About Risk Mitigaters

We work as if we are your own Risk Management Department who help you meet regulatory and risk governance obligations.  You will save time and money, reduce overheads, and reduce business risk.  Company and director obligations reach well beyond typical performance and compliance risk, to exposures related to law, contracts, legal and insurance obligations.  You will grow risk acumen, giving you more time, to focus on business growth in confidence.  Together with our proven systems and capabilities to build best practice, our support will underpin your hard work.  The likelihood of achieving your business goals will increase in direct proportion to extent of active risk treatment. 

Very large organisations have risk management departments with professional staff to identify and manage the various business risk segments.  However, smaller business do not have the time and financial resources and are pulled in many directions, needing to do more with limited resources.

Risk Mitigaters vision is to provide the same capabilities, resources, and benefits typically enjoyed by large national or even international organizations.  We do this at a fraction of the cost.  We deliver better, more consistent professional outcomes than some businesses seeking to develop their own department. Why, because our professional consultants service and provide capacity for multiple industries and organisations. This lowers our cost base because of transaction volumes.  In turn, we also gain broad experience working with many industries. Trends and developments manifested over multiple industries and businesses are rapidly identified.  This means we can react faster and accumulate industry risk knowledge. Risk resources and solutions can be rolled out quickly so that best practice can be established faster than by any one business operating its own individual plan.  Sometimes individual associations have hierarchical legacy systems or personnel without key skill sets that inhibit rapid responses.

 

This is our bread and butter.  Often, we know the risks and exposures which may arise for your business as these may have already come to light through the experience of other businesses and industries.  In many cases solutions have already been developed which means the time and cost to solve your risks and exposures are there ready to deploy. Together we will tailor the solutions to fit your individual needs, making it scalable and affordable.  

Our team of affiliated professionals provide integrated strategic risk advice, consultancy, software solutions in risk management, contractual risk, commercial and industrial law, finance risk, insurance and protection, bulk marketing purchase opportunities and act as providers of many associated services.

What is Risk Management?

• What can go wrong,
• How can it go wrong and,
• What can be done before it does.

What can Risk Management do for me?

• Conventionally, the most common form or risk management is insurance.
• Most business know that it essential to operations and easily purchased (sometimes).
• Insurance is a commercial payment to transfer selected risks to an insurer.

However, insurance itself is a risk because the contract specifies what will be covered in finite language and what will be excluded that are customarily extensive. In many if not all instances, exclusions or conditions remove significant extents of coverage and or make the overall scope of cover very limited. In hard insurance markets insurers can adopt brutal take it leave it style insurance offers.

The insurer also needs to be clear as to what is covered. Otherwise the insurer is at risk and may be liable to cover losses for which it had not intention to cover. Neither will it have collected the risk premium to do so.  This was demonstrated globally with global the court proceeding related to insurance coverage and Covid.

Insurance therefore while a convenient risk transfer option, comes with its own downside, such as;

X    The promise to pay losses sometimes does not eventuate, leading to costly litigation.

X    Insurance can be highly selective, costly, and not fully effective when it operates.

X    Insurance is an annual financial impost which generally increases.

X    Wordings are complex, and the principles behind the policy are often unclear.

X    Deductibles or excesses can be high.

X    In some instances, the insurers capacity to pay can be an issue.

X    Significant charges and costs are added to premiums. (e.g. stamp duty, emergency services levies. underwriter fees, broker fees, terrorism levies and within the policy, reinsurance costs and commissions paid to the broker.

Importantly, it is true to say that insurance alone does not change risk.

Only risk management through the process of identification, assessment, treatment can offer alternate solutions. These can be effective as stand-alone options or work in tandem with insurance. This can lower the cost of insurance and additionally,  your dependence on insurance.

Depending on the preferred treatment, it can be as simple as a one-off process or as integrated and complex as best suits your needs. Once the options for risk treatment become known, choosing the right ones will an obvious decision.  We will guide your through the process, identify what works best for you and provide a cost benefit analysis.

Proactively identifying and managing risk will enable you to understand that the cost of doing nothing could significantly exceed the cost of any risk treatment. Doing nothing means accepting or absorbing the risk, insured or not.

Risk Mitigaters can be your risk management department, helping you establish your business risk profile, understand the treatment options and the most economical way to proceed, with or without insurance in the mix.

Our solutions are scalable, affordable and deliver real benefits.