Beverage Bottling Manufacturer
$20M sales / 60 Employees
 Client Results
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How does your company manage risk?
Enterprise Risk Management is a process and approach to managing your organization's risks on a comprehensive basis - not just the placement of an insurance policy. It is a process that uses physical and human resources to accomplish certain objectives concerning loss exposures.
The outcome of the ERM process is to (1) reduce costs, (2) increase profits and (3) protect the organization.
Golsan Scruggs works with each client to reduce risks while enhancing its performance through innovative, risk management strategies. Each recommendation on how to reduce risk is concerned in terms of its potential impact on your company's bottom line.
Our approach is a four-step process focused on the identification and measurement of risk with the goal of implementing and monitoring appropriate risk management strategies.
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Briefly examine the Enterprise Risk Management (ERM) four-step process.
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Step #1 - Identify and analyze loss exposures. |
Step 1 - Identify and analyzing loss exposures.
Loss exposures are sets of circumstances that present a possibility of loss, whether or not a loss actually takes place.
EXPOSURE ELEMENTS:
1. The items subject to loss.
2. The perils or forces that may cause the loss.
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Natural - Fire, lightning, windstorm, hail, flood, earth movement, earthquake, flu epidemic, tornado, hurricane, etc. |
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Human - Employment practices, morale, theft, riot, vandalism, negligence, failure from incompetence, dishonesty, etc. |
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Economic/Business - Recession, inflation, technological advances, market declines, competition, etc. |
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Regulation/Compliance - EEOC, EPPA, ADA, FMLA, OFLA, HIPAA, COBRA, USERRA, OSHA, MSHA, EPA, DOT, IRS, FLSA, etc. |
3. The potential financial impact of the loss.
Loss exposures may be classified as "pure" or "speculative"
Pure - Characterized by only two types of possible outcomes: (1) loss or (2) no loss. No opportunity for gain.
Speculative - Characterized by presence of an additional type of possible outcome. Opportunity for financial gain.
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Step #1 - Identify and analyze loss exposures. Step #2 - Select and develop strategies and techniques to handle each exposure.
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Step 2 - Selecting and developing strategies and techniques to be used to handle each exposure.
Risks that come at your organization from all sides can be managed through four basic methods: (1) retaining risks, (2) controlling risks, (3) transferring risks and (4) avoiding risks.
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Step #1 - Identify and analyze loss exposures. Step #2 - Select and develop strategies and techniques to handle each exposure.
Step #3 - Implement the strategies, techniques and solutions.
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Step 3 - Implementing the strategies, techniques and solutions.
During the implementation process we work with you to put in place specially tailored programs and strategies designed to protect your assets while reducing financial costs.
Examples of solutions include:
- Bailment Contracts
- Business Continuity Planning
- Buy-Sell Agreements
- Captive Participation and Formations
- Claims Management and Reserve Analysis
- Contracts of Sale, Supply & Service
- Corporate Governance
- Corporation By-Laws
- Disaster Recovery
- Disclosures
- Employment Law Compliance
- Entity Structure
- Fleet Management
- Hold Harmless and Waiver Agreements
- Human Resources Documentation
- Indemnification Provisions
- Insurance
- Joint-Loss Agreements
- Lease Agreements
- Letters-of-Credit
- Management Training
- Policies and Procedures
- Retrospective Rating Plans
- Safety Management
- Self-Insured Retentions and Mechanisms
- Surety Contracts
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Step #1 - Identify and analyze loss exposures. Step #2 - Select and develop strategies and techniques to handle each exposure.
Step #3 - Implement the strategies, techniques and solutions.
Step #4 - Monitor and manage the decisions made and implement appropriate alterations.
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Step 4 - Monitoring and managing the decisions made and implementing appropriate alterations.
You and your business are dynamic - as your business changes so do your exposures. For this reason, it is our objective to control risks and insurance costs of your organization through the continuous review, development and implementation of effective policies, procedures and controls to ensure a perfect fit as your business evolves.
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Step #1 - Identify and analyze loss exposures.
Step #2 - Select and develop strategies and techniques to handle each exposure.
Step #3 - Implement the strategies, techniques and solutions.
Step #4 - Monitor and manage the decisions made and implement appropriate alterations.
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