Risk Management: Values, Sample Mission Statement, Definition, Loss Checklist
August 12, 2009
Photo credit: Dave Starrett
Values of Risk Management
Innovative—We are chartered to pioneer new and futuristic approaches while acting as a catalyst for change.
Negotiation—To negotiate aggressively with our vendors in order to achieve the most comprehensive coverage’s and services at the most cost effective prices.
Technology—To apply technological advances to manage risk and streamline processes and ultimately reduce both loss costs and administrative costs.
Empowerment—To empower our professional to design and deliver products and services that are the cutting edge of our discipline, which are benchmarking and best practices.
Global Focus—To capitalize on the strength of our global presence in order to provide all entities and the corporation with consistent risk protection.
Reliable—To deliver reliable and consistent services to our business units. We recognize that risk management will only be successful if a partnership between business units is established and we deliver.
Implementation—To focus on implementation of programs designed in partnership with our business units to facilitate the reduction of risks and associated cost.
Training—The continued training and education of all business units on the importance of risk awareness.
Yearly assessment—To annually assess risk management performance measured by benchmarking and best practices.
Risk Management Mission Statement
While maintaining a superior customer focus, we will provide vision, leadership, solutions and support in the identification and minimization of operational risks, which will enable our individual business units to achieve and sustain:
- Continued Operations
- Increased Shareholder Value
- Improved Competitiveness
Risk Management Definition
The definition of integrity, according to the American Heritage Dictionary, is a “rigid adherence to a code or standard of values.”
Source of Losses Checklist
A. DESTRUCTION OR THEFT OF ASSETS
- Fire
- Extended Peril Coverage
- Windstorm
- Hail
- Explosion
- Smoke
- Riot and Civil Commotion
- Boiler Explosion
- Vandalism and Malicious Misdirect
- Removal of Debris
- Automobiles
- Aircraft
- Watercraft
- Glass Breakage
- Earthquake
- Sprinkle-leakage
- Water Damage
- Dishonest Employees
- Trustee and Fiduciaries
- Forgery
- Robbery
- Burglary
- Mysterious Disappearance
- Wrongful Conversion
- Dishonesty of Agents
B. THIRD PARTY LIABILITY
- Motor Vehicles
- Premises
- Elevators
- Construction
- Alterations
- Demolition
- Hold Harmless Agreements/Contractual
- Sports Contests
- Entertainment
- Aircraft
- Watercraft
- Automobiles
- Subrogation Claim
- Bodily Injury
- Discrimination
- Bailee’s Liability
- Libel – Defamation
- Slander
- Patent & Copyright Infringement
- Assault and Battery
- Wrongful Arrest
- Liquor Liability’
- Anti-Trust Violation
- Interference with Business Relation
C. PERSONNEL LOSSES
- Workers Compensation Losses
- Employer Liability
- Buy-Sell Agreement
- Key Employees
- Death
- Disability
- Bad Health
- Retirement
D. INDIRECT LOSSES
- Business Interruption
- Loss of use of Building/Equipment
- Extra Expense for Temporary Facilities
- Loss of Income Due to Off Premise Power Failure
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