Because most view risk management as simply buying an insurance product. Unfortunately, insurance itself is not designed nor intended to cover every possible risk a business faces. Due to that fact, we have a unique and diagnostic approach to help our clients uncover and mitigate loss exposures.
We realize that an insurance policy alone can not prevent a serious property loss. Insurance certainly cannot prevent a liability lawsuit, nor can it prevent your employees from being injured on the job. Our goal is to identify exposures, some of which are insurable, some of which are not. True risk management requires developing strategies and processes to reduce your company’s exposures before something happens. Ultimately, this proactive approach reduces your risk profile and therefore directly affects your bottom line.
Unfortunately for most middle market companies, the insurance transaction is trusted as the sole risk management technique. However, large companies often have a full time Risk Manager or CRO whom is able to address company risk on a 24/7 basis.
Our job is to help middle market companies address the internal void of not having a full time risk manager. In addition to insurance, we look at the policies, processes and procedures outside of insurance that can positively or negatively affect the overall risk of a company. By doing so, we can reduce our clients’ cost of risk.
The BRIA Process
This process looks different for each company that we assist. It is a four step process that is fundamentally proactive in its approach. Here, we briefly examine the four steps.
- Discovery — This phase begins by understanding the fundamentals of your business by identifying its exposures.
- Strategy — We work directly with your company to develop personalized strategies and recommendations to manage your risk.
- Implementation — We help put the strategies to work, mitigating risk along the way.
- Monitor — We make sure the strategies put in place are working and effective. We change them as needed.