strategies are most promising for the risks you’re worried about, and how to implement them to make sure they’re working. We help you to answer the two basic questions of risk management: Is your risk managment working? How do you know?
Answering those questions requires a deep understanding of risk and uncertainty and how to quantify them. We make full use of any and all available data, but recognize that making a future projection based on historical data only works when you have a significant data set and a stable system. For many strategic risks, one or more of these conditions is lacking.
We put together comprehensive risk management strategies that quantify the cost and benefit of each possible alternative, and consider owning, transferring, mitigating or preventing risks. Where appropriate, this includes insurance premiums, self-insurance retentions, and excess layers.
Let us introduce you to better means of risk management so you can sleep soundly at night knowing that your risk management is working.