Every Day is a School Day: Tips for the New Risk Professional

1. Every Day is a School Day: Tips for the New Risk Professional

2. • Sandra K Little, CRM, ARM, CPCU, MBA • Risk Manager, Bar-S Foods, Co. Phoenix, AZ. Sandy is an active member of the Central Arizona Chapter of RIMS and has held several Board positions. She has been practicing in the risk management discipline for 8 years, and prior to that as a Liability claims supervisor and adjuster for a number of large carriers. • • Sarah D. Schott, MBA, CIC, CRM • Vice President, Alliant Insurance Services, Houston, TX • Sarah has been in the risk management industry for fifteen years. She started in the RMIS industry and moved to the brokerage side in 2004.

3. At the end of this Session You will take away… • Understand what the Risk Management Discipline is about • Understand at least 5 strategies to help launch your Risk Management program • Be able to develop a network of professionals that will help you and help to make your program successful

4. You will take away… • How to develop an overall strategy to address areas of risk in your organization. • Develop a listing of partners you can engage when you begin to develop and implement your risk management strategy.

5. What does a new Risk Manager need to know/do? • Understand what Risk Management is and what it is not: • It is: Relationship driven, highly varied, extends to every department in the organization, communicates laterally and vertically; depending on the size of the business, there may be one or more staff in the risk management department, it’s vendor management, its effective utilization of financial resources, its loss prevention and loss control, and more. • It is not: All about insurance, insurance purchasing and claims management – although that is a large part of it.

6. What does a new Risk Manager need to know/do? • Leave preconceptions at the door • Get in the habit of asking questions • Teach/coach/educate Safety at work, and at home • Read and understand your insurance policies – Gaps anyone? • Get to know operators of your company • Do the Math…financial component of the job • Determine if you are working with a Traditional Risk Management Program or an Enterprise/Strategic Risk Management Program • Develop a Network of Resources – Seek out the Experts • Build your team • Have some FUN

7. What is a Network of Resources? • Insurance broker TEAM - why do we need these people? • Selection of the right one – key for a new risk professional • Leverage current situation • Brokerage team considerations – what do we need from these people? • Coverage – understanding your exposures • Market relationships and effective strategy planning • Loss prevention - control / Risk management resources • Claims resources and effective claim management • Team dynamic – why is this important?

8. What is a Network of Resources? • What do we rely on our broker to do? • Place coverage… there is so much more • Make you shine within your organization • Ensure your exposures are covered and those that are not, you are aware of • Analyze your loss history and provide recommendations to you and the loss control team to implement solutions • Review contractual language as it relates to insurance • Keep you apprised of market and coverage trends

9. What is a Network of Resources? • What else do we rely on our broker to do? • Be your advocate! How is this done? • Claims • Insurance Company • Be an extension of you – risk management consulting • Be accountable for their services and fee • Service plan with timelines and performance based • Stewardship report

10. What is a Network of Resources? • Underwriters • Direct • Wholesale • Consultants • RIMS – local chapter • Third party administrators • Actuarial • Captive resources • Legal resources • Private investigation firm • Drug testing • Nurse triage • Fleet safety experts • Broker by niche or specialty • Trade associations • Industry associations

11. Take Away 1 • What is the Risk Management Discipline about? • Highly varied • Extends through the entire organization • Communicates horizontally and vertically • Department may have 1 or more staff • Vendor management • Is financial • Is loss prevention and loss control • Insurance purchasing, claims management, litigation management

12. Take Away 2 • What are the strategies to launch your program? • Determine your program type Traditional or ERM • Build Relationships - Ask Questions • Know what you have and what you need • Identify, Establish and use your Network of Resources • Implement your program, Monitor it, Adjust it when needed, and re-implement. • Teach Safety 24/7

13. Take Away 3 • How do you identify and build a network of Resources? • Get involved in professional organizations like as well as industry associations to help you identify exposures and find resources to treat your exposures • Insurance Broker Team • Underwriting relationships *Direct *Wholesale • Consultants: Engineering, Loss Control, Technology, etc. • Third Party Administrative Companies • Financial Services • Legal resources by jurisdiction • Medical provider resources

14. What Questions or Comments do you have? • Sandra K Little – Bar-S Foods, Co. • 602.285.5259 slittle@bar-s.com • Sarah Schott – Alliant Insurance Services • 602.707.1904 sschott@alliant.com