Risk management is the identification, assessment and prioritization of risks and the subsequent coordinated and economical application of resources to minimize, monitor and control the probability and impact of losses. Effective risk management activities create value and should be an integral part of the decision-making process. How does risk management impact your bottom line?
Opportunity for better pricing on insurance premiums
Saves out-of-pocket costs like deductibles
Ensures a safe and stable environment for employees, volunteers and customers
Helps you understand and be prepared for risks before losses occur
Strategies for addressing an identified risk typically