What Is A Chief Risk Officer?
Traditionally, chief risk officers have oversight on all key risks facing a company, including regulatory, reputational, emerging, and strategic hazards. To identify and quantify the evolving risks of the business is just the first step. A chief risk officer will often report directly to chief executive officer and/or the board and do not serve the company in any other capacity but risk management—it’s that important to the company’s success. They must also have a thorough understanding of the tools and products available when choosing a strategy to transfer or reduce risk, like the wide-ranging commercial insurance options.
What Does A Chief Risk Officer Have To Do With Insurance?
One of the tools available to your chief risk officer for reassigning or minimizing risks is creating an insurance program to meet your company’s specific needs and requirements. Companies may have an internal chief risk officer, but that person might not have the critical experience in insurance necessary to thoroughly mitigate risk. Brunswick Companies can help by filling that knowledge gap.
Let Brunswick Companies Be Your Chief Risk Officer
Recently, we worked with a business owner client who knew the risks facing his company, but didn’t have the proper coverage to lessen those risks. How did we help him? First, we conducted a thorough risk management audit to:
- Review all contracts to identify any hidden exposures;
- Assess each risk and recommend a strategy for its elimination or management;
- Analyze the company’s claims history in order to identify opportunities for reducing premiums through self-insurance and minimizing losses through workers’ compensation, liability, and property and casualty claims management services.
A risk management audit by Brunswick Companies will include suggested methods of transferring risk and a customized risk management program that is aligned with your business operations and financial goals. In essence, you will be able to outsource your risk management to those with insurance expertise.
This Is Not One And Done
Risk management is a daily job. It encompasses operations, contracts, and claims. You can expect that your Brunswick chief risk officer will deliver:
- Preparation of insurance specifications and administration of the bidding process;
- Active coordination of risk control and loss prevention programs, including property protection, personal safety, data processing security, and fire safety;
- Personalized, ongoing service from the initial assessment through the monitoring of performance;
- Future risk projection and modification as your business grows.
In short, you will have a partner for the life of your business when you work with Brunswick Companies as your risk manager. Call 800-686-8080 or Request a Quote to add a chief risk officer to your company and begin protecting your business interests today.