Risk Management Audit | Risk Management Software
(815) 230-5394
NO SURPRISES
Risk Management Software
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Phone     : (815) 230-5394 
Email      : mcetera@mwcconsulting.com 
Address : P.O. Box 7681 Romeoville, Illinois 60446 
Welcome to MWC Consulting 
The goal of every financial officer, insurance manager, and risk manager should be “No Surprises”. We can help.
 
 Risk management is embodied in four principles:
 1. Identify
 2. Eliminate or reduce
 3. Transfer or assume
 4. Monitor and repeat
 
These principles can be applied in many business activities such as financial investing, materials acquisition, territory and product line expansion, etc. The use of risk management principles in the totality of business operations is sometimes referred to as enterprise risk management. Specialized knowledge and expertise is necessary to implement the principles of risk management in each of these functional areas.
 
Our firm focuses on the specific area of enterprise risk management loosely described as insurance risk management. Our experience and expertise lies in the area of property and liability risk exposures and the effective financing of resulting loss costs.

Specific exposure areas include the risk of loss:
  • To physical assets because of fire, windstorm and other hazards of nature;
  • To physical and financial assets and intellectual property through theft and embezzlement;


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Risk Management Audit Services


  • Through work related injury to employees;
  • Through injury to the public or damage to the property of others on your premises, by your employees or by your products or services; 
  • To physical assets and through injury to the public through use of automobiles or other motor vehicles; 
  • To physical assets and through injury to the public through use of watercraft or aircraft.
  
Identify is the first principle of risk management. A basic service that we provide is a risk management audit. Through the means of interviews, inspections, document review, checklists and questionnaires, we help identify all of the hazards that could give rise to fortuitous loss events. The audit also assigns to these events a measure of the probability of loss as well as levels of normal and maximum probable and possible loss. Without first knowing the nature and level of risk, no effective measures can be taken to control loss or finance the cost of loss.
 
Eliminate or reduce is the second principle of risk management. Focused loss control can provide many-fold returns in reduced loss costs and the efficiency that comes from uninterrupted business activities. Our risk management audit can identify those areas where additional internal and external loss control efforts can give your business a competitive edge through reduced loss costs.
 
The third principle of risk management is transfer or assume. For those risk exposures that cannot be eliminated, prudent management means creating an optimum program of risk transfer and risk assumption. Risk transfer can include indemnification and hold harmless agreements with vendors and customers. Risk transfer can also include the pooling of similar risks with similar organizations through risk retention groups or multi-owner captive insurance companies. Risk transfer also includes purchase of commercial insurance.

At best, commercial insurers return only 80 cents in loss payments for every dollar of premium. For some exposure areas that return can be as low as 50 cents or even less. Effective risk transfer means not trading dollars with insurance companies. For your “normal” level of loss that you can expect every year after all practical efforts to eliminate or reduce loss, effective risk management means assuming those loss costs without transfer. This assumption of risk can be accomplished through programs of formal self-insurance, single parent captive insurance arrangements or acceptance of large deductibles under insurance contracts. We specialize in helping clients identify the most cost effective level and method to retain and transfer risk.
 
The fourth principle of risk management is to monitor and repeat. Business is dynamic. So too are the risks that impact your business. To maintain an effective risk management program means regularly reviewing your business for new or changing exposures, regularly testing that loss control efforts are properly targeted and implemented and regularly testing levels of risk transfer and risk assumption. Done well there will be no surprises. Above all else, our firm can be a resource to you for independent counsel and to monitor risk management for your company. Our risk management audit can help you define the base loss level for your insurance risk management program.  Periodic audit updates can help you address changes in your company and in the environment where you operate.  Our risk management software can help you monitor the emerging reporting and development of self-insured loss.  Above all else, our firm can be a resource to you for independent counsel on your insurance risk management program.

Effective risk management will increase your productivity, reduce your costs and give you a competitive advantage to help grow your business.  Talk to us to see how we can help you succeed.