Risk Management Services

Service Type

Risk Management Services

Risk Management

In ideal risk management, a prioritization process is followed whereby the risks with the greatest loss (or impact) and the greatest probability of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled in descending order. In practice the process of assessing overall risk can be difficult, and balancing resources used to mitigate between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often be mishandled.

Intangible risk management identifies a new type of a risk that has a 100% probability of occurring but is ignored by the organization due to a lack of identification ability. For example, when deficient knowledge is applied to a situation, a knowledge risk materializes. Relationship risk appears when ineffective collaboration occurs. Process-engagement risk may be an issue when ineffective operational procedures are applied. These risks directly reduce the productivity of knowledge workers, decrease cost effectiveness, profitability, service, quality, reputation, brand value, and earnings quality. Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity.

Risk management also faces difficulties in allocating resources. This is the idea of opportunity cost. Resources spent on risk management could have been spent on more profitable activities. Again, ideal risk management minimizes spending (or manpower or other resources) and also minimizes the negative effects of risks.

Method

For the most part, these methods consist of the following elements, performed, more or less, in the following order.

  1. identify, characterize, and assess
  2. assess the vulnerability of critical assets to specific threats
  3. determine the risk (i.e. the expected consequences of specific types of attacks on specific assets)
  4. identify ways to reduce those risks
  5. prioritize risk reduction measures based on a strategy

When faced with a property damage loss to a critical asset, it is a Risk Manager's duty to perform his due diligence to seek out the most professional people to assist him in dealing with the insurance claim on his principal's behalf.  PublicAdjusters.com can assist you in assessing the scope of the property damage claim, prepare the necessary claim documents, meet with the insurance company representatives and negotiate an equitable settlement and conclusion of your claim.

Call PublicAdjusters.com for a consultation for Risk Management Services. 1-800-303-2591