As a risk manager, you’re responsible for your organization’s potential risks and exposures. It’s a tough challenge to have on your shoulders, and IMA is here to help lighten the load.
How our process helps you increase the strength of your organization by strategically mitigating risk
Our role is both consultative and participative. By understanding your corporate direction, risk areas and functional responsibilities, we are able to align insurance transactions with risk management objectives, and risk management objectives with corporate objectives.
With full understanding of your company’s risk perception, risk appetite and risk tolerance, we can develop metrics that you can use to track effectiveness.
Ultimately, IMA evaluates challenges and opportunities to deliver a complete enterprise-wide risk assessment, including:
- Researching impact, likelihood and manifestation of risk event(s)
- Identifying and assessing risk correlations and interdependencies
- Leveraging the financing of pure risks to achieve balance and efficient capital allocation to manage or exploit speculative risks across the enterprise
- Creating a risk register and risk heat map
- Identifying risk management strategies for top-tier risks
- Identifying risk owners
- Determining appropriate reporting criteria
- Assisting with monitoring and measuring as needed
Understand Your Total Cost of Risk
Too often companies only view the cost of their risk by the premiums they pay. But what if you could become more profitable, competitive and actually lower your costs by casting a wider net of what is considered “risk”?
IMA’s enterprise risk management team helps a company create better shareholder value by reviewing their Total Cost of Risk. The process involves helping clients address a broader scope of the risks that sap precious resources from achieving boardroom goals and strategies.
IMA’s Total Cost of Risk Categories
IMA scope of risk management goes far beyond traditional methods associated with the industry. A total review of all company risk factors can be summarized into four key buckets:
- Risk Transfer
- Retained Losses
- Administrative
- Miscellaneous
Interested learning how your company can reduce your overall risk profile? Contact an IMA specialist today.