Your Annual Risk Audit
As risk mitigation professionals, we work closely with our customers to adjust to changes as they happen to make sure that coverage is up-to-date. But over the course of a year, things can change so much that sometimes the coverage could use a little tweaking. That is why we always recommend an annual risk audit to take a comprehensive look at the risks your company faces, and the coverage you need to stay in business.
Your Audit Needs Your Attention
Our business experts cannot do your risk audit on their own. It is important that company executives and managers get involved in the audit to make sure that all operational updates are included. A risk professional can look over company records to get an idea of what has changed throughout the year, but it takes hands-on consultation from the customer to get all of the information required.
We always recommend that your company puts aside time for one week to allow our professionals to conduct your audit. We need access to your records, your managers, and your insurance paperwork to make sure we do a comprehensive audit.
Your Audit Could Save You Money
Risk management is designed to not only save your company money, but preserve your company in the event of a significant financial incident. An annual audit will determine if you have enough coverage to protect your growing operations, and it will look at whether or not you have too much coverage in other areas. If your company has gotten away from certain business activities, then you will not need to pay for the coverage you have in place. In the end, an audit could save you money and give you better value.
Update Critical Files For Your Risk Manager
During an annual audit, it is possible that your risk management company will find files it does not have that would make their records complete. In many ways, an audit is also like a paperwork inventory to make sure that your risk management company has all of the documentation it needs to continue to offer you the best possible service.
Learn How To Handle Risk
It is inevitable that a company will make changes to its operations when it takes on new business that it does not reveal to its risk management company. During the course of an audit, the risk manager will analyze any changes to business operations and make suggestions on how to alter those operations to better handle potential risk. An annual audit is often a valuable exchange of information between the risk management professionals and corporate management.
Every year, we recommend to our clients that they allow us to put together an annual risk audit program to make sure that the right coverage is in place to protect their operations. We always ask that the company be active in the audit, and we look to do a productive exchange of information to improve risk management processes.
It is smart for companies to do their own regular risk audits to make sure that they are not exposing themselves to risk that could put them out of business. The time spent in making sure that your company is properly addressing risk is always rewarded with less money lost to preventable accidents.