Risk Management Before and After the Event

Risk Management Before and After the Event

July 24, 2018 Business Insurance and Risk Management, The Beacon Blog 0 Comments

It is a truism that what can happen will happen. While we hope to avoid serious losses, part of risk management is preparing for the inevitable.

Before the event:

Give senior management the information they need to make informed decisions.
Share information with everyone who needs to know.
Update information regularly.

After the event:

Look at possible consequences for the entity – lawsuits, loss of reputation, etc.
Identify and report on lessons learned.
If warnings were overlooked or ignored show how to be better prepared next time.
Use the opportunity to promote better risk management.

About the Author

Harry Cylinder

Harry Cylinder, CPCU, ARM has spent nearly fifty years in the insurance industry, the majority of the time as a consultant. He has been employed by The Beacon Group of Companies since 2008, specializing in the review and analysis of property and casualty coverage forms. Mr. Cylinder has been reviewing policy forms as they have evolved over the past decades. In 2008 he published an article in the CPCU Journal which was the first description of cyber insurance coverage for a general insurance audience. Since that time he has regularly written on cyber and other topics for The Beacon Companies’ blog.