A risk management audit involves undergoing a systematic evaluation of an organization's exposure to risks, and how the organization is coordinating its risk management program, including any necessary recommendations for improvements.
While Risk Security & Investigations can meet any special requirements you may have, our normal Risk Management Audit procedure includes these steps:
- Confer with management to learn about your organization's current risk management strategy, its tolerance for uncertainty, internal reporting relationships, loss history and its relationships with carriers and other service providers.
- Conduct an on-site survey directed at identifying and analyzing exposures to loss or liability.
- Scrutinize your property/casualty insurance portfolio for validity and correctness of all provisions; examine funded retentions, leases, trust or bond indentures and other documents of importance to risk planning.
- Measure current risk management methods against the exposures identified in the survey.
- Examine insurance expenditures for maximum cost effectiveness.
- Prepare a comprehensive written report of our findings including comments and recommendations for improvement in your program.
- Provide continuing counsel on all risk management and insurance related matters throughout the term of our engagement.