AMG Risk Consulting

When insurance protection is the right answer, we will work with you to design and deliver comprehensive, integrated, cost-effective coverage.  With broad access to the insurance marketplace and strong, positive relationships with all major retail underwriters and wholesale specialty markets, AMG has both the means and the methods to reduce premiums, improve coverage terms, streamline the administration of your programs, and reduce your total cost of risk.

Risk Solutions

Basic insurance programmes will protect your balance sheet against the typical loss scenarios. Consequently, most companies insure themselves against property loss and resulting business interruption, and legal liability to other parties. 

While cheap insurance is a very effective means of risk transfer for a substantial part of your risks, basic insurance provides only a partial solution. Further benefits could be achieved by a combination of: 

•    optimising your insurance programme by reviewing additional insurance options, and 

•    developing or strengthening your operational risk management Framework and implementation

Risk Mapping Review

The stage towards a Risk Management Framework is the identification of operational risks. Risks are unanticipated events that may affect an organisation’s ability to meet its key objectives. These could consist of unfavourable situations or missed opportunities. As such, a clear and effective understanding of the major risks is a key driver for organizational success. 

Risk Mapping is essentially the process of identifying, quantifying and prioritising the risks that may interfere with the achievement of the company’s organizational objectives. A Risk Mapping Review enables organisations to acquire a big-picture of their general operations, dependencies and inter-dependencies, strategic suppliers or customers, key operational risks that could affect the company’s ability to function.

Ultimately, the Risk Mapping Review aims to arrive at a clear set of action plans that improve risk management controls, in areas where these are necessary and help the management of the organisation’s direct resources.

It is for the above reasons that AMG recommends a Risk Mapping Review as an initial step in attaining an understanding of operational risks.

Risk Assessment Process

The Risk Mapping Review will combine information gathered from various sources and avenues within client’s organization. From the information collected, a Risks and Exposures Registry is drawn, summarizing each key risk or exposure, together with commentary on insurability or alternative method to manage or transfer the risk. The following are the main checklist items, risks and exposures that we typically review during the course of a drawing up a risks and exposures Registry:

•    key People / Company Executives

•    operational dependencies

•    key suppliers / customers

•    insurance and risk management Philosophy 

•    control procedures for contractors

•    contractor relationships / Obligations

•    use or ownership of vehicles

•    ownership/operation of building

•    ownership/operation of machinery and equipment

•    destruction/loss of building/machinery/equipment resulting in a Business Interruption loss

•    transportation of own and/or third-party property / people

•    manufacturing or Assembly of products for sales and/or distribution (where applicable)

•    theft by third party 

•    theft by employee

•    injury to employee

•    advisory work given by the company