The purpose of the Risk Map (RM) is to visually model risks associated with all aspects of your business.
The map remains a work in progress document and can be adjusted as internal and external factors influence the business. Risks can be identified, quantified and managed within the company’s own physical and capital resources and skill sets. Therefore, the necessity for the transfer of risk to the insurance market reduces.
Once the key risks have been identified and categorised, decisions can be made concerning the likelihood of certain events happening and the impact levels of those events. Based on the data output, a Heat Matrix can be developed, which will help to focus resources within the business to deal with high risk and high severity exposures that could harm your business.
Key Steps
1) Risk Review Meetings
2) Development of a visual Risk Map and Heat Matrix
3) Engagement with Risk Committee(s)
Risk Review Interviews
Often, we find having an external perspective on an organisation’s attitude to risk through the eyes of its employees can be very enlightening. This is most effective when senior management aren’t present and constructive comments can be made freely or anonymously.
Through Q&A sessions with personnel located in different parts of the business, we can draw out your collective attitude to risk, your culture, management support and responsibilities.
Typically, we would expect to include meetings with:
- Senior Management / Heads of Department
- Finance
- Operations
- Commercial
- IT
- HR / Health & Safety
Only by undertaking this review process would we feel confident to be able to advise you on a preferred risk strategy and start to develop an insurance programme that will deliver security to the business, which is bespoke to you.
