Risk Management Consultations
Managing the risk associated with the operation of your business is at the core of what we do at Delancey Risk Partners. Many companies may simply transfer their risk to an insurance carrier in exchange for paying the annual insurance premium. The purchase of insurance can be an effective method, but it is not the sole solution for all risks. Once understood, risk can be avoided, reduced, eliminated, or transferred. It is a matter of determining which treatment is the most cost effective and efficient for your business goals and objective.
Business Risk can come in many forms and this is why we take the time necessary to immerse ourselves in your business to learn everything about your business operations, understand your corporate culture and assess your risk appetite. Together we will identify and analyze the various risk exposures, discuss potential loss control and risk management techniques and implement a risk management program especially for you.
Our Risk Management Process includes four distinct but inter-related stages. Picture the stages as a circle, a continuous process that constantly improves your risk management program.
In order to fully understand the risk exposure a business faces, a detailed discovery process must occur. Questions must be asked…policies reviewed…loss runs analyzed…procedures examined…facilities inspected…contracts reviewed…business practices analyzed. Only then can we begin to understand and recognize the potential events that can cause financial harm to your business.
Getting it partially right when discovering risk, or guessing at the factors that concern the business owner, is not acceptable. The discovery phase should be exhaustive in its attempt to make sure we address all of the risk factors impacting your business. Our goal is to properly protect your company’s assets and protect your ability to grow and build your business.
Once the discovery process has been completed, the next step is to design a risk management plan that properly, effectively and efficiently protects your business from financial loss.
Each business is different with varying business cultures, risk appetite, cash flow and financial needs. These differences are carefully considered while customizing the design of your risk management plan.
Once the plan has been designed and accepted, the aspects of the plan must be implemented. Our goal is to lower your total cost of risk and increase the profitability of your organization.
The process of risk management never ends. It is a continuous cycle that constantly examines of the current risk issues and evaluates any emerging issues that may impact your business. As the risk landscape changes, we adjust our design to address these changes, and implemented a new program.
This process will be seamless to the client and represents a perpetual risk management process. Certainly there are updates or changes, but the overall goal of protecting your business and your assets does not have an ending point. Risk does not stop and neither does our efforts to protect your business.