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.
Risk of All Sorts
Which risks do you see in this photo? Commercial real estate? Economic meltdown? Product liability? Municipal bankruptcy? Trade restrictions? They're all there. How do you sort the wheat from the chaff in your organization to assure you have a comprehensive risk management strategy focused on the right risks? We can help.
"Never" Events
Unfortunately, they do happen with far greater frequency than "never." We help clients ensure they're spending their dollars in the most effective way possible to prevent harm to people or the planet.
Mega-Projects
Mean mega-bucks and mega-risk. Unfortunately, mega-projects almost never finish on time and on-budget. They typically take far longer and cost far more than anticipated. We help clients understand the cost and schedule risks in the plan so they can create and execute in the most expeditious and cost-effective way possible.
Enterprise Risk Management
Should you be worried about foreign currency risk? Or about political risk? Or damage to your organization's reputation? Risk registers are great for eliciting all the possible risks, but they don't tell you which ones you should really worry about, and what the cost-effectiveness is of various risk management strategies. We help you identify which risks are most important for your organization, and which risk management strategies deliver the most bang for the buck.