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THE RISK MANAGEMENT PROCESS

Basic Structure for Decision-Making:

  1. IDENTIFY the exposures (risks) - sources:

    • company operations (dynamic)
    • leases, contracts, and other agreements
    • legal environment (dynamic)
    • insurance policies (what is not covered)

  2. ANALYZE the exposures

    • how likely to occur?
    • how severe an impact?
      • to the company?
      • to the individuals?

  3. SELECT the technique (or combination of techniques) that will most effectively handle each exposure - alternatives:

    • avoid the risk
    • control the risk
    • transfer the risk to another contracting party
    • transfer the risk to an insurance company
    • retain the risk

  4. IMPLEMENT the selected technique(s)

  5. MONITOR the treatment for effectiveness, and the exposures for change; implement revisions where appropriate

  6. IDENTIFY and ANALYZE the exposures . . . (ongoing process)

Risk Management Resources, Inc. | 952.944.8515 | info@RMRrisk.com