What do Risk Management Consultants do?
EXPOSURE ANALYSIS
Risk Management Consultants examine an organization to identify and quantify what it does, what it stands to lose in case of a loss, and what is needed to protect its assets and earnings.
EVALUATION AND RECOMMENDATIONS
Risk Management Consultants review an organization’s insurance and risk management programs and make recommendations regarding coverage improvements, administrations, loss control and financing mechanisms.
MANAGE MARKETING AND SELECTION
Risk Management Consultants develop specifications for marketing an insurance program and risk-related services. They manage the marketing process, evaluate proposals, and make recommendations on program selection and service providers.
CONTINUING COUNSEL
Risk Management Consultants provide ongoing risk management consulting services and may also serve as an outsourced risk management department.
SPECIALIZED SERVICES
Some Risk Management Consultants specialize in claim audits, safety programs, serving as expert witnesses, and providing evaluations of potential risk and losses to bankers, lawyers, accountants and others.
A public company has an obligation to its shareholders to have outside professionals periodically evaluate it insurance program ~Risk Manager
How Risk Management Consultants Work
PERSPECTIVE
As independent professionals, Risk Management Consultants provide objective analysis and have no economic interest in the solution.
REPORTING
Risk Management Consultants report only to the client. They are often retained by the Chief Financial Officer of the organization on a project or continuing basis.
PARTNERSHIPS
Risk Management Consultants work with the client’s insurance providers, accountants, lenders and other professionals.
COMPENSATION
Risk Management Consultants provide work on a fee only basis paid by the client and accept no commissions or other forms of compensation from any other party.
You Need A Risk Management Consultant When...
- You want an objective independent review of your insurance and risk management program
- You want to examine the cost of your insurance and risk management program
- You had a loss that was not covered
- You plan to competitively market your insurance program
- You have decided to outsource risk management
- You want to explore other financing methods of risk management
- Your business has changed significantly and might require an evaluation for new or additional coverage
- Your loss history has made it difficult to purchase insurance
- You are dissatisfied with your broker or insurer
- You are considering a merger, acquisition, or divestiture