banner image

Opt In (Do Not Edit Here)

banner image

Importance Of Risk Management

Importance Of Risk Management

Benefits to managing risk

Risk management provides a clear and structured approach to identifying risks. Having a clear understanding of all risks allows an organization to measure and prioritize them and take the appropriate actions to reduce losses. Risk management has other benefits for an organization, including:

[Post Image Courtesy of Everydayplus at]

• Saving resources: Time, assets, income, property and people are all valuable resources that can be saved if fewer claims occur.

• Protecting the reputation and public image of the organization.

• Preventing or reducing legal liability and increasing the stability of operations.

• Protecting people from harm.

• Protecting the environment.

• Enhancing the ability to prepare for various circumstances.

• Reducing liabilities.

• Assisting in clearly defining insurance needs.

An effective risk management practice does not eliminate risks. However, having an effective and operational risk management practice shows an insurer that your organization is committed to loss reduction or prevention. It makes your organization a better risk to insure.

Insurance Law And Practice - ICSI
Importance Of Risk Management Importance Of Risk Management Reviewed by Ikpokolo Francis on Monday, April 10, 2017 Rating: 5

No comments:

Do you have any reasonable comments for this post ? Please feel free to drop them below using the comment box. We will moderate and publish them as soon as possible. Cheers !

Powered by Blogger.