Controlling Costs with Risk Management
What is risk? Risk, in insurance terms, is the possibility of a loss or other adverse event that has the potential to interfere with an organization’s ability to fulfill its mandate, and for which an insurance claim may be submitted. This tool allows the user to select a type of risk and then identify and understand the exposure an organization would have to such risk. Risk management guarantees that the organization implements an effective plan to prevent losses or reduce the impact if a loss occurs.