Elements and Performance Criteria
- Select methods to assess clients risks
- Risk assessment is completed in compliance with brokerage guidelines
- Industry and general environmental information is collected as input to risk analysis
- Specialists with relevant expertise to conduct risk assessment and prepare risk report are recommended to client
- Relevant criteria for selection of specialist is provided to client
- Comprehensive records of risk analysis and actions taken are maintained
- Identify how risks are managed
- Types of risks are identified and ranked as insurable and uninsurable and how they are to be managed
- Potential losses identified and probability of loss assessed
- Insurable risks classified as standards or above (low risk) or below standard (high risk)
- Controls to minimise effect of potential losses are identified
- Risks to be managed by insurance are identified
- Make recommendation on management of risks to client
- Stakeholders are identified
- Recommendations for insurance and risk management plan covering resources, timing, responsibilities and monitoring and reporting of impact on overall risk exposure are recommended to client
- Views of stakeholders are sought and information is provided to stakeholders at each stage of assessing the organisation's exposure to risks
- Prepare information for insurer