Risk Management & Asset Protection in Louisiana

Risk Management & Asset Protection

AWS Risk Management, LLC (AWS RM) is dedicated to advising and servicing its clients in all aspects of Risk Management. We pledge to recommend and help you implement workable solutions that achieve maximum asset protection while minimizing the overall total cost of risk to the organization.

Incorporated in 2004, AWS RM serves its state, national, and international clients from its Metairie, Louisiana offices, just outside of New Orleans. Our diverse client base includes municipalities, public authorities, boards, and private industries. Our seasoned professionals offer a wide variety of Risk Management services, including Insurance-related advice, FEMA Compliance assistance, Claims Consulting services, Safety and Loss Control oversight and Human Resource solutions. AWS Risk Management, LLC promises to serve the total Risk Management needs of our clients. AWS is on your team when it comes to risk management in New Orleans, Metairie, Mandeville, Covington, LA and surrounding areas. Contact us today for a free consultation.

A romanesque Government or Banking Building

Risk Management Terms

Exposure
a situation, practice, or condition that may lead to an adverse financial consequence; an activity or asset;
Hazard
a condition that may give rise to a loss from a given peril; physical, moral, or morale characteristics that make the likelihood of a loss from a given peril greater
Peril
the cause of a loss
Incident
an event that disrupts normal activities and may become a loss
Accident
an unplanned event definite as to time and place that results in injury or damage to a person or property.
Occurrence
an accident with the limitation of time removed (an “accident” that is extended over a period of time rather than a single observable happening)
Loss
a reduction in the value of assets
Claim
a demand for payment or an obligation to pay as a result of a loss
Frequency
the number of losses occurring in a given time period
Severity
the dollar amount of a given loss or the aggregate dollar amount of all losses for a given period
Expected losses
projection of the frequency or severity of losses based on loss history, probability distributions, and statistics; the expected loss projection is commonly called a “loss pic” or “loss pick”

Risk Management Services

Risk Management and Insurance Program Audit
Insurance Renewal Analysis and Insurance Specification Development
Requests for Proposals / Requests for Qualifications
Insurance Certificate Management
Claims Audit and Analysis / TPA or Carrier reviews
Litigation Management
Contract and Lease Review & Analysis
FEMA Compliance and Analysis
Disaster Preparedness / Crisis Management
Safety and Loss Control
Risk Management and Safety Manual Development
Actuarial Analysis / GASB reporting
Loss Forecasting / Loss Reserving
Risk Financing Alternative Analysis
Building Valuations
Organizational / Operational Management Consulting
Human Resource Consulting
Due Diligence Reviews
Stewardship Reports
Employee Education and Training

INDUSTRIES

Typical client industries include:

Associations
Banking / Financial Institutions
Education
Governmental
Health Care
Hospitality
Marine
Non-Profit
Protective Force Organizations
Retail / Wholesale / Distributors
Transportation

FREQUENTLY ASKED QUESTIONS

What is risk management?

Risk management is a process that seeks to identify, assess, and control the ongoing risks faced by an organization, especially those encountered during growth and/or evolving socio-economic conditions and environments.

Where Does Risk come from?

Risk comes from a variety of sources, the most common are:

Economic risks arising from operations, marketplace, financial marketplace or entrepreneurial activities
Legal risks inherent in compliance or arising from statutory liability
Political risks arising from changes in the law or governmental reinterpretations or changes in governmental policy
Social risks arising from public relations, loss of reputation, cultural problems or social direction
Physical risks arising from property, people or information
Juridical risks arising from a jury or judge’s decision or from court or jury attitudes

What are the steps in the Risk Management process?

The Five Steps of the AWS RM Risk Management Process are:

Risk Identification – The identification of hazards and exposures that present potential threats to the organization’s existence and viability
Risk Analysis – Review and categorize findings in terms of their potential impact on the organization.
Risk Control – Actions taken to reduce the probability and severity of losses. Insurance is one of many Risk Control Options
Risk Financing – Traditional (insure), non-traditional (self-insurance, large deductibles, retentions, pooling, etc.)
Risk Management Program Administration – Establish risk management, safety and loss control policies and procedures; monitor, adjust as needed, review results

What are the benefits of an effective Risk Management program?

Identifies exposures and risks associated with the exposures
Provides resources to determine the organization’s risk appetite
Reduces and mitigates losses and associated costs
Spreads the cost of risk effectively
Integrates risk control and safety
Improves the organization’s ability to budget and plan
Assists management in adding value to the organization and achieving the organization’s goals

What does a Risk Manager do?

A risk manager uses technical expertise to purchase insurance programs, select agents, insurers, and Third Party Administrators. The risk manager evaluates and negotiates bids, identifies exposures, analyzes losses, evaluates and interprets coverages. The Risk manager also manages claims, audits service providers and conducts cost benefit analyses.

How can AWS Risk Management assist my company?

AWS Risk Management can assist in the following

Identify risk exposures the company faces using various risk identification methods
Participate in due diligence analysis for mergers and acquisitions
Analyze past losses to determine future losses in both frequency and severity
Implement safety and loss control programs
Analyze and review contracts and leases
Investigate accidents
Manage claims and litigation
Develop and lead crisis management program
Arrange risk financing both through transfer and retention
Determine and allocate cost of risk to cost centers
Coordinate compliance with regulations and state filings
Audit carrier and TPA claims performance
Monitor results and program effectiveness

Risk Management & Asset Protection in Louisiana