What is risk management?
Due to a lack of capacity and climate change, which has led to a considerable increase in claims, insurance companies are becoming more and more demanding with regard to the protection measures that companies and industries must have in place in order to be insured. It is for this reason that risk management takes on an important role, either in-house or by outsourcing the department.
Characteristics of the service
Risk management is about preventing organisational losses and minimising process downtime or malfunctions.
Prevention measures are put in place to ensure business continuity, not only with tangible improvements such as the installation of sprinklers to prevent fires or reduce their spread, but also with intangible measures such as carrying out a business continuity plan.
How do we work on risk management?
At O. Brokers, in addition to offering coverage, we lead the process of improving our clients’ risk.
We analyse their particular industry to find out what market requirements prevail in the sector, but, above all, we study each company’s risks and needs on a completely individual basis.
We analyse the necessary protection measures and, once agreement is reached with the companies that will cover the risk, we agree on an action plan to be implemented with a realistic deadline.
We also organise inspection visits with the insurance companies’ engineers, who make a report of recommendations, which we use to conduct proactive monitoring to ensure the continuity of the company with the same insurance company or seek new cover, if necessary.
In the event that the client wishes to contract a risk management project for the entire company, for a specific risk or to develop a Business Continuity Plan, we have a panel of specialised companies for such solutions.
