In business, risk can take on many forms—from fluctuations in the market to data breaches to three-alarm fires. But no matter the risk or industry, Frost Risk Advisors have the expertise to understand your exposures today and plan for the problems that may occur in the future. With a sound risk management strategy in place, your business can reduce the cost of loss, create a safer workplace and improve financial performance.
At Frost, we understand that there's much more to managing your risk than just a once-a-year transaction. That's why our focus is on building a relationship with you, providing ongoing support, advice and guidance.
- I. Identify
The first step is to identify and assess the potential issues. We analyze your exposures, loss history and the details of your operation. We'll ask questions such as:
- Do you face a greater risk of fire due to materials or processes?
- Are you at risk of injuring staff members due to operations?
- Is there a risk of fraud or theft due to lack of control?
- Is there a risk of serious damage to your reputation?
- Is there a risk that suppliers could be interrupted?
- II. Measure
Once we've analyzed your company's exposures, our risk advisors measure the frequency and severity of your risk. We then chart your risks on a map and prioritize them based on impact severity.
- III. Examine
With your risk map in hand, we'll examine all the possible solutions, including non-insurance options. Some risks can be prevented through products, and others through company practices and policies.
- IV. Implement
After you've agreed upon the best approach for your company, we'll work with you to implement those strategies and techniques, including:
- Risk avoidance
- Risk transfer
- Mitigation and prevention
- Risk retention
- Loss sensitive plans
- Deductible analysis
- V. Monitor
We'll continually monitor and report the performance of your strategies. Based on the results, we'll modify and manage workplace activities so that risk is less likely to occur and less damaging if it does.
While there's a range of specific risks to your business, we identify and manage risk within these primary categories:
- Brand and image
- Legal liability
- Corporate governance
Once we help you develop a risk management strategy, our job is just getting started. Our risk advisors will work closely with you to incorporate risk management into your culture. We'll help create consistent company practices, clear policies and procedures, and provide staff training as well as regular reporting. And we apply our approach to all aspects of your business operations: hiring, acquisitions and mergers, operational decisions and investments.