Services | Risk Management Improvement Studies

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Risk Management Improvement Studies

Often called "administrative audits" or "program reviews," we prefer to call consulting engagements of this nature, Risk Management Improvement studies.

You can benefit from this service if you:

  • Believe that your risk management program may not be performing as effectively as it could.
  • Are unsatisfied with the services being provided by your insurance broker, insurance company, third party claim administrator or other outside vendor.
  • Would like to assess the insurance and risk control service requirements of your internal customers -- and find out how satisfied they are.
  • Are required by internal audit guidelines or corporate policies and procedures to have corporate departments periodically reviewed by an outside auditor or qualified expert.

Scope:

The scope of our improvement consulting services will be tailored to your needs. If you want an overview, we can provide what we like to call an "opportunities assessment." Or, if you have already identified an area in need of improvement, we can perform a "focused improvement" study. For organizations with long-established risk management programs, we can conduct a "continuous improvement" study.

 

 

 

Here are some of the common elements in all of our improvement studies:

  • Gaining an understanding of your insurance program and property/casualty insurance risk exposure.
  • Defining the risk management "mega processes," such as risk identification, insurance purchases, review of indemnification and insurance clauses in written contracts, claim management, insurance broker/carrier services, internal cost allocation and strategic risk management planning.
  • Identifying the process owners, customers and stakeholders of/in the risk management process.
  • Organizing and facilitating focus group meetings attended by owners, customers and stakeholders.
  • Benchmarking your program, in terms of cost and best management practices, against the program of others in your peer group.
  • Reporting our findings and recommendations for improvement.

Benefits

  • You get the best of all worlds: risk management knowledge expertise and expertise in the improvement consulting process.
  • Cost of risk benchmarking statistics, best practices for your industry, performance improvement data worksheets, plus flow-charts, timelines, org charts, coverage review templates and other tools.
  • A prioritized list of areas for improvement -- and an implementation plan that points to the available enablers and treats the barriers to improvement.

 

Analysis, Strategy and Advice = Solution

Problem » An industrial company that was about to undergo dramatic restructuring.

Solution » Montclair Risk Advisors conducted a risk management improvement study. Our principal objective was to determine how the risk management function had to be re-organized. We delivered a future state staffing model and also made two other recommendations that resulted in significant improvement. First, a by-product of our Cost of Risk Benchmarking, the client subsequently re-negotiated a reduced broker service fee. Second, in compiling for them an actuarial database, we detected a surge in high severity workers compensation claims. The client subsequently selected a new insurance carrier to help their business operators reduce the incidence of lost time claims.