Risk management pays off. Many corporations – public as well as private – can save substantial amounts by identifying risks and prioritising their efforts. This approach reduces their claims, places them at the forefront of developments and enables them to avert critical events or reduce their effects.
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Tailored risk management programs
Nordisk Aktuarservice implements risk management programs designed for the particular corporation. Our experts will carry through a detailed risk measurement procedure for all projects. Identifying risks is absolutely essential, but quantifying them is the real challenge.
If a corporation cannot assess its risks and their financial impact, investing in for instance risk-reducing measures makes no sense. Has the money been well spent or wasted? And how to prioritise?
Creating a risk culture
A head office, town hall or executive management cannot manage risks by issuing memos: risk management requires a new mindset that makes risk assessments an element of decision validation at all levels. Nordisk Aktuarservice offers risk assessment training to help organizations create a risk culture and develop risk-related skills. In this way, risk management becomes second nature to everyone, enabling them to make the right choices to benefit the corporation.
Risk management phases
Implementing a risk management program is typically a multi-phased process involving several aspects such as:
- Risk prioritisation
- Risk tolerance
- Setting up a risk committee and risk organization
- Risk assessment and analysis training and skills development
- Risk reporting and management
- Risk decision models