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Lou Bortone

Guide to Risk Management Consultants

Working with a risk management expert can help you manage risk effectively

By Lou Bortone, Creative Director, Granite Planet Productions

Risk management consultants give advice on protecting organizations from potential losses to property, assets or people. A risk management consultant can look broadly at all the threats facing your business, from government regulation to employee theft to equipment going obsolete. They don't sell insurance but they can advise on what insurance you need. Risk management consultants work in three major areas:
  1. Enterprise risk management – Also referred to as operational risk management, ERM affects all public businesses.
  2. Credit risk management – Involves risks associated with banks, lending institutions and related financial businesses.
  3. Health risk management – Risks related to hospitals, medical clinics and other healthcare providers.

Action Steps
The best contacts and resources to help you get it done


Know difference between risk management consultants and insurance brokers

Unlike insurance agents, risk management consultants do not sell or broker insurance, and they are not affiliated with insurance companies. Risk management consultants provide independent and objective analysis. They are paid by the client and do not receive commissions.
I recommend: The Society of Risk Management Consultants Web site includes a section that outlines the differences between insurance providers and risk management consultants. If your needs lean more toward typical insurance, the Insurance Industry Internet Network is a web-based directory for the insurance industry.

Understand what risk management consultants can do for your company

Risk management consultants provide risk exposure analysis, and offer evaluation and recommendations regarding coverage and loss control. In addition, they manage marketing and selection of insurance programs and risk-related services.
I recommend: Public Entity Risk Institute (PERI) features extensive resources to help you derive the greatest benefit from your risk management partners. PERI's Web site includes a disaster planning toolkit and publications on risk management for small business. Even if you never hire a consultant, take a look at this risk checklist from PERI for an overview of the range of threats that can face a business.

Know where to find the right RMC for your business

Where to find the appropriate risk management professional will depend upon your industry and your specific needs. There are both generalists and specialists.
I recommend: Directories of risk management consultants include RiskWorld and the SRMC, which provides listings geographically. The Global Association of Risk Professionals (GARP) focuses on risk professionals in financial risk management, while the Nonprofit Risk Management Center features information, training and resources for nonprofit organizations. Bobsguide.com lists risk management consultants from a number of disciplines.

Consider whether your business needs its own Risk Manager

Larger organizations can benefit from a dedicated, in-house risk manager whose job it is to set risk management policy, develop risk response strategies and build a risk-aware culture within the company.
I recommend: Risk Management training and education can be provided by The Institute of Risk Management or the Risk and Insurance Management Society (RIMS). RIMS also features a searchable directory for risk professionals, or you can search resumes for risk managers through their job bank.

Tips & Tactics
Helpful advice for making the most of this Guide

  • A big risk for small business is the death or sudden departure of a key manager or owner. A risks management strategy would take a look at the succession plan for the company.

The official source of Risk Management Consultants is the Risk Assessment page at Business.com

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FEATURED LISTINGS
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Assess risk and trade safely worldwide with our specialist credit insurance brokers. Get a quote now.
www.traderiskgroup.com
SAS Risk Assessment Software
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www.sas.com
Zurich Insurance Company
Free resources on commercial & business insurance. Visit today!
www.ZurichNA.com
Risk Assessment
Help Safeguard your company with ADT Security Systems security solutions and expert consulting.  Learn more & receive a Free Security Risk Assessment!
www.ADTForSmallBusiness.com
Risk Assessment Resources
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JustClickLocal.com
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