CISR Risk Management Exam 137 Questions with Answers
TCOR - CORRECT ANSWER Total Cost of Risk
Risk Management - CORRECT ANSWER the process of
... [Show More] managing uncertainty of exposures that affect an organizations assets
5 steps of risk management process - CORRECT ANSWER Identification, analysis, control, financing and administration
Six general classes of risk - CORRECT ANSWER 1. Economic
2. Legal
3. Political
4. Social
5. Physical
6. Juridical
Four Logical Classifications of Exposures - CORRECT ANSWER A. Property
B. Human Resources
C. Liability
D. Net Income
Ways to identify risks - CORRECT ANSWER Checklists, surveys, flowcharts, Insurance policy reviews, physical inspections, compliance reviews, contract reviews, experts, loss data analysis and financial statement review
7 Benefits of risk management - CORRECT ANSWER Identify Exposures, Improve budgeting & planning, determine risk appetite, allocate cost of risk, adds value, mitigate losses and integrates risk control & safety
Risk Identification - CORRECT ANSWER the most important step of the risk management process.
Collecting and analyzing data - CORRECT ANSWER •helps an organization identify and understand the potential impact of losses,
•helps the organization address product/service development and pricing,
•helps the risk manager in working with the organization's insurance programs, and
•provides the foundation on which the organization calculates its cost of risk.
Qualitative analysis - CORRECT ANSWER the "what" analysis process, in other words, the identification and evaluation of loss exposures that cannot be easily measured by traditional statistical or financial methods.
Quantitative analysis - CORRECT ANSWER the "how much" analysis, which attempts to accurately measure risks by using acceptable, traditional methodologies to calculate relative numeric values.
Loss Data Credibility - CORRECT ANSWER •Completeness - statistical analysis is valid if the data set is complete.
•Consistency - comparisons are valid if the same items (apples to apples) are used.
•Integrity - data with good integrity is reliable, accurate and current to the time period being measured.
•Relevance - the data must yield information on matters of concern to the organization.
Benchmarking - CORRECT ANSWER a systematic way of continuously comparing an organization's performance against others at a given time or against itself over a given time period.
Risk Control - CORRECT ANSWER Any conscious action or inaction to minimize, at the optimal cost, the probability, frequency, severity, or unpredictability of loss
Risk Financing - CORRECT ANSWER The acquisition of internal and external funds to pay losses at the most favorable cost.
Risk Financing Techniques - CORRECT ANSWER Risk Taking appetite, transfer options, simple transfer options & loss sensitive transfer options
Risk Administration - CORRECT ANSWER the process of planning, implementing, and monitoring the risk management program
Risk Management Information System - CORRECT ANSWER an information system that supports both the risk team and the organization. This type of software deploys risk management tools in addition to managing risk data. RMIS can sometimes serve as a customer relationship module, as well.
Four Components of the Total Cost of Risk - CORRECT ANSWER Insurance Costs, Retained losses & ALAE, Risk Management departmental costs and Outside service fees
Pure Risk - CORRECT ANSWER A chance of loss or no loss, but no chance of gain.
Speculative Risk - CORRECT ANSWER Chance of loss or gain, usually associated with business or financial risk.
Exposure - CORRECT ANSWER a situation, practice, or condition that may lead to an adverse financial consequence; an activity or asset.
Hazard - CORRECT ANSWER a condition that may give rise to a loss from a given peril; physical, moral, or morale characteristics that increases the likelihood of a loss.
Peril - CORRECT ANSWER the cause of loss, such as fire, wind, hail, slip and fall, etc.
Severity - CORRECT ANSWER the dollar amount of a given loss or the aggregate dollar amount of all losses for a given period.
Accidents are also evaluated according to how severe the ensuing injury or property damage may be.
Frequency - CORRECT ANSWER the number of losses occurring in a given time period. Accidents are evaluated according to how often they might occur.
Incident - CORRECT ANSWER an event that disrupts normal activities and may become a loss (also referred to as a near miss)
Accident - CORRECT ANSWER an unplanned event definite as to time and place that results in injury or damage to a person or property
Occurrence - CORRECT ANSWER 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 - CORRECT ANSWER a reduction in the value of assets. Not all losses become claims
Claim - CORRECT ANSWER a demand for payment or an obligation to pay as a result of a loss
Incurred but not reported (IBNR) - CORRECT ANSWER a reserve that must be established for claims that have already occurred but that have not yet been reported
Which of the following is not one of the components in the definition of risk? - CORRECT ANSWER Chance or probability of loss
Certainty concerning a loss
Possibility of a variation of outcomes from a given set of circumstances
Difference between expected losses and actual losses
Loss Trending - CORRECT ANSWER adjusting historical losses to account for inflationary trends so that the ultimate value is more current or meaningful. Loss trend factors are multiplied by actual historical losses to trend the losses
Loss Development - CORRECT ANSWER the difference between the value of a loss as originally reported and its subsequent evaluation at a later date or at the time of its final disposition
Expected Losses - CORRECT ANSWER Loss projections ("loss pics" or "loss picks") based on probability distributions and statistics, frequently developed using actuarial techniques including trending and development.
Avoidance - CORRECT ANSWER eliminating an activity or exposure which eliminates chance of loss
Prevention - CORRECT ANSWER breaks sequence of events that leads to a loss or that makes the event less likely
Reduction - CORRECT ANSWER reducing the severity or financial impact from unpreventable losses
Segregation/Separation/Duplication - CORRECT ANSWER working primarily to reduce the severity of the loss
Transfer (Contractual, Physical or Both) - CORRECT ANSWER having another party be financially responsible for all or a partial amount of the loss
Active Retention - CORRECT ANSWER planned financial responsibility for the loss. The organization knows in advance that it will be financially responsible should a loss occur
Passive Retention - CORRECT ANSWER not planned. It is an organization's unplanned financial responsibility for the loss. Passive retention can be the result of failure of the risk manager or insurance professional to identify the exposure, failure to act or forgetting to act.
Retention Level - CORRECT ANSWER the amount of loss that is self-insured. It is usually expressed on a per occurrence basis. It is sometimes referred to as the self-insured retention
Frequency - CORRECT ANSWER A control technique that is designed to prevent a certain type of accident would have the goal of reducing
Economic - CORRECT ANSWER the risk arising out of an organization's operational, marketplace, financial or entrepreneurial activities
Legal - CORRECT ANSWER the risks inherent in compliance or arising from statutory liability
Political - CORRECT ANSWER the risk associated with legal changes by the governmental interpretations (or reinterpretations) of rules and regulations
Social - CORRECT ANSWER the risks arising from public relations, loss of reputation, image or cultural problems
Physical - CORRECT ANSWER risks arising from property, persons, or information
Juridicial - CORRECT ANSWER risks arising from the decision of a judge or jury, or from court or jury attitudes
Statutory Liability - CORRECT ANSWER holds that a person or company can be held responsible for a certain action or omission because of a related law that is not open to interpretation.
Checklists, Surveys and Questionnaires Method - CORRECT ANSWER Method uses information-gathering documents (lists and surveys) to search systematically for as many loss exposures as possible.
Checklists, Surveys and Questionnaires Method Strengths - CORRECT ANSWER •standardized
•can be used by non-risk management personnel with minimal required training
•provides a history
Checklists, Surveys and Questionnaires Method Weaknesses - CORRECT ANSWER •cannot cover all areas or operations
•provides limited financial impact
•does not prioritize exposures
•may not identify new exposures
Flowchart Method - CORRECT ANSWER graphically and sequentially depicts the activities of a particular operation or process. It is process-driven and follows a logical flow. A flowchart is useful in isolating the points in a process where a quality check or the insertion of a quality assurance process might be beneficial.
Flowchart Method Strengths - CORRECT ANSWER •can illustrate interdependency within an organization
•can easily pinpoint bottlenecks or chokepoints
•can determine critical path or critical points
Flowchart Method Weaknesses - CORRECT ANSWER •does not indicate frequency or severity
•does not show minor processes with major loss potential
•limited applicability to liability exposures
•may be too process-oriented
Insurance Policy Review Method - CORRECT ANSWER used for reviewing an insurance contract or related documents to determine exposures and perils that are covered and those that are not covered, either because the insuring agreement does not extend to the asset or activity, or because terms, conditions, or exclusions are limiting.
Insurance Policy Review Strengths - CORRECT ANSWER •Many perils are given a precise definition.
•states what specifically is covered
•states what specifically is not covered
Insurance Policy Review Weaknesses - CORRECT ANSWER •Policies are not standardized so each policy has to be reviewed individually.
•Case law may disregard what the policy says.
•addresses only exposures covered by the policy
•May be difficult to analyze before a loss because there are so many variables that impact whether or not coverage exists
Physical Inspections Method - CORRECT ANSWER conducted by informational visits to critical sites, both inside and outside the organization, to determine exposures to risk.
Physical Inspections Method Strengths - CORRECT ANSWER •places the examiner in the actual environment to review or critique exposures that are evident and ones that present a potential threat
•usually is personal
•provides visualization of processes, locations, etc.
•may find unreported hazards and/or assets
Physical Inspections Method Weaknesses - CORRECT ANSWER •time consuming and often expensive
•subject to steering by local personnel
•situations change often
Compliance Review Method - CORRECT ANSWER to determine compliance with regulations and laws. Statutory or Professional
Compliance Review Method Strengths - CORRECT ANSWER Most are free of charge and provide you with an outside opinion, whether you want it or not.
Compliance Review Method Weaknesses - CORRECT ANSWER Most regulations and laws have their own problems and there may be little or no control over compliance evaluation. Compliance review may also focus unwanted attention on the organization and expose it to liability, fines, penalties or injunctions.
Policies and Procedures Review Method - CORRECT ANSWER maintaining up-to-date policies relating to the organization's legal responsibilities. They evaluate corporate by-laws, board minutes, mission statements, organizational charts, employee manuals, procedures manuals, and risk management policy manuals.
Policies and Procedures Review Method Strengths - CORRECT ANSWER identifies exposures within the organization
Policies and Procedures Review Method Weaknesses - CORRECT ANSWER Organizational politics may prevent effective treatment
Contract Review Method - CORRECT ANSWER reviews are completed by internal or external entities, as appropriate. Contract review helps the risk manager identify
1.gaps in the current risk management plan and
2.new "risk" created by contracts. In other words, what has the organization committed to? Does the contract contain a hold harmless or indemnity agreement? Is there a Waiver of Subrogation requirement in the lease?
Contract Review Method Strengths - CORRECT ANSWER May identify "holes" in risk management plan
Contract Review Method Weaknesses - CORRECT ANSWER Involvement of second party may prevent control of exposures
Experts Method - CORRECT ANSWER Consulting with experts can help a risk manager expedite contracts, programs, and services. Expert reviews can either be internal or external. The company can usually save time and obtain more immediate benefits from the expert's experience. On the other hand, a qualified expert may be difficult to find and services can be expensive.
Experts Method Strengths - CORRECT ANSWER saves time and provides a level of experience to focus on exposure
Experts Method Weaknesses - CORRECT ANSWER may be difficult to find qualified experts and external experts can be expensive
Financial Statement Analysis Method - CORRECT ANSWER used to identify values that are subject to loss, the event that could cause the loss, and the fiscal impact to the organization after the loss. The analysis can be the basis for initial insight in developing crisis contingency plans. These types of reports analyze both growth in expenses and reduction in revenues.
Financial Statement Analysis Method Strengths - CORRECT ANSWER •assists in forecasting financial losses from a specific event
•demonstrates financial impact from a loss on other areas within the organization
•serves as the basis for the development of crisis contingency plans
Financial Statement Analysis Method Weaknesses - CORRECT ANSWER •usually does not address business risks
•unable to predict losses of sole or key suppliers, customers, or employees
•can lead to manipulation of financial records
Loss Data Analysis Method - CORRECT ANSWER Through collection, organization, and analysis, the loss data or loss history can reveal the effectiveness of the risk management program.
Loss Data Analysis Method Strengths - CORRECT ANSWER can be used for benchmarking and determining if losses were caused by or the result of a risk not previously identified
Loss Data Analysis Method Weaknesses - CORRECT ANSWER •Since data is historical or "after the fact," the method is reactive rather than proactive.
•History does not always repeat itself.
•Losses may not have occurred in the past.
•Data credibility may be an issue
Analysis of loss data - CORRECT ANSWER can help the organization address product/service development and pricing. What if during the analysis, the risk manager discovers that during the past couple of years a particular product or service is the leading cause of loss frequency or severity? Worse yet, the trend indicates both are on the rise.
Risk managers will draw upon loss data analysis when determining the appropriate method to finance losses including the following: - CORRECT ANSWER •Determine risk appetite
•Assess retention levels
•Choose deductibles and limits
•Establish a basis for allocating premiums and/or loss costs
•Address cash flow and budgets
Knowledge of the organization's past loss history is beneficial to the risk manager when: - CORRECT ANSWER •Negotiating premiums
•Determining coverage restrictions and exclusions
•Setting appropriate reserves for loss-sensitive programs
•Establishing collateral, e.g., letters of credit, surety bonds, etc.
Loss data analysis equips the risk manager to - CORRECT ANSWER •Focus management's attention on the organization's cost of risk
•Evaluate potential costs and benefits of alternative methods for financing losses
•Reduce and control losses by allocating losses to the departmental level
Benefits of Loss Data Collection & Analysis to Risk Control - CORRECT ANSWER Allows Risk Professionals to Focus on the Organization's Loss Experience, Prioritizes Loss Control Issues, Allows Improved Cost/Benefit Analysis of Loss Control Efforts, Helps the Risk Manager Gain Support for Loss Control Efforts, Helps in Evaluating the Cost/Benefits of Risk Finance Efforts & Helps Determine How to Share the Cost of Risk
Loss Data Assessment - CORRECT ANSWER Identify, understand and apply various methods of assessing loss data and analyze the impact those losses may have on the organization's risk management policy and the ultimate cost of risk.
Risk Assessment - CORRECT ANSWER Identify and assess those loss exposures that cannot be easily measured by traditional statistical or financial methods and to understand their impact on the ultimate risks and performance.
Financial Risk Assessment - CORRECT ANSWER Identify and assess those broad loss exposures that have a financial impact on the organization but that may be difficult to quantify.
Internal Sources of Loss Data - CORRECT ANSWER the organization's loss experience.
Ie: •Accident or incident reports
•First aid logs
•OSHA logs
External Sources of Loss Data - CORRECT ANSWER the other organization's loss experience.
ie: NCCI, NAICS, NSC
Components of Credible Loss Date- Completeness - CORRECT ANSWER •All losses are included and reported, including losses not covered by insurance because of deductibles or exclusions or limits
•Enough loss data (frequency); a rule of thumb is at least 5 years of data, preferably 10+ years
•Adequate details about each data record (date of loss, cause of loss, person causing loss, person injured, type of loss, dollar value of loss, etc.)
•Complete description of paid and open reserve amounts
Components of Credible Loss Date- Consistency - CORRECT ANSWER •same types of data provided for each data record (type, cause, time, claimant name, length of employment, etc.)
•same policy year, accident year, calendar year
•same recording methodology (differences between carriers, TPA's)
•same definitions of types of injuries, perils, hazards, etc.
Components of Credible Loss Date- Data Integrity - CORRECT ANSWER •Reliability of data and accuracy of input (errors, omissions, duplications)
•Prompt reporting and current data
•Accuracy of loss reserves
Components of Credible Loss Date- Relevance - CORRECT ANSWER Relevance is data that will yield information on matters of concern to the organization. Discontinued Ops, Acquiring Ops, Commingling of Data and Irrelevant Data
Purpose of Quantitative Analysis Tools-Analyzing loss data is used by the risk manager to: - CORRECT ANSWER Determine loss picks & assist in forecasting losses for subsequent years, determine retention, deductible & transfer levels, compare funding programs, determine which projects to fund and determine appetite for risk
Common Tools Used in Quantitative Analysis - CORRECT ANSWER Graphs, Measures of Central tendency, measures of dispersion and confidence intervals and development factors, inflation index factors and exposure basis
Objectives of Benchmarking - CORRECT ANSWER 1.to determine what and where improvements are called for,
2.how other firms achieve their high performance levels, and
3.to use this information to improve performance.
Transfer - CORRECT ANSWER Low Frequency/High Severity
Retain - CORRECT ANSWER Low Frequency/Low Severity
Avoid - CORRECT ANSWER High Frequency/High Severity
Prevent - CORRECT ANSWER High Frequency/Low Severity
Avoidance - CORRECT ANSWER Eliminating an activity or exposure. An example is deciding to cease using a dangerous chemical in the manufacture of products.
Prevention - CORRECT ANSWER The goal of loss prevention is to reduce the frequency of types of claims from activities or property that cannot or will not be avoided. The term "prevention" implies an action taken to break the sequence of events that may lead to a loss, or at least to make it less likely; loss prevention interrupts the "domino" effect whereby one hazardous event leads to another, resulting in incidents or accidents. It also allows entities to conduct operations that might otherwise have to be avoided
Reduction - CORRECT ANSWER To reduce the severity or financial impact from losses that are not prevented. It presumes a loss will occur but attempts to reduce the size or extent of the loss. Loss reduction techniques can be applied both before and after a loss
Segregation - CORRECT ANSWER An Isolation of an exposure from other exposures, perils or hazards
Separation - CORRECT ANSWER The spread of exposures or activities over several locations
Duplication - CORRECT ANSWER The use of back-ups for critical systems or operations
Physical Transfer - CORRECT ANSWER shifts some or all of an operation function or exposure to an outside source
Transfer - CORRECT ANSWER reduce risk to the organization by transferring some or all of the risk to another party. Transfer is accomplished through either physical or contractual means.
Contractual Transfer - CORRECT ANSWER shifts responsibility of certain liabilities to another party.
4 Types of contractual transfer - CORRECT ANSWER Hold Harmless, Exculpatory agreement, Waiver of subrogation and Limit of liability
Bundling - CORRECT ANSWER When an insurance policy is purchased, the insurance company includes services in the traditional/standard insurance contract such as:
•State filings
•Loss control
•Claims services
•Policy issuance
•Statistical filings
The insured is not responsible for any of these services and the cost for them is embedded in the insurance premium. These services are said to be "bundled" in the insurance policy. Therefore, in a bundled insurance contract, the insurance company is responsible for claims management.
Unbundling - CORRECT ANSWER When an insurance contract is placed on an "unbundled" basis, services such as loss control and claims administration are not automatically included. The insured selects and pays for services on an a la carte basis. If claims service is not included, the insured becomes responsible for claims management.
Insured Plan (bundled insurance program) - CORRECT ANSWER the insurer provides both insurance and claims management services including investigation, evaluation and settlement
Self-administered plan (unbundled insurance transaction) - CORRECT ANSWER used in conjunction with unbundled insurance. Self-administered plans normally have a very large self-insured retention. Again, the insured, not the insurance company is responsible for claims management. The organization handles its own claims management including investigation, evaluation and settlement.
Third-party administered (TPA) plan (unbundled insurance transaction) - CORRECT ANSWER used in conjunction with an unbundled insurance contract. The insured, not the insurance company, is responsible for claims management. As the insured organization may not have staff or expertise to manage claims, the insured organization will contract with a Third Party Administrator to handle its claims management including investigation, evaluation and settlement.
Claims Management Activities - CORRECT ANSWER Gathering data, enforcing contractual obligations, mitigation damages after a loss, promoting equitable compromise, identifying and combating fraud, forecasting losses & advising and consulting with insured internal depts
Quantitative Constraints - CORRECT ANSWER Net income, net worth, ability to borrow & cash flow
Qualitative Constraints - CORRECT ANSWER include both internal and external factors. What is the organization's appetite for risk? Is it conservative with a low appetite for risk? If so, even though the quantitative analysis clearly indicated funds are available, management may be unwilling to use those funds to pay for retained losses. In this case, the firm has the risk taking ability, but not the risk taking appetite
Guaranteed Cost (Fully Insured Plan) - CORRECT ANSWER the organization (the insured) pays the premium to the insurance carrier who in turn makes claim payments to the claimant
Advantages of a Guaranteed Cost plan - CORRECT ANSWER 1.Plans provide high budget predictability or certainty (subject to audit of exposures known to insured)
2.Insured enjoys easy, one stop shopping; all services provided by the insurer
3.The agent/broker or the insurer provides the Certificates of Insurance
4.Coverage is standardized and predictable
5.Poor experience may go "unpunished" at renewal (deferred to later renewals)
Disadvantages of a Guaranteed Cost Plan - CORRECT ANSWER Insurer's expenses and profit are passed along
2.Limited cash flow to deferral of premium over maximum of 12 months (generally)
3.Good experience may go unrewarded at renewal (deferred to later renewal)
4.Services provided by the insurer may be inappropriate, inadequate, or not needed
5.Coverage and rating is often inflexible with few or no options
6.No short-term incentives to reduce losses are provided, so long term cost of risk may be affected
Advantages of a Small Deductible Plan - CORRECT ANSWER 1.These types of plans can be structured to produce reasonable budget certainty for the organization.
2.Depending upon the insurer, these plans are usually easy to implement, easy to understand, relatively easy to administer.
3.Insurance policy and certificates are standard; deductibles need NOT be shown on certificate.
4.Direct savings and cash flow savings can be substantial, particularly if frequency is low and credits are reasonable.
5.These plans can provide a real incentive to reduce frequency of losses resulting in a direct savings in premiums and cash flow savings and any reduction in frequency lessens the likelihood of a severe loss
Disadvantages of Small Deductible Plan - CORRECT ANSWER 1.Since these plans are based on standardized insurance policies that usually are class-rated or manually-rated, there is often little or no flexibility with respect to coverage and pricing.
2.The rating schedules frequently do not offer credits that are adequate to justify the additional expenses of paying losses within the deductibles.
3.Services may be inadequate or inappropriate for a particular insured.
4.While these plans create more interest in claims handling, the insured has little or no control over the claims payments since the carrier provides the claims services and will reserve according to their own interests.
5.Firm may be required to offer some form of security, often in the form of escrow, which reduces cash flow advantages.
6.Policy accounts may be held open for long periods of time before final cost is known for those claims with long development - depends on plan and insurer.
Advantages of a Large Deductible Plan - CORRECT ANSWER 1. Positive cash flow potential.
2. Return on loss control program investments can be realized.
3. Coverages may be customized.
4. Services may be customized.
5. Claims services with a large deductible can be unbundled or purchased outside the carrier. Therefore, claims can be better managed and controlled by the insured.
6. Policies and certificates are available from the insurance carrier.
7. Expense components can be negotiated with the insurance carriers.
8. First step toward self-insurance or captive program.
Disadvantages of a Large Deductible Plan - CORRECT ANSWER 1. Poor loss experience can cancel advantages.
2. Accurate attachment point determination is a must.
3. Insurer may require expensive security or collateral with which the organization may not be willing or able to comply.
4. Aggregate protection may be cost prohibitive or may not be available.
The advantages and disadvantages take into consideration the risk of losses subject to the deductible and the financial incentive for the organization to reduce losses.
Typical responsibilities of a risk manager include the following - CORRECT ANSWER 1.Develop risk management policies and procedures
2.Risk management staff and team management
3.Select risk management information system (RMIS)
4.Calculate TCOR and allocations
5.Contract and lease review
6.Regulatory compliance, related training and loss control programs
7.Accident investigation
8.Claims and litigation management
4 Key Steps to being an effective Risk Manager - CORRECT ANSWER Demonstrate impact of TCOR, Stay plugged in to the organizations activities, communicate your results, continue to innovate
The risk manager uses technical expertise to - CORRECT ANSWER •purchase insurance programs, evaluate and interpret coverage
•select agent/brokers/insurers
•negotiate bids
•identify exposures
•analyze losses, manage claims
•conduct cost benefit analyses.
The risk manager uses the managerial skills of - CORRECT ANSWER planning, leading, organizing, and controlling to accomplish risk management objectives through others. In addition, risk managers are typically "staff authority" and are considered to be advisors
effective risk management will accomplish the following - CORRECT ANSWER •enhancing profits by reducing costs or increasing revenues (in the form of reduced cost of risk and protecting assets and cash flow)
•allowing management to plan and budget more accurately
•reducing frequency and severity of losses
•allowing more effective analysis of losses for projection of future losses
•providing increased awareness of indirect losses
•reducing exposures in new operations, mergers, and acquisitions
•increasing productivity and morale in the work force
•improving product quality, processes, and technology
Personal Attributes of a Risk manager - CORRECT ANSWER •is ethical and has integrity
•ability to stay level-headed/objective in a crisis
•detail oriented but capable of maintaining sight of the "big picture"
•desire to get the job done; solution minded
•creative risk taker; innovative and inquisitive
•proven people skills that will encourage support from all levels
•change driven
Professional & Technical Skills of a Risk Manager - CORRECT ANSWER •strong written and oral communications skills
•risk identification and exposure analysis experience and training
•experience with loss control programs
•experience in managing claims and litigation
•knowledge of commercial insurance coverage
•financial analysis experience and training
•knowledge of RMIS systems
Risk Manager Skills & Experience - CORRECT ANSWER •knowledgeable about the industry and the company
•knowledge of and experience in general management and project management (planning, leading organizing, controlling)
•experience in policy and strategy development and implementation
•experience in negotiations and conflict resolution
•successful leadership experience and training
Basic uses of RMIS - CORRECT ANSWER Collect data to further rick control activities, create an insurance program summary, create charts & diagrams and to track improvements/benchmarking [Show Less]