Can you make a case for your risk management platform?

Think insurance premiums are the only way to reduce costs and impact your business’ profitability?  Think again.  Our holistic approach drives down the total cost of risk by enhancing our client’s quality, productivity, employee moral, and ultimately…profitability.  How do we know?  Simple…

WE MEASURE IT!

It’s often been said that “what gets measured, gets done”. Praxiom believes that a successful risk management program must have defined metrics to measure both leading indicators (such as risk management program activities) and results.  We utilize both activity and outcome based metrics to measure the efficiency and success of your organization’s risk management platform.  Examples of these metrics include, but are not limited to:

Activity Based Metrics Examples:

  • 360 Degree RMAP Implementation
  • Training Program Execution
  • Employee Behavior Observation & Feedback of Safety and Quality Practices
  • Inspection/Audit Frequency and Quality

Outcome Based Metrics Examples:

  • Claim Frequency & Severity
  • Loss Ratio (losses vs. premium)
  • Claim Reporting Lag Time & Close Rates
  • Quality or Customer Service Metrics
  • Total Cost of Risk (TCOR)

Building a Business Case for Risk Management

Our consultants have successfully worked with businesses in numerous industries to establish a business case for risk management program initiatives and profitability through a reduction in an organization’s total cost of risk.  Working jointly with your business’ financial, operational and internal risk management representatives we will define the most effective metrics for determining your risk management program’s success.