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How does the risk management function relate to insurance?

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How does the risk management function relate to insurance?

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The risk management decision-making process is really the same decision-making process that businesses use to ensure continuity of their operations. Identify risk of loss. Quantify risk of loss in terms of frequency and/or severity. Develop alternatives for the treatment of risk (i.e. eliminate, retain, contractual transfer, insurance transfer). Select the optimal alternative risk management plan at an economical cost. Close the loop by periodically revisiting the loss exposure and adjusting the treatment method used. Manage claims and prevent and reduce future losses. Your broker should be involved in all phases of the risk-management process and must have a thorough knowledge of the buyer’s business/industry. What does the buyer have to do to put some skin in the game? Don’t start the process if you have no real thought of changing brokers and are not encouraging creative ideas to enhance your program. Share useful information up-front with all brokers, recognizing that the incumbent

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