ERM is a strategic business discipline that supports the achievement of an organization’s objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio.
-ERM evaluates the risk portfolio in the context of all significant internal and external environments, systems, circumstances and stakeholders, and recognizes that individual risks across the organization are interrelated and can create a combined exposure that differs from the sum of the individual risks.
-ERM then provides a structured process for the management of all risks, whether those risks are primarily quantitative or qualitative in nature
-ERM seeks to embed risk management as a component in all critical decisions throughout the organization
You may only be aware of two providers of insurance, but there is a third provider, the Independent Risk Management Consultant, that makes all the difference.
The Insurance Carrier – the entity that issues the insurance policy and/or services to the insurance buyer.
2. The Insurance Broker – A person or a firm that sells insurance to the insurance buyer by bringing together the buyer and the insurance company.
3. The Independent Risk Management Consultant – a person or a firm that does not sell insurance and works only on the Client’s behalf for a fee to identify their risks and then facilitates the broadest insurance coverage at the best price from the insurance marketplace at large.
ICA Risk Management Consultants
If your company is seeking a purely objective view on the risks that face your organization, from an unbiased risk management perspective, then having an independent risk management consultant on your team, who never receives compensation from the insurance industry or works on a contingency basis, is the advocate that you are seeking.
Expertise is always valued and possibly more so in the current hard insurance marketplace, whereby the return on investment is all about maximizing the coverages purchased and minimizing the costs of your insurance program.
2. Audit of the Client’s exposures to determine if the appropriate insurance has been purchased as well as evaluating the Client’s cost of the same coverage.
3. Claims Advocacy in the event of losses.
4. Contract Review for ongoing Risk Identification and Risk Transfer.