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Management Consultancy |
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Risk Management means different things
to different people. In most of the industries,
it turns out to be lots of risk &
not much management. In essence, risk
management is: |
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Risk
is a ‘freak’ event. It can
be termed as ‘chance of loss’.
It has only a negative effect on a business
activity & carries a heavy cost. The
principal control techniques in Risk Management
are Risk Elimination, Risk Reduction,
Risk Retention & Risk Transfer, which
may take the form of an insurance contract.
One of the greatest hurdles to the establishment
of Risk Management programs has been the
ingrained notion within the commercial
world that insurance buying is, in fact,
risk management. If we look at recent
mega losses arising out of natural calamities,
Fire & Accidental losses to oil rigs
& human lives, it is proved beyond
doubt that insurance is not Risk Management
because it does not prevent accidents
/ incidents but merely helps to pay or
indemnify costs incurred during those
losses. |
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We,
as Risk Management advisors, believe that
a sound risk management program is a process
of developing a long term, viable &
mutually beneficial relationship between
an insured & the underwriter
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All Responsible Organisations
choose an Insurance Broker to add value
to their risk management program by bringing
knowledge, skills & experience in
identifying insurers for placement of
risks & efficient claims management. |
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“Insurance
is the subject matter of solicitation”
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