Risk management processes

How well does your business understand and manage its risks? Do the people with responsibility for managing risk have all the information, tools and skills they need?

At Zurich Strategic Risk we can help you identify and manage the risks within your business through risk analysis and
profiling, and training for the people whose job it is to manage risk from day to day.

Identifying and managing risk

No one knows the risks facing a business better than the people who work for it. Unfortunately this information isn’t always shared or collected in a comprehensive way for the benefit of the business. As a result enterprise-wide risk management isn’t achieved.

We can organise and facilitate workshops that combine our expertise with the knowledge and understanding of risk that already exists within your business. By working through a carefully designed process, your chosen team will describe what they think the risks are. Then we’ll help them to assess the impact and likelihood of these risks, before prioritising those which exceed the level of risk the organisation is comfortable with. Finally we encourage the team to develop action plans to improve the prioritised risks.

Risk Profiling

This approach delivers two important results. First, it creates well-defined processes that apply to the specific risks your business faces. Second, and equally important, it increases the expertise, understanding and risk management skills of the people in your business who will implement these processes as part of their everyday roles.

Achieving clear results

The right strategy requires the right information. It’s therefore essential to collect comprehensive information on risk and then present it in a way that makes it easy for
people across the business to use. A good risk management system will therefore help the people in your business to manage risk by presenting comprehensive and detailed information in a practical way. You may already have software in place, in which case we’re happy to work with it. If you haven’t, we can introduce you to ProfilerLive, a risk management system that uses your existing intranet.

By working with you on your risk management processes and systems, we can:

• help you demonstrate to stakeholders that your business is showing sound judgement on risk management – with the potential to maintain or raise valuations and ratings
• save money through retaining risk where it is considered prudent to do so
• reduce the chances of a major corporate surprise causing damage to the business
• help you develop a risk-aware business culture through people sharing information – a valuable asset to any organisation.
  

Escalating, filtering and combining risks

To be effective, your risk management processes should include clear and comprehensive guidelines on escalating,
filtering and combining new risk issues. While your board will need to know about the key risks to your business, they don’t want to have to deal with risks that can be filtered out and dealt with at a lower level.

However it’s important that everyone in the business has an enterprise-wide picture of risk through the recording and sharing of risk information. This will avoid the situation where a serious risk is overlooked simply because it is made up of a series of local risks which are only looked at in isolation.

The benefits of an effective risk management system

Our risk management systems can help organisations to:

• identify, understand and manage enterprise-wide risks better
• make risk management part of the working culture
• present comprehensive risk information in a practical way
• increase the knowledge and skills of the people in the business
• give assurance to stakeholders that risks are well managed

Why choose Zurich Strategic Risk?

• We deploy professionals who are experts in managing and insuring risk
• Our expertise allows us to measure risk accurately and make the resulting information easy to use to develop appropriate risk strategies
• Our proven, consensus-based approaches ensure a clear understanding of risk in your organisation’s culture
• We can link our services with risk quantification if appropriate.