What is risk management
Risk is a part of life. Organisations face a range of risks that can prevent or hinder their success.
Risk management is the process of anticipating those threats and developing a structured and coherent plan to address or mitigate those uncertainties.
This should be a key component of an organisation’s strategy and operational management as it increases the probability of success.
Risks can come from various sources including loss or damage to your facilities by events such as fire, theft, natural causes, or deliberate attack.
Many such events will also result in a period of interruption to the normal activities of a business, so it’s important to have a strategy for managing these threats.
These can include
- avoiding the threat altogether
- reducing the negative effect or probability of the threat
- transferring all or part of the threat to another party (i.e. by contract or to an insurance company)
- or even retaining some or all of the potential or actual consequences of a particular threat.
Working with you to manage risk
All of this may seem a bit daunting, so at Ecclesiastical we employ a team of risk professionals to support our customers and broker partners.
We’ve also developed a range of support services and resources to help our customers manage risk more effectively themselves.
Our material provides a range of information to help you get started or check the adequacy of what you already have in place.