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CII Chartered Insurance Brokers

Risk Management

What type of risk is your business exposed to?

In a sentence risk management is the process of measuring, or assessing, risk and developing strategies to manage it.

Risk is inevitable in everything we do, the aim of a pro active risk management strategy is to reduce or remove the uncertainties that can threaten the achievement of your business objectives. There are four key elements to consider:

  1. Identifying the risk
  2. Measuring the risk
  3. Considering the probability of the risk
  4. Controlling the risk
    1. By removal of the risk
    2. By reducing the risk
    3. By accepting the risk

Any risk management programme should be seen as a continuous process and can be applied equally to all areas of an organisation from basic Health & Safety procedures on a production line to claims analysis of a vehicle fleet. What is certain is that insurers favour businesses that take a proactive approach to risk management and such a programme will inevitably reduce insurance costs.

In addition to our own in-house knowledge we have associations with specialist Health & Safety consultants and Business Continuity experts who can provide solutions to specific and sometimes unique risk management conundrums.

Whatever your business Stanmore can help you tailor your risk strategy so please contact us to discuss your specific requirements.

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