The Risk Management Process

Risk Management includes all things an individual, group, business owner, organization or other entity can do when dealing with pure risks to ensure that the potential for financial loss from an accident or event is avoided or minimized. While Risk Management is important for everyone, this course focus primarily upon business risks. By the end of this course you will be able to help business owners develop a formal written Risk Management Program that incorporates strategies the business will use to avoid or minimize the adverse financial consequences of an accident or other event on the business.

There are many advantages to providing business clients with this knowledge. Insurance brokers who spend the time to help their clients look at their business from a risk management perspective are more likely to be viewed as being more professional. While clients are sure to be more informed about their loss exposures, brokers will also be helping to avoid an Errors and Omissions claim against them and the brokerage by ensuring they have provided clients with information those clients should reasonably expect to have received from their insurance broker.

Topics covered include:

  • A planned approach to risk management
  • Five steps in the risk management process
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Lettered dice set in a crossword fashion and spelling the words "profit", "loss", and "risk"

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