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Risk Management

The Risk Manager is responsible for identifying risks, adopting risk mitigation strategies like risk transfer, avoidance, and retention programs, and developing and updating a complete risk management program. They are also tasked with securing adequate insurance at reasonable costs, implementing loss prevention programs, managing claims, complying with laws, and establishing policies and procedures.

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57 views2 pages

Risk Management

The Risk Manager is responsible for identifying risks, adopting risk mitigation strategies like risk transfer, avoidance, and retention programs, and developing and updating a complete risk management program. They are also tasked with securing adequate insurance at reasonable costs, implementing loss prevention programs, managing claims, complying with laws, and establishing policies and procedures.

Uploaded by

aryanalynn
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Risk Management Responsibilities

The Risk Manager is responsible to Senior Management for the following


functions:

1. To identify and quantify the organization’s exposures to accidental


loss.

2. To adopt proper financial protection measures through risk transfer (to


outside parties), risk avoidance, and risk retention programs.

3. To develop and update a complete system for recording, monitoring,


and communicating the organization’s Risk Management program
components and costs to the executive staff and others as necessary.

4. To design master insurance programs and self-insurance programs


including the preparation of underwriting specifications.

5. Securing and maintaining adequate insurance coverage at the most


reasonable cost.

6. To determine the most cost-effective way to construct, refurbish, or


improve the loss protection system of any facility leased, rented,
purchased, or constructed by COMPANY.

7. To develop and implement loss prevention/loss retention programs.

8. To actively participate on all contract negotiations involving


insurance, indemnity, or other pure risk assumptions or
provisions prior to the execution of the contracts. To establish indemnity
and insurance standards for standard contract forms.

9. To create and publish guidelines on the handling of all property and


liability claims involving the organization.

10. To manage claims for insured and uninsured losses.

11. To comply with local insurance laws.

12. To select and manage insurance brokerage representatives, insurance


carriers and other necessary risk management services providers.
13. To establish deductible levels.

14. To allocate insurance premiums.

15. To issue bonds and certificates as necessary.

16. To establish Risk Management policies and procedures

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