The goal of our Business Risk Assessment is to proactively manage and mitigate the broad spectrum of potential business risks to ensure the organization’s stability, efficiency, and success. Simply having an insurance policy isn’t enough. These are the steps we take in the risk assessment process:

• Conduct our Wild Card forecasting process to identify plausible Wild Card business risk for each of these risk-types: Operational, Reputational, Compliance, Strategic, Financial, Competitive, Security, and Technology
• Identify known risks in each of the eight risk-types
• Assess the likelihood and potential impact of each identified risk by evaluating how each risk could affect the business if it were to occur
• Prioritize risks based on their severity and likelihood to ensure focus on the most critical risks that need immediate attention
• Develop mitigation strategies that include plans and actions to manage, reduce, or eliminate the identified risks. Potential actions include implementing new policies, procedures, or technologies.
• Monitor and reassess risks continuously to ensure that mitigation strategies are effective and are adaptive to changes in the business environment.