- Where does the risk management function fall within the corporate structure? How is this function aligned with the company philosophy? Does the corporate structure support a risk management approach and how does this support the company's goals and business strategy?
- Does the organization have capacity to assume risk and will any assumption of risk be applied in an organized and consistent manner?
- What is the scope of the organization's risk management approach? What elements of risk management are included (loss control, claims management, risk financing)?
- How are insurance carriers utilized? What is the selection process? Are there controls in place to ensure that corporate strategy and planning is carefully followed so that goals are reached within the program?
- Are new and developing exposures to risk being assessed and handled? For example, e-commerce, terrorism, privacy and mold are currently emerging risks that are still being defined and debated.
- How is the organization measuring the exposure to catastrophic loss? Are projections made as to the extent that the unexpected loss may impact the business? Are measures being taken to implement an action plan should a catastrophe occur?
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PLANNING IS THE KEY TO SUCCESS IN ANY VENTURE
