Tony Ham Insurance Brokers Limited

RISK MANAGEMENT

What is Risk Management?
Every company faces risks in the course of its business. Injuries to staff or other parties lead to litigation, adverse currency movements lead to loss of profit on import/export activities, cash-flow problems can bring down companies with strong order books, failures of suppliers can interrupt business and hit profits and of course, fires, pollution, accidents, political risk or other events can ruin a business. On top of this, directors and expert staff can face liability claims on a personal basis. The Risk Manager’s role is to identify all potential threats and find solutions, which remove them or limit their impact to acceptable levels.

How does it work?
Risk Management involves a set of steps to identify, eliminate or mitigate risk. These steps should be reviewed when insurance comes up for renewal or whenever there is a major change in the company’s goals or its business and political climate.

The steps involved:

Understand the business. What is its current position, what are its
aims and strategy, what is the legal context? These factors need
to be identified before the appropriate approach to risk can be
determined.
Build a risk register. List every possible risk facing the company.
For example risks can arise from the laws of the countries where
business is transacted, financial pressures, operational methods,
from random events etc. Each risk to be assessed for its probability
and severity, then categorised according to its potential impact on
the business.
Determine the split between risks which can be accepted, and
risks to be insured.
Develop the insurance presentation. An insurance presentation must make full disclosure and allow insurance underwriters to assess the risks and develop appropriate insurance policies.
Place the insurance. Using a single broker or insurer can appear attractive but may lead to less than optimal cover. Locating specialised brokers with expertise specific to each type of insurance provides a better total package and the service needed.

What role does the Risk Manager play?
The Risk Manager acts as the guide and catalyst throughout the entire process. Specific responsibility for parts of the process can also be assigned to him, depending on the client agreement.

Why THIBL?
Risk Management is the point where business management, operations and insurance meet. THIBL is far more than just a broker. Our experience includes working with SME’s and major corporations in construction and manufacturing to develop their risk profiles and take their needs to the market. We advise government agencies on the insurance for major, complex PFI/PPP projects. We have also worked on international projects in most major countries. This provides the width of experience necessary for us to advise and/or act and advise at every stage of the risk management process.

Please contact riskmanagement@thibl.co.uk if you have any specific needs.

To enable us to assist you in providing a bond we will initally need some financial information, wording required and a contract summary.




"New business brings new risks"	RISK MANAGEMENT What is Risk Management? Every company faces risks in the course of its business. Injuries to staff or other parties lead to litigation, adverse currency movements lead to loss of profit on import/export activities, cash-flow problems can bring down companies with strong order books, failures of suppliers can interrupt business and hit profits and of course, fires, pollution, accidents, political risk or other events can ruin a business. On top of this, directors and expert staff can face liability claims on a personal basis. The Risk Manager’s role is to identify all potential threats and find solutions, which remove them or limit their impact to acceptable levels. How does it work? Risk Management involves a set of steps to identify, eliminate or mitigate risk. These steps should be reviewed when insurance comes up for renewal or whenever there is a major change in the company’s goals or its business and political climate. The steps involved: Understand the business. What is its current position, what are its aims and strategy, what is the legal context? These factors need to be identified before the appropriate approach to risk can be determined. Build a risk register. List every possible risk facing the company. For example risks can arise from the laws of the countries where business is transacted, financial pressures, operational methods, from random events etc. Each risk to be assessed for its probability and severity, then categorised according to its potential impact on the business. Determine the split between risks which can be accepted, and risks to be insured. Develop the insurance presentation. An insurance presentation must make full disclosure and allow insurance underwriters to assess the risks and develop appropriate insurance policies. Place the insurance. Using a single broker or insurer can appear attractive but may lead to less than optimal cover. Locating specialised brokers with expertise specific to each type of insurance provides a better total package and the service needed. What role does the Risk Manager play? The Risk Manager acts as the guide and catalyst throughout the entire process. Specific responsibility for parts of the process can also be assigned to him, depending on the client agreement. Why THIBL? Risk Management is the point where business management, operations and insurance meet. THIBL is far more than just a broker. Our experience includes working with SME’s and major corporations in construction and manufacturing to develop their risk profiles and take their needs to the market. We advise government agencies on the insurance for major, complex PFI/PPP projects. We have also worked on international projects in most major countries. This provides the width of experience necessary for us to advise and/or act and advise at every stage of the risk management process. Please contact riskmanagement@thibl.co.uk if you have any specific needs. To enable us to assist you in providing a bond we will initally need some financial information, wording required and a contract summary.


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