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Legal risk management refers to the process of evaluating alternative regulatory and non-regulatory responses to risk and selecting among them. Even with the legal realm, this process requires knowledge of the legal, economic and social factors, as well as knowledge of the business world in which legal teams operate. [ 4 ]
Governance activities ensure that critical management information reaching the executive team is sufficiently complete, accurate and timely to enable appropriate management decision making, and provide the control mechanisms to ensure that strategies, directions and instructions from management are carried out systematically and effectively.
Insurance is characterized as a business vested or affected with the public interest. [2] Thus, the business of insurance, although primarily a matter of private contract, is nevertheless of such concern to the public as a whole that it is subject to governmental regulation to protect the public’s interests.
Some insurance markets effectively function as regulation, due to insurance companies encouraging or requiring certain actions in order to gain coverage.Although many economists argue that insurers can reduce moral hazard to some degree, it is debated the extent to which insurers can effectively substitute for government regulations to reduce risk.
Establishing a risk committee and/or chief risk officer (CRO) to coordinate certain activities of the risk functions. Establishing ownership for particular risks and responses. Demonstrating the cost-benefit of the risk management effort. Developing action plans to ensure the risks are appropriately managed.
Risk Strategies (officially incorporated as RSC Insurance Brokerage, Inc.) is a private insurance brokerage and risk management advisor. The firm was founded 1997 (27 years ago) in Boston , Massachusetts, by its current chairman, Mike Christian, as a specialty risk management consultancy.
With global supply chains rattled by the unforeseen coronavirus pandemic, "force majeure" may become the word du jour among global freight forwarders in the coming weeks as more of these firms ...
Risks that can be insured by private companies typically share seven common characteristics. [4]Large number of similar exposure units.Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses.