The Risk Management process consists of four components:
Risk Identification:
Conduct site visits
Analyze claims to identify loss drivers
Conduct departmental interviews
Risk Evaluation:
Utilize risk assessment survey
Retention level analysis
Risk transfer vs. risk assumption analysis
Benchmarking reports
Risk Control:
Develop targeted loss control programs for key identified loss drivers
Develop training programs as appropriate
Implement claims management process
Risk Finance:
Accounting reserve analysis
Cost allocation/incentive systems
Claim reserve analysis
Ongoing insurance program review