Case Study # 1
Industry
Food production (national, regional and global).
Issue of Concern
Client needed to consider in detail how its regional operations would meet strict underwriter conditions in relation to its property portfolio. In addition to this, the executive management were desirous of having a strong risk management culture developed off the back of its asset protection focus.
Timing
Specific programme developed in 2002 and is ongoing.
Agreed Resolution
A detailed property inspection programme was to be created with customised reporting available to both the lead underwriter and the client. A supporting specific hazard review and advice function was also to be incorporated. The target risk location (Greenfield site) was to be "risk engineered" from design to commissioning.
Outcomes
A specific inspection programme was agreed between all parties including the clients' global risk management department and the global insurers. A customised inspection regime was created which in turn identified various "key exposures" which has subsequently been the focus of analysis and risk treatments being applied to lower risk potential. RiskTech now assists the client in prioritising the commitment of capital funds for risk improvement.
Current Position Post Resolution
This organisation continues to pursue the various initiatives which were brought about in the initial programme. Some industry forums have been created by RiskTech to address common problems amongst large entities trading in this industry.
Case Study # 2
Industry
Agricultural and food production (national)
Issue of Concern
Client was undergoing rapid expansion involving both upgrades of existing sites plus the creation of entirely new facilities. It became evident that there was a need for a sophisticated approach to be taken to the protection of assets for not just insurance pruposes but also to maintain its position in the market and the lead organisation.
Timing
Commenced 2005 and is ongoing at present.
Agreed Resolution
The client created a risk management task force to deal with the structuring of a new regime in the management of its properties adn as such their protection. Incombent within this function was the requirement for active involvemnt of an independent risk negineering advisor to both address broker needs in terms of insurance market expectations as well as provide "external assessmetn and validation" of risk improvement strategies considered by the organisation as being worthy of review and implementation.
Outcomes
An overall programme of inspections was created adn thence an ongoing advisory function established to drive risk improvement initiatives as well as to be involved in Greenfield site "protection systems design". RiskTech now sit on the organisations RIsk Management Committee to provide technical input. This group has also become involved in RiskTech's industry risk control forums to consider how best to treat high hazard activities and/or facilities.
Current Position Post Resolution
This organisation is currently examining its "next generation" of analysis and support given a planned major expansion in its operations across the country over the next five years.