Risk Management

Bad things happen to good companies, but good risk management can minimize the impact

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What Holistic Risk Management IS NOT:

  • A Plan to eliminate all risks; nothing can eliminate all risk

  • Soley focused on compliance and disclosure requirements
  • A collage of disparate policies and approaches
  • A replacement for internal controls
  • Simply having a Chief Risk Officer

What is Holistic Risk Management?

Holistic risk management is a systematic approach identifying, defining, quantifying, and controlling all risks, whether or not they’re insurable. Unlike traditional risk management, holistic risk management deals with all types of risk, such as hazard or event risk, operational risk, credit risk, and financial risk.

Risk Avoidance

Can you eliminate a service or activity considered too risky?

Risk Avoidance

  • Eliminate activities that involve risk
  • Avoid creating activities that involve risk
  • Relatively extreme approach

Mitigation or Prevention

What steps can be taken to reduce the likelihood of losses occurring or lessen the impact of losses should they occur?

Mitigation or Prevention

  • Manage liability by structuring activities and programs in ways that reduce or limit institutional risk

Risk Transfer

Can we transfer either the risk or financial consequences of a loss to another party?

Risk Transfer

  • Insurance policies
  • Indemnification agreements
  • Releases and waivers

Risk Retention

Accept the risk as it is – some risk is inherent in the activities of operation.

Risk Retention

  • Self-insurance
  • Deductibles
  • Deciding not to purchase an insurance policy for a specific exposure

Just because you havent had any claims doesnt mean you have a working plan. How much is poor risk management costing you?

The Problem

  • Companies don’t know how to prevent claims
  • Most agents just quote policies
  • Most companies dont know why there premiums are so high
  • Lack of processes makes clarifying risk difficult

  • Most agents dont know how to reduce premiums without quoting policies

You Need Magnolia Risk Solutions

  • Alternative Risk Financing Strategies
  • Business Income Needs Analysis
  • Captive Feasibility Study and Solutions
  • Claims Review
  • Classification Review
  • Contingent Exposure Identification
  • Contract Analysis
  • Contractual Risk Transfer Mechanisms
  • Cost of Risk Allocation
  • Disaster Response Planning
  • Experience Modification Analysis and Projections
  • Flood/Earthquake Analysis
  • Frequency/Severity Assessments
  • Insurance Coverage Analysis
  • International Risk Exposures
  • Mock OSHA/MSHA Inspections
  • Program Consolidation
  • Proprietary Claims Management Process
  • Proprietary Safety Processes
  • Safety Program Evaluation
  • Supply Chain Management
  • Audit
  • Surety Obligations
  • Technology Risk Review