An effective risk management practice adds significant and tangible value to any organization
Risk Management has become essential to businesses both operationally and from an insurance perspective. In addition to expanding visibility and control over business consistency, through an effective risk management initiative, organizations are able to establish a strategic direction and plan for insurance purchases/requirements, continuity planning, and loss minimization.
An effective risk management practice adds significant and tangible value to any organization. In many territories and most mature insurance markets, risk management is essential in maintaining acceptable insurance premiums and containing overall insurance costs.
IBH helps its clients across various functions with recognizing and documenting risk exposures, identifying risk reduction opportunities, establishing and updating risk profiles, and managing communications internally and externally with all relevant parties.
Today Risk Management is used for a wide range of insurance products as a major cost containment mechanism, from corporate health insurance programs to large fleets and property exposures. IBH works closely with its clients in overseeing improvements and developing continuously reviewed Risk Reduction Programs. Some of the tools used by IBH to develop an effective Risk Management program include:
- Business Continuity Plans (BCP)
- Disaster Recovery Plans (DRP)
- Health and Safety Programs
- Risk Surveys, Profiles, and Registers
- Loss reporting and Awareness Campaign