Corporate Counsel Risk Services
Corporate Counsel
Risk Services
If insurance is your risk management strategy, permanent damage to the organization is inevitable.
Corporate Counsel
Risk Services
A Customized Program to Address the Total Cost of Risk for the Unique Needs of the Corporate Counsel’s Office
The General Counsel Risk Advisory Group is a specialty practice group (the “Practice Group”) within IMA that has been created to address the specific and unique risk needs for the General Counsel’s office for US-based companies. The position of General Counsel is required to meet many exposures to risk that are germane to an organization like IMA. These risks include legal, financial, transactional, cyber, personnel and operational, not to mention typically insurable perils such as fire and third-party liability.
The mission of the Practice Group is to bring the broad resources of IMA under a single point of contact, with customized solutions that speak to the needs of the General Counsel. Since the service offering is broad, care will be taken to categorize the services offered in a manner that is logical and meaningful from the perspective of the General Counsel. The Practice Group is co-chaired by Matthew Battey and Jason Pomerantz. Pomerantz, as a former General Counsel, has the unique perspective to marry the best-in-class service offerings of IMA to the peculiar needs of the General Counsel’s office. Battey, with many years of experience in the commercial property and casualty insurance industry, has the experience to bring the various insurance specialty groups together to create a cohesive offering to the corporate counsel’s office.
In addition to the above insurance specialties, the Practice Group, through a strategic partnership with a third-party public affairs organization, has the capacity to address reputational risk, either proactively or reactively.
This comprehensive risk Practice Group will solve for the overstretched General Counsel’s office that has broad needs and limited resources. These services will be provided as ancillary to insurance or benefits products and will not be fee-based, except in extraordinary circumstances.
The primary insurance specialty areas that are the focus of the Practice Group are as follows:
Property Casualty
Employee Benefits & Compliance
- Analytics
- Compliance
- Medical Plans
- Retirement
- ERISA Compliance
- Technology Platforms
- Whole Health
Surety/Bonds
- Bid Bonds
- Fidelity Bonds
- Payment & Performance Bonds
Ancillary Services
- Actuarial Analysis
- Captive/Self Insurance Programs
- Claims
- Compensation Services
- Contract Review
- Facilities Risk
- Financial Due Diligence
- IMA Certificate Compliance Services
- Key Person Insurance / Buy/Sell Support
- LineSlip: Portfolio Company Management System
- OSHA Compliance
- Risk Control
Understanding the Total Cost of Risk
A proper risk management plan must be designed to address all aspects of an organization’s risk.
Pitfalls of a Dis-Integrated Risk Strategy
- Coverage gaps
- Exhausting limits
- Duplicate coverage
- Premium inefficiencies
- Difficulty coordinating multiple specialists for different coverage lines.
- Results: regulatory, reputational, cultural and financial damage. Harm to future insurability. Stock price, analyst warnings, etc. Mishandling of claims.
A Cohesive Plan is Required to Address the Total Cost of Risk
Here are some of the methods we use in a cohesive plan to address your Total Cost of Risk:
- Only through an in-depth relationship can your risk management partner achieve sufficient tactical empathy to properly understand the risk elements in your operation.
- Strategic risk partner/leader to synthesize all lines of coverage and shared services (discussed below) into broader risk management plan.
- Shifting the risk paradigm to a pro-active endeavor to address risk concerns before they happen, facilitating mitigation efforts and speeding up crisis response. The objective is risk avoidance first, and minimization second so that insurance becomes the last line of defense, rather the first.
- Compliance: regulatory, lender, capital partner, contractual.
- Shared Services: The risk management plan must integrate key risk mitigation services offered by IMA including, Contract Review, Risk Control, IMA Certificate Compliance.
- Claims Advocacy: IMA’s Claims Coordinators are dedicated, by specialty, to assist in the event of a claim. The claims process has become increasingly technical and requires expert guidance. Navigating a claim without an expert guide could lead to coverage issues.
Client Support Structure
IMA actively surrounds and supports our clients with value-added services, tailored to serve the unique challenges of your company.
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Battey Business Development Executive, Commercial Lines
Pomerantz Executive Advisor, Complex Risk, Commercial Lines