Helping Reduce Losses & Minimize Risk to Improve Your Bottom Line.
Risk is an unavoidable part of everyday life that may pose a threat to an organization, its people, assets, and the community. Preparation, response, and recovery are essential to success. We offer a coordinated enterprise approach to risk management and insurance that can mitigate loss, improve outcomes, and create value. We help states, governmental agencies, and other organizations plan for the unexpected by partnering to provide comprehensive risk, disaster, continuity of operations, and insurance solutions.
The Strategic Risk Management Process
The strategic risk management process is a framework for recognizing, assessing, and managing potential business threats. It evaluates different strategies to address exposures within a tolerance level acceptable to the business.
Strategic Risk management is a proactive method of planning and providing for a variety of potential risks, whether they be financial, reputational, or operational.
Unlike in many other industries, risk management is already an essential insurance function of companies. These programs, however, are generally not designed to address strategic risks that can be disruptive to an insurer’s value proposition or business model, and which are typically difficult to measure, predict and minimize.
Capabilities
When insurance protection is the right answer, we will work with you to design and deliver comprehensive, integrated, cost-effective coverage. With broad access to the insurance marketplace and strong, positive relationships with all major retail underwriters and wholesale specialty markets, EPIC has both the means and the methods to reduce premiums, improve coverage terms, streamline the administration of your programs, and reduce your total cost of risk.
- Exposure assessment and analysis of current programs and strategies
- Risk control consulting
- Claims management and loss mitigation
- Executive liability analysis and corporate governance risk control
- Captive and self-insurance analysis
- Mergers and acquisition analysis
- Workers’ compensation cost control and disability management
- Industry surveys and benchmarking data
- Risk retention and risk purchasing groups
- Alternative risk transfer (finite risk, loss portfolio transfer)
- Credit risk assessment and management
- Client “Risk Management Center”
STEP 1: Identify Exposures
During the crucial onboarding phase, HMS will invest the time to understand every facet of your business in order to help you and your team identify the risks which face your organization. By evaluating the effectiveness of risk management programs, practices, and resources under “day-to-day” conditions, we assure that your assets receive the right type of protection.
Tour of Facilities
Employee Interviews
Loss Control Survey Assessment
Claims/Reserve Analysis Procedures
Policy Review
Experience Modification Review
Job Safety Analysis
Employment Practices
Emergency Planning
Accident Analysis & Injury Causation
Contract Reviews
Cyber
STEP 2: Define Strategies
Once HMS has developed a thorough understanding of your business, including your industry, corporate culture, and operating procedures, we are ready to move beyond insurance; exploring a spectrum of proven alternative strategies to minimize risk than can reduce insurance costs.
Risk Minimization
Contractual Risk Transfer
Risk Avoidance
Retention of Risk
Policies/Procedures and Controls Insurance
STEP 3: Implementation of Programs
During the implementation process we put in place specially tailored programs and strategies designed to protect your assets while reducing insurance costs. A Strong belief in HMS’ process motivates underwriters to offer lower insurance costs on your behalf.
Action Plans
Tailored Programs
Marketing
Insurance
Loss Control/Safety
Claims Management
Results Oriented Strategies
STEP 4: Ongoing Monitoring & Adjustment
You and your business are dynamic – what may work for you today might not work as well tomorrow. For this reason, HMS will continue to monitor and adjust your risk management programs to ensure a perfect fit as your business evolves and changes. This is where HMS’ more comprehensive understanding of your business enables us to precisely tailor your protection to fit the unique needs of your business.
Risk Assessments
Claims Reviews
Stewardship Reports
Risk Management Service Plans
Pre-renewal Strategy Sessions
HR/Employment Practices Audits