Risk Management
For every minute that your business operates, it is at risk.
From physical hazards such as fire, theft and accident, to "hidden" risks such as IT security and fraud. From everyday concerns such as employment and the environment, to the growing threats of terrorism and natural disasters. And more and more today, from litigation arising out of modern society's rapidly developing compensation culture.
Risk Analysis and Risk Management are therefore increasingly being recognised as essential disciplines that must be implemented in the modern business world.
A & B were one of the first insurance brokers to recognise this trend, and moved swiftly to set up a Risk Analysis process. Supported by the Willis Network, we remain one of only a handful of UK companies offering this vital service to our clients.
What Risk Analysis is
Risk Analysis is a systematic method of identifying business risks and developing a sustained and coordinated approach to protecting your business against them.
How the Risk Analysis process works
Using a specially designed software package, we carry out a full audit of your company's position and activities, and provide you with a complete and accurate picture of the risks you face and how you can minimise them.
An experienced A & B director with a deep understanding of the risk issues facing businesses like yours will visit you to conduct the audit, which usually takes a half or a full day. The audit deals with every conceivable area of risk, covering :
Fundamentals
- Employment
- Premises
- Health & Safety
- Building Maintenance
- Environment Management
- Basic Security
- Credit
- Fraud & Embezzlement
- Contract & Administration
- Disaster Planning
- Financial Protection
- IT Security
- Vehicles
- Cash
Each area is given a risk rating, and high risk areas are highlighted. The results of the analysis will then be reported and discussed in a follow-up meeting, and a risk management strategy will be proposed. Decisions implemented will then be reviewed on a quarterly basis.
Why Risk Analysis is so important
Insurance companies are becoming increasingly selective in the companies they choose to cover. Some are effectively "cherry picking" those clients who treat their risk exposure seriously and who take proper measures to prevent and minimise potential losses. Companies who fail to do this are finding it increasingly difficult to get affordable cover, seeing their profits eroded and in some cases their existence threatened.
Why Risk Analysis is cost effective
Our standard Risk Analysis service costs in the region of £1500. Resulting premium savings can easily repay this amount in the first year alone. Taking only one aspect of Risk Analysis, implementation of a Disaster Plan could result in 15% savings on Business Interruption premiums alone. There are potential premium savings in every type of insurance - continuing cost savings which result in long-term improved profit performance.
Why action needs to be taken
The sooner you discover the full extent of risk applying to your business, the sooner you can act to protect it. By putting the right measures into place, you will have the assurance and peace of mind of knowing that your assets and future profitability are properly safeguarded.
Contact A & B to arrange a Risk Analysis audit without delay.
