Risk Management

As an insurance broker, we endeavour to understand clients’ business operations and offer Risk Management Services to facilitate better negotiations with the insurers.  We conduct Risk Management as value addition to our clients at no extra cost.  We append below our Risk Management capabilities.

 

1. Risk Management Philosophy:

Our Risk Management efforts are primarily based on the premise that risks are relative to an organisation’s objectives and financial capabilities.  Objectives must therefore exist before potential events affecting their achievement can be identified.

It is therefore imperative that any forward-looking organisation seeking to achieve its set objectives / performance targets must have its risks identified and appropriately managed.

2. Our Approach and Methodology:

At Eagle Africa, we adopt an Enterprise-wide approach to risk management that is holistic and integrated in the entire organisation’s functions, processes and decisions.  Our approach is made up of eight components, namely –

a. The Internal Environment:

In this phase, we seek to understand the environment in which the organisation operates and the tone of the organisation in as far risk and risk management is concerned and then set the basis for how risk is viewed and addressed by the organisation’s people, risk management philosophy and risk appetite, integrity and ethical values.

b. Objective Setting:-

Risks are relative to organisational objectives.  The risk management exercise objectives are set against the backdrop of the organisation’s objectives.   Key deliverables or expectations of the risk management efforts are identified in this phase.

c. Events Identification :-

Internal and external events affecting the achievement of the organisation’s objectives are identified and distinguished between risks and opportunities.

d. Risk Assessment:-

Identified risks are analysed, considering likelihood and impact as a basis for determining how they should be managed.

d. Risk Responses :-

Appropriate risk responses are suggested to the organisation’s management for adoption and implementation.  Possible responses may include – avoidance, acceptance, reduction/control, sharing and transfer (insurance / contractual).

e. Control Activities:-

Policies and procedures are established and implemented to help ensure that the risk responses are effectively carried out.

f. Information and Communication:-

Relevant information is identified and channels and formats of communication and time frames are established.  Responsibilities are assigned.  Effective communication is encouraged through communication in a broader sense, flowing down, across and up the organisation.

g. Monitoring :-

The set enterprise-wide risk management process from the above seven components is monitored continuously and modifications made as necessary.  The risk responses suggested including the risk improvement recommendations are monitored and reviewed quarterly to ensure that they are not only viable, but also remain effective.

3. Deliverables:

Some specific key elements of our work include:-

1. Risk Exposure Analysis – physical, operational, political and reputation risks and other risks peculiar to certain industries such as credit, financial, etc.
2. Hazard Profile Surveys.
3. Fire Surveys.
4. Engineering Surveys and Risk Audits.
5. Information Technology Risks Audit.
6. Disaster Response and Business Continuity Planning.
7. Occupational Health and Safety – including guidance on compliance with relevant statutes such as Occupational Safety & Health Act 2007 and the Work Injury Benefits Act 2007.
8. Emergency Planning.
9. Security Systems Audit.
10. Opportunity and the upside of risks and uncertainties.
11. Prepare reports shall identify the risks that the client can bear, what the client can eliminate or minimise, and the risks the client should insure.
12. Submit a copy of the risk survey report to the Insured within thirty (30) days from the date the survey is carried.
13. Arrange a meeting to discuss the recommendations with the client.
14. Review the risk exposures as an on-going exercise.