CRIO

Risk Management Consulting>>

CRIO offers a wide range of risk management consulting services, which may be bundled with insurance procurement services or utilized individually to help you enhance your risk management program or solve specific problems. Depending on the size and sophistication of your internal risk management department, our level of involvement can range from serving as a completely outsourced risk management department to supporting your current team on an as-needed basis.

All engagements begin with a dialogue to help us understand your current risk management program, which enables us to identify the particular areas that need improvement. To learn more about a particular risk management consulting service, please click on one of the links below.

Enterprise Risk Management (ERM)

Enterprise Risk Management (ERM) is a holistic approach to identifying key risks that threaten the long-term capability of your organization to create and sustain value for its stakeholders. Implemented effectively, ERM offers a reliable and valid way to dynamically measure the key risks that your organization faces. With increasing demands for integrated ERM from both external and internal stakeholders, partnering with an experienced ERM practitioner is critical. At CRIO, we have the depth of knowledge needed to help you grow your ERM program, regardless of the stage of implementation.

Environmental

Our clients encounter a plethora of environmental risk issues on a daily basis. CRIO’s insurance procurement team is dedicated to finding the best available options to transfer the risks associated with environmental exposures to insurance carriers. However, operational risk management of environmental hazards still plays a critical role not only in reducing frequency and severity of claims, but also in reducing exposure to regulatory risk. CRIO’s Environmental Services Group provides guidance on specific incidents involving regulatory or civil exposure and includes:

• Developing environmental management programs
• Provision of written environmental management and operations & maintenance (O&M) plans
• Provision and review of health & safety plans
• Training of key personnel including train-the-trainer knowledge transfer approaches
• Procurement of third party abatement or consulting services at the local level
• Regulatory citation management

Effective management of environmental risk requires a combination of high quality and reasonable written policy, well-trained personnel who consistently execute against the policy, and clear guidelines on incident response backed by a network of experienced specialists who respond quickly when called upon. CRIO's Environmental Services Group can help you develop a systematic approach to managing environmental risk that not only helps reduce environmental exposure, but also has the additional benefit of leveraging a strong operational risk management platform that will add long-term enterprise value to your organization. CRIO’s Environmental Services Group has a proven track record in dealing with a broad range of environmental issues you may face in your organization including:

• Asbestos containing materials (ACM)
• Lead-based paint
• Mold
• EPA regulatory compliance
• OSHA regulatory compliance
• Hazardous waste management
• Radon
• Indoor air quality
• Blood borne pathogens
• Respiratory protection
• Chemical safety
• Discharge permitting
• Trauma scene cleanup
• Waste disposal
• Soil and groundwater remediation

Claim Management

If your insurance program is dominated by third party insurance, quality claim management is directly tied to how your risk profile is perceived by insurance underwriters. Alternatively, if your program contains modest to large self-insured components, world-class claim management becomes even more important since the dollars spent on frequency claims are yours. Whether your claim management services are bundled with your carrier, performed by a third party administrator, or self-administered. CRIO can help. In addition to improving your claim experience through reviews and audits, CRIO also offers process design and implementation services that focus on expense reduction strategies based on claim reporting, cycle time analysis, and work-flow design.

Safety and Loss Prevention

Loss prevention and safety initiatives have direct and indirect beneficial impacts on your bottom line regardless of your insurance structure. CRIO can help you develop a loss prevention program the right way for the right results:

1. We identify claim cost drivers by line of coverage that, when mitigated, will result in the largest reduction in frequency and/or severity of claims.
2. We design the mitigation policy, strategy, and tactics.
3. We measure the outcomes of the intervention and mitigation.

Procurement Assistance

Developing and running a world class risk management department requires world-class partners. If you need help finding a qualified vendor to help with claims administration, captive management, actuarial review, forensic accounting, or other specialized services not already provided by CRIO, we can help you with the process including:

• Identifying the business need and establishing the case for out-sourcing.
• Building a competitive analysis and comparison of qualified vendors based on your needs.
• Administering an RFP on your behalf in order to vet finalists.
• Ensuring the vendor you choose to partner with shares your philosophy and values when it comes to risk management.

Risk Management Information Systems (RMIS)

Collecting, storing, and sharing accurate information about your company’s risk profile is important, not only for obtaining the best deal on insurance, but also for managing risk with the goal of reducing expenses and loss costs. A good Risk Management Information System (RMIS) is the solution to warehousing good data and turning that information into actionable knowledge. At CRIO, we have experience implementing RMIS from the small customized in-house solution for smaller clients to fully-integrated enterprise-wide systems for large clients.

Captive Feasibility and Management

Risk financing for large or complex risks often involves some degree of alternative structures, whether large deductibles, self-insured retentions, or captive insurance company solutions. The challenge is to ensure that the solution implemented is the most cost-effective and offers maximum opportunity to reduce insurance expense and leverage risk.

With extensive experience implementing and managing insurance program structures involving large deductibles, self-insured rententions, segregated cell captives, and single parent captive structures, CRIO can help you identify the best blend of risk transfer and risk retention to meet your risk financing goals.

Mergers and Acquisitions Due Diligence

Mergers and acquisitions (M&A) are both challenging and rewarding, and the risk and insurance components of M&A are no exception. CRIO can help you:

• Determine the best way to integrate insurance programs, reduce expenses, and leverage scale.
• Identify existing latent risk through environmental due diligence and audits or reviews of loss data and claims.
• Develop appropriate resources for managing internalized risk, from cost allocation and accounting considerations to claim management and safety.

Bankruptcy and Restructuring

Even though operational risk does not go away when a company restructures, the existing insurance programs may no longer be applicable, either as a result of carriers’ reluctance to continue insuring the risk or significant changes in the risk profile of the company. CRIO has access to the insurance markets that are best positioned to help navigate such turbulent changes and maintain the best coverage possible while helping manage cost.

Program Audit

After filling out our broker scorecard, if you feel it may be time to review your program, or if you already perform periodic reviews of your program, we can help. The review CRIO performs is free, guided by a strict non-disclosure agreement, and typically only takes a few weeks. Often times, what we discover in terms of opportunities to reduce expenses, improve coverage, and streamline processes are surprisingly significant.

Business Continuity and Disaster Contingency Planning

Many of our clients have life insurance for key-persons, or perhaps an information systems disaster recovery plan in place. But for those who seek to improve their organization's ability to cope with the potential impacts of other risks that threaten operations, CRIO can help with Business Continuity Management. CRIO works with you using our holistic business continuity management process to help develop a framework for improving the resiliency of your organization and prepare it to respond to losses in a way that will minimize the operational, financial, and reputational impacts that may result from high-severity events.

We work with you to help you identify potential threats and mitigate their impact before an event, respond should an event occur, and prepare comprehensive situation-specific recovery plans to help you quickly rebound from in the event of a loss.

We help you plan for and respond to a broad range of operational disruptions, large and small, natural and human-made, at both the site-level and enterprise-wide level. CRIO has experience with:

• Comprehensive business continuity planning (BCP)
• Contingency planning
• Crisis management planning

An effective business continuity management strategy requires both institutional commitment and planning know-how. CRIO has successfully designed and implemented plans on issues ranging from:

• Natural Disasters (earthquakes, hurricanes, tornadoes, floods, wildfires)
• Product Contamination / Recall
• Attacks (terrorism, criminal, cyber)
• Pandemic Influenza

We are ready to lend our expertise and assistance to your organization.

Premium Allocation

Insurance cost allocation methodologies can have a profound impact on the operational efficiency of your organization.

• Would you like to send better pricing signals to your field operations in order to increase awareness of the cost of insurance to your organization?
• Would you like to reduce your insurance expense through fair and consistently third party cost sharing?
• Do you think “rating to risk” will help you implement your loss prevention and safety programs?

CRIO offers the expertise needed to develop robust premium allocation models that will help you integrate risk management goals into finance and operations.

Outsourced Risk Management

Even if you do not have the internal resources available to dedicate full-time attention to risk and insurance matters, there is still a way to reap the benefits of having your program managed exclusively by dedicated experts. At CRIO, we have the ability to customize out-sourced risk management solutions tailored to your needs that help ensure you:

• Get the best deal on insurance.
• Are managing internalized operational risk to the best of your ability.
• Have maximum peace of mind when it comes to latent risk within your organization.

Casualty Actuarial and Analytics

Even if you do not have the internal resources available to dedicate full-time attention to risk and insurance matters, there is still a way to reap the benefits of having your program managed exclusively by dedicated experts. At CRIO, we have the ability to customize out-sourced risk management solutions tailored to your needs that help ensure you

• Actuarial loss reserve analysis
• Statement of opinion letters for captives and state insurance departments
• Loss forecasting and confidence level analysis
• Negotiation of letters of credit
• Assistance in determining appropriate aggregate retention attachment level
• Negotiation of loss portfolio transfers
• Retention analysis, forecasting losses by various per occurrence and aggregate retention levels