This is a consultative process which provides an in-depth analysis, evaluation, and categorization of an organization's existing risk profile and key risks to loss (insurable and non-insurable). In addition, it provides strategies and solutions to help minimize, transfer, or eliminate the identified exposures. The main three focal areas are Operational, Hazard (Insurance), and Financial.
The 3 Key Value Deliverables of a Risk & Insurance Audit are:
- Mapping, understanding, and confirmation that existing exposures are adequately recognized, known and properly treated (e.g. transfer, reduction, avoidance, insurance)
- Critical, non-biased review & analysis of the organization's existing insurance program to determine effectiveness & completeness (proper pricing structure, coverage gaps & overlaps)
- Evaluation and suggestion of alternatives for existing exposures that are not adequately addressed
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