Michael Quinn Kaiser Shared Best Practices in Risk Management
Michael Quinn Kaiser is an experienced risk management consultant with a track record of developing high-performing departments that consistently meet expectations. He works for 2MQ Risk Management Consulting, specializing in risk and insurance management needs in corporate and multi-national settings.
“We build organizational success by accurately identifying inefficiencies in claims management processes, reserving protocols, safety practices, actuarial studies and insurance premium overcharges,” Mr. Quinn says.
Risk taking is key to the existence of an enterprise handling insurance. Insurance companies take on risks that persist for long periods, and thus it’s important for these businesses to establish best practices that guide their approach to risk management. Having a statement of best practices is a powerful communication tool that provides the direction and guidance for risk management. As with the purpose of the enterprise, best practices are effective when developed and acknowledged by senior management, which holds more responsibility for overall risk management.
The following are some of the best practices that professionals like Michael Quinn advise upon:
Senior management takes responsibility for risk management
Guided by a firm’s board of directors, senior management should have the responsibility of developing and implementing a business strategy that makes the best use of available resources to provide the desirable results. An insurance company has to assure its customers that the firm can pay claims well into the future. It’s essential that a risk management program is tailored to assess the risks the company takes on and plans a path for the execution of strategy.
Roles and responsibilities should be clearly defined
Risk management functions and responsibilities should be clearly defined and documented in the organization. Reporting lines from the board all the way to product and line managers should also be clearly defined. The risk management framework should identify the individuals or offices accountable for various types of risk and the parties involved in the decision-making process.
Risks should be identified and measured
The method of identifying various risks and measuring their potential impact is an important outcome of a risk management framework. All principal risk owners should be involved in this process, with their input enabling the adoption of a system approach to identifying and quantifying risk.
Michael Quinn Kaiser has a record of success in identifying key operational failures, formulating winning strategies and executing ahead of timelines.