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Sentio Risk Diagnostic Framework
We work very closely with our clients to help them understand their risks and implement solutions including insurance to mitigate them or eliminate those risks all together. By profiling the risks identified we can better understand the level of exposure they present and the best way of managing those risks. We have bespoke risk profiling tools and risk specialists who can support clients and can gain funding from insurers where appropriate.
We have a defined process to establish the risk exposures of our clients which then enable us to design and implement risk and insurance solutions which mitigate these exposures for our clients in the most cost effective way.
Client
We gain an understanding of our client, what they do, their processes and culture.
Environment
We then review and gain an understanding of the environment they operate in, both internally and externally as both present their own unique set of risks.
Risk Exposures
We identify the risk exposures which the client faces. Some of these will have been created by their own activity and others externally within the wider environment.
Identify/Analysis/Planning/Treatment/Monitoring
- Having identified the risk exposures our client faces, we analyse the impact of these risks upon the client and work with them to plan how to either eliminate the risk entirely or reduce these risks to a manageable level which is acceptable to the client.
- Treatment of risk may be delivered through improvements in operational processes by the client or improved procedures. Risk Management interventions may be required to reduce a risk such a specific Health & Safety procedure to ensure an accident does not occur.
- Some risks may require transfer into the Insurance market by way of an insurance policy however, we always work to ensure operational and risk management processes are optimal to drive the most competitive insurance premiums.
- We monitor all solutions to ensure they remain relevant and in line with the client’s strategy and operations.
We can assist our client by delivering specific Risk Management Interventions, including but not limited to:
- Before an insurance or risk management programme is put in place it is important to understand the risks faced by the business which is why we can deliver a risk profiling service
- During this process we gain an understanding of the risk appetite of the client and their tolerance to risk. In simple terms this means how much risk are they prepared to take for the business without transferring it and indeed how much cost can actually be borne on the balance sheet if a risk materialises and can the business afford to do so
- Profiling can be undertaken at an operational or strategic level for a business depending on their requirement. A report is produced which will detail the risk exposures, their potential impact, likely frequency and what measures can be undertaken to eliminate or mitigate them to acceptable levels
By taking a proactive approach to property loss control, the likelihood of a claim occurring is reduced and the impact of it lessoned.
We can assist in a number of ways:
- How to protect your property and assets to make them secure and safe environments. This can include giving advice at an early stage on plans and construction
- Assist with Property maintenance programmes and ongoing reviews
- Ensure you comply with legislation such as fixed wiring inspections or have the appropriate equipment in place to comply
- Provide Security and Fire protection advice
- If insurers require to survey your premises we will always attend and ensure any recommendations are reasonable
People are our most important asset, but they can also be one of the greatest risks and it is incumbent on businesses to ensure their people work within a safe environment and are correctly trained to undertake the functions being asked of them with no risk of injury.
Employers Liability Insurance is compulsory in the UK and is there to compensate employees should an accident occur. However, with the employer being responsible for the Health & Safety of their employees with good Health & Safety processes in place they can ensure the risk of injury is very low.
Sentio can assist with:
- The development and implementation of Health & Safety Policy and Systems
- Advice on MFHS (replaced HSG 65), OHSAS 14001 & 18001
- Reviewing existing systems and recommending improvements – PDCA
- Create strategies to reduce EL claims if they occur
- Undertake H&S audits, risk assessments including FRAs
- Undertake environmental surveys and place EIL insurance solutions if required
There is evidence to suggest that more than 50% of businesses that suffer a major interruption to their business that takes more than a year to recover without having effective recovery plans in place to enable them to do so never do.
Business Continuity Management (BCM) used to be the domain of large organisations but these days it is the responsibility of all businesses. Historically businesses have been well prepared for more conventional risks such as fire, flood and theft but risks are now far more diverse such as Cyber-crime or supplier failure.
It is therefore vital in addition to having insurance solutions in place to have effective recovery plans should an interruption occur. Insurance may give financial recompense but there are many other factors that need to be dealt with to ensure a swift business recovery.
We can assist you with:
- Business Interruption (BI)
- Determining the most appropriate form of BI insurance and indemnity period required
- Undertaking BI reviews to calculate the correct sum insured and indemnity period. This will include reviewing intercompany and key supplier dependencies, overall supply chain resilience and where there may be exposures which can be mitigated
- Business Continuity Management (BCM)
- Implementing BCM plans within the company or at designated sites
- Reviewing the adequacy and testing of existing plans
- Deliver and implementation of ISO 22301
- BIA – Business Impact Analysis reviews