Why is Risk Management Important?

Two thoughts summarise our views on risk management in the setting of financial services:
“A problem is better avoided than overcome”, undeniably true. Secondly,” Risk management is just common sense”. Well, it should be, but as we know, there is nothing common about common sense…
Unlike other insurance brokers, we handle and negotiate claims for clients. We have the ability to learn directly from claims and feedback lessons into risk management for other clients. It’s not that we rejoice in the misfortune of others, however, it does make sense for others to be guided in similar circumstances so that (as far as possible) errors do not recur. We see risk management and claims negotiation as two sides of the same coin.
We have been around long enough to see patterns of behaviour and loss develop over time and in the most challenging cases, repeat.
No one can claim to know all the answers, and we certainly don’t. However, we keep detailed records across a wide range of risk issues, going back decades in some areas, and to that extent we are an organisation with a memory from which issues can be anticipated and mitigated, if not avoided.
At MRSL Enterprise we like to think that we are different. We are not here simply to sell you an insurance policy each year. We are here to give you peace of mind – whether that is from effective risk management to prevent a problem from occurring; managing a claim and the process of recovering from an adverse event and definitely working through claim scenarios to ensure that you have the right insurance cover. We encourage our clients to keep in touch with us throughout the year. You have enough on your mind when you need your insurance – the last thing that you want in those circumstances is another surprise.
We are always happy to discuss issues and concerns with clients and potential clients alike. Please contact us and challenge us to review and comment on the insurance related issues in your business.