Risk Management ServicesCorporate Risk ManagementThe initial step in implementing a risk management program involves the identification and analysis of an organization’s exposures to accidental loss. Through an in-depth historical review of incidents and claims, the Chivaroli team will pinpoint the various areas of concentration and develop recommendations for minimizing these risks. Typically, the most effective risk management program will employ a combination of the following five methods of dealing with risk: Transfer of Risk. Typically, a well-organized risk transfer program in conjunction with traditional insurance products will enable an organization to absolve itself from any liability by retaining the costs of predictable everyday risks while transferring exposures that are catastrophic in nature. Various Coverage Lines are available in the marketplace in order to address general categories of these exposures. Particular attention will be placed on the details surrounding each individual situation determining the compensation required to insure against a particular risk. Non-Insurance Transfer of Risk (e.g. hold harmless, contractual agreement or risk funding). Various contractual agreements can be created in order to limit an organization’s exposure to risk. Further details regarding available “Alternatives to Insurance” are discussed within the Services section of this website. Risk Avoidance. Within the healthcare setting, certain procedures performed may be frequently creating undesired exposures; therefore, it may be in the best interests of the organization to discontinue offering that service in its entirety. Risk Retention. As previously mentioned, the retention of predictable costs associated with predictable everyday exposures is frequently utilized to minimize Risk Transfer costs and enable better control of these exposures. In conjunction with this methodology, greater levels and various methods of retention can be implemented depending on the organization’s overall appetite for risk. Careful analysis of historical claims along with the trending and development of existing incidents will be essential in determining the optimal levels and areas in which retention will be a useful risk management tool for your organization. Loss Control / Loss Prevention. This risk management technique seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur. This process involves careful investigation and analysis of incidents and claims in order to effectively minimize an organization’s exposures. Being the cornerstone of the Clinical Risk Management process and vital to the success of any healthcare organization, Chivaroli and Associates pays particular attention to this area and offers a myriad of services to assist in the development and implementation of loss control and loss prevention programs. |
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