Risk Management

Risk Management

Corporate governance, business efficiency and risk management are issues of concern of all businesses. Read any newspaper, peruse almost any magazine, turn on a television and you will be bombarded with expert opinions so vast and varied that you might be inclined some of these views came from someone on another plant.

Whether you want to reduce risk because you see value in that or you merely accept that risk must be managed because you have a statutory obligation and must do so, the pathway is the same. Ultimately, if you ignore managing risk, you are in effect unwittingly absorbing risk. So like it or lump it, we are all at sea in the sea of risk.

There is hope however and more importantly practical solutions that can and do reduce business exposures to risk.
At WA Insurance Brokers we have developed strategies to cut through these minefields of many expert opinions and focus on clear and common sense risk advice and cost effective solutions to help protect and grow business. . While we understand that insurance is one convenient risk tool , it must be integrated with other risk management strategies if it is to be cost efficient and effective.

Our goal is to ensure the risks to which your business is exposed are identified and that cost effective strategies manage those risks across the board, as the experts might say, holistically. Well designed insurance covers integrated with other risk reduction techniques provide a secure platform for business protection and longevity. The benefits to you are better deployment of capital, a secure environment to grow the business and a long term partner with capabilities to ensure common sense risk reduction across the entire business is the reality rather than a dream.

Some of the innovative services we provide to help manage business risk are:

  • Analysing contractual risk
  • Examining organisational structure and work flows
  • System security and document management
  • Determining compliance with statutory obligations for director(s) & entities.
  • OS&H Systems provisioning Disaster Recovery and Business Recovery Planning

Many businesses think because there is a system in place that it is compliant. Consider the number of businesses you may have come in contact with, who have simply copied someone else’s system. Copying someone else’s OS & H system for example is common. However this is a fatal mistake because when an event occurs, management cannot demonstrate that work safe practices and processes were taking place and over time. There may have been nil or little consultation with workers, no trail or versioning of documents, discussion and so on.

What is required is an individual system, built through consultation with employees and contractors and, with ourselves, so that gaps between individual systems are minimised.

OSH and workers compensation, liability risk, product risk, professional risk and in the broadest, sense civil and statutory risk have no boundaries. They are often interdependent risks which must be jointly managed rather than treated in isolation through silos of independent expert strategists. That’s not to say experts of individual business or advice disciplines do not have their place, but rather they form the thread from which the fabric is woven to make a complete garment. Here we work as you strategic partner to make the garment.

Similarly, by simply having a well designed OSH program or a very good civil liability and umbrella liability coverage are incomplete without integration.

Effective Business Management requires:

  1. Strong cross relationships with individual risk treatment plans
  2. Stringent contractual risk monitoring and controls.
  3. Powerful IT systems which are well secured,
  4. Employee and Contractor controls through electronic document systems
  5. Well matched insurance programs
  6. A cultural commitment from management and employees to risk aversion

There is of course more to merely adopting systems to make this happen. These systems must be integrated to focus on key areas of risk. Effective business systems should look across the broad spectrum of risks such as those of purchasing, accounts, ethics and business relationships, finance, political, human resources, risk policy, legislation, insurance, customer service, governance products and services to enable effective risk management.

WA Insurance Brokers together with it approved panel of risk consultants is well placed to provide practical and broad risk and insurance solutions that cover the entire enterprise.

Talk to us for a refreshing view of risk in relation to your business.

We come from Perth, Western Australia, not another planet!

To our friends in other states and territories as well as those in “WA” our commitment is prompt and efficient service – Not “Wait a while!”



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