The connection between risk management and business assessment

For this blog, Michael Saltzstein explores the connection between risk management and business assessment. There have been numerous tried-and-tested strategies for risk management. However, for them to be effective, the company needs first to be examined.

Coming up with the most effective risk management solutions can be incredibly time-consuming, but worth it, according to Michael Saltzstein. These strategies involve the evaluation of a company’s strengths, weak points, and potential threats. It can be said that business assessment is also part of an effective risk management strategy.

On a broader canvass, business owners can see three options in dealing with risk – identification, mitigation, or avoidance. These strategies involve heavy evaluation as well as preparation to be effective.

Michael Saltzstein cites the hiring of the services of insurance agencies as a prime example of a sound risk management strategy. Through this, owners can work hand-in-hand with insurance agents to look for the best way to protect their business. They may even come up with strategies that are best for the near and distant future.

What do think? Do you have any ideas on the components of a sound risk management strategy? What are the factors that have to be looked at when assessing a business for threats and risks? Feel free to share your thoughts with Michael Saltzstein in the comments section below.

Michael Saltzstein is a visionary leader of global risk services, financial structures, multi-line claims, and strategic planning and enterprise initiatives. He specializes in risk management and corporate insurance. For more information on Mr. Saltzstein, visit this site.