No one can predict when disaster may strike and what impact it will have on a business, its employees or the community it serves. Risk management is the process that protects the company's assets through identification and analysis of exposures, controlling the exposures, the financing of potential losses with external and internal funds, and implementation and monitoring of the risk management process. The youtube video demonstrates the vast destruction caused by mother nature. Yet, most threats to an organization come from a variety of risks that have not been identified and exposures that have not been defined. Randall Risk Advisors, LLC partners with it's clients to reduce the impact of reputational and financial damage caused by risks associated with the organization's operations. The following areas are our main focus:
We provide outsourced risk management solutions tailored to the needs of our clients. Working closely with management, our first goal is to identify and analyze exposures inherent to the organization. Once we understand what those exposures are and have analyzed the potential impact to the organization's financial position, we will work closely with their team to develop policies and procedures to control the exposures, review ways to finance the exposures, and implement a process of continuous improvement that builds a strong risk culture within the organization.
Cyber Risk Management
Cyber liability, privacy liability, network security, private information breaches, and regulatory obligations are just a few of the challenges facing business owners today. Having a comprehensive cyber risk management program in place is the first step a business should take to identify, analyze and control the threats that in one click could destroy the financial position and reputation of the business. Randall Risk Advisors, LLC works closely with our clients to identify the threats, review available insurance coverage options, and apply risk control strategies to protect the organization.
Disaster Recovery, Business Continuity
Statistically, one in four small businesses fails to reopen following a major interruption or disaster. While most businesses recognize the need for a plan, many think they don’t have the time or resources to develop one. Also, business owners may not have a good understanding of the risks they face and the steps they can take to reduce their potential impact. We work closely with our clients to understand their unique risks and to develop policies and procedures that protect their employees and provide for continuity of operations. While OSHA does not require a business continuity plan, not having one may leave your company open to financial disaster and lawsuits.
A crisis is defined as a critical event or point of decision, which if not handled in an appropriate and timely manner (or not handled at all), may turn into a disaster or catastrophe. Randall Risk Advisors, LLC works closely with businesses to develop policies and procedures prior to an incident so that the organization controls the message and responsive communications before the court of public opinion evaluates and weighs in on the topic. The objective is to have a communication plan in place that protects the reputation of the organization and maintains its public image when an incident happens. Benjamin Franklin said, “It takes many good deeds to build a good reputation and only one bad one to lose it”. Assigning a dollar value to reputation loss is difficult, but history and our weekly news cycle have some good examples. Depending on the industry, company size and type of incident, most authorities estimate $50,000-$150,000 per loss.
Board of Directors (Education & Training)
It has become increasingly incumbent on Boards of Directors to oversee their organization's risk management strategy. The reputational damage to boards that fail to properly manage risk is a growing concern that, if ignored, could result in serious financial damage to the organization. Most boards know they have to do something but don’t know where to start, and are looking for someone to fill the gaps in their knowledge. Randall Risk Advisors, LLC works with individual clients from the for-profit and non-profit sectors to develop educational coursework and conduct board training sessions addressing specific risk management and insurance needs unique to the organization.