Michael Quinn Kaiser: Developing Effective Risk Management Strategies

Michael Quinn Kaiser is a successful risk management consultant. Michael Quinn Kaiser spends his days helping his clients determine how to measure risk in their business. 

Once a company’s risks have been identified, it is important to develop a solid plan for dealing with each of those risks, so that they can be continually managed. Creating a risk management plan is one of the most important things a business can do in order to be prepared to deal with the adverse events.

Decide

The first order of business is to develop a solid risk management plan. Depending on your company’s needs, the plan format can vary, but here are a few essential items that should be included in your risk management plan.

·         A complete list of all individual risks.

·         A rating of the individual risks based on their likelihood and impact.

·         A complete assessment of current controls.

·         A plan of action to deal with those risks.

Decide How to Handle the Risks

After you have identified the risks, prioritized them based on the impact to your business and how likely they are to occur, and assessed how effective your current controls are for handling the risks, you need to make a decision on whether you will avoid the risk, reduce the risk, transfer the risk, or accept the risk. 

Each of these strategies has their own advantages and disadvantage to consider.

·         Avoiding the risk completely is an effective way of dealing with it. By halting the activity that is causing the potential problem, you can eliminate the chance of incurring losses in your business. However, doing this will require you to lose out on any potential benefits the risk may contain.

·         Reducing the risk by taking steps to make any negative outcomes less likely to occur, or to find a way to minimize its impact when it does occur. This is the most common strategy and is great for a wide variety of risks.

·         You can transfer many of your businesses risk to an insurance company by insuring your vehicles and properties and obtaining different kinds of liability insurance to protect yourself from lawsuits. For risks that have a large potential impact, this is the best option.

·         In the case of minor risks, it is best to accept them. For those risks that received a low score for likeliness and impact, try to find a simple, low-cost solution for dealing with it.

Recommended to read: Michael Quinn Kaiser Works at 2MQ Risk Management Consulting

Putting a plan in place isn’t enough to mitigate your risks, you have to continually monitor your business in order to identify and deal with new risks. Michael Quinn Kaiser helps companies identify risks and develop plans to keep their business running as a risk management consultant in California.  

Michael Quinn Kaiser: Taking Claims Management to the Next Level

Michael Quinn Kaiser is a risk management consultant who specializes in risk and insurance management needs for a variety of corporate clients. Michael Quinn Kaiser found success in, among other things, identifying inefficiencies in claims management processes. Claims management is one of the important aspects of the operation of an insurance company. In a high competitive and dynamic environment, this aspect can be the differentiator that puts a company ahead of its peers.

Many insurance firms have different claim operations, units and professionals that focus on the different products they offer to clients. This model results in claim departments that have unique system configurations, processes and infrastructure for each line of business. In highly complex settings, inefficient process steps can be repeated, often with cost implications. As a result, insurers struggle to control this department and implement consistent claims management processes.

Implementing efficient claims management across the firm is important. While the use of technology is necessary, people and process components also have to be part of the improvement initiative. Business process management (BPM) is one way insurers can assess the claims process end-to-end, and find areas for adjustment and resource optimization. BPM technology provides companies with a core best practice platform that can be applied across lines of business, ensuring an optimal process can be implemented by any adjuster in any part of the organization.

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This model can also be readily customized and applied to market segments the company serves:

The role of automation

Best practices look good when they’re drawn on whiteboards but often fall short when firms lack the capacity to implement them. Additionally, each claim settlement process requires a custom approach that takes the precise nature of the claim into consideration.

Having a strong claim management system can help insurers to start automating the process. Such a system can automate processes that are paper-intensive and inefficient file systems, replacing them with intuitive and robust business tools that execute based on claim information.

Appreciate the customer experience

Insurers are highly dependent on the performance of claims management to maintain high customer satisfaction, manage risk exposure, and deliver reliable results. These aren’t easy tasks, especially considering how social networks can expose a firm to scrutiny. Claim management functions have a direct effect on the enterprise’s performance; they must balance efficiencies against customer satisfaction and still deliver.

Michael Quinn Kaiser is a Consulting Director of Risk Management at 24 Hour Fitness Inc.

Michael Quinn Kaiser Establishes Entrepreneurial Firm

Michael Quinn Kaiser has also established 2MQ Risk Management Consulting, which serves the risk management needs of corporate and multi-national clients.  This successful entrepreneurial venue for Quinn’s skills could have arisen from Quinn’s studies at JFK School of Law.

Michael Quinn Kaiser found the JFK Law Clinical Opportunities

 Michael Quinn Kaiser found the JFK Law Clinical Opportunities program assisted the Housing Advocacy Clinic and Legal Clinic for Elders.