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Loss Management

IRM Special Interest Group

 

Interested in joining this group? If so please email David Canham on canhamd@norwich-union.co.uk

 


Overall Loss Management SIG Objectives :

  • Developing an appreciation of the way loss events and near misses can not just inform the Risk Management process but be a key enabler in more informed risk taking
  • Understanding the competitive advantages good loss management can give organisations
  • Sharing, understanding and developing best practice in the recording, assessment and quantification of loss events and near misses
  • Developing an understanding of the best way to analyse loss data
  • Examining the concept of reputational loss and what it really means for organisations of all sizes and industries. Posing the question what is reputation really worth?
  • Understanding the link between loss management and Business Continuity Planning.

 

Why a special interest group on loss management ?

Minimising loss whilst maximising benefit and opportunity is the goal of the risk manager. There is sometimes the temptation to focus on the 'higher' concepts of risk management such as governance, horizon scanning and strategic risk identification but to forget the basics - where is value being lost ? The purpose of this SIG is to improve knowledge and understanding of the basics whilst encouraging new and innovative solutions to the same old problems. It will explore the management of loss in its widest sense to include financial loss, people loss, property and asset loss, information/ data loss, loss of reputation etc etc. This is the day to day, bread and butter stuff of risk management but all the more important to ensure good standards of knowledge, competence and ability to recognise and cease the quick win.

Specific tasks / initiatives / deliverables

Develop a syllabus and study guide for the risk management diploma specialist subject 'Loss Management'.

Organise workshops and seminars aimed at providing information and opportunities to discuss and debate subjects relevant to all major areas of potential loss. Suggested areas to explore include:

.   Rehabilitation intervention on personal injury losses,

.   Stress management.

.   Accident / incident investigation.

.   Accident management (motor risks)

.   Best practice in claims management

.   Crisis management, media management.

.   Mitigating fixed asset loss.

.   Evaluating the cost of risk and benchmarking.

Previous meetings:  

Business Continuity in the face of the terrorist threat

Speakers:

Steve Atkins, Chief Executive Pool Re
Steve has been Chief Executive of pool Re since 2000. He spoke about Pool Re and the way its structure addresses issues such as competition, customer choice and insurability of terrorism risk. He also considered some of the comparative features of Government backed schemes in other territories

Julia Graham, DLA
Julia heads up the risk management department of international law firm DLA and was formerly group operational risk manager at RSA. She spoke on the issue of business continuity and recount some of her experiences of recovering a business following the IRA bomb attack on Manchester city centre in 1996.

Andy King, President, CILA
Andy is the current President of the Chartered Institute of Loss Adjusters. He spoke about the many facets and challenges associated with the handling of terrorism claims and particularly business interruption, a subject in which he is an acknowledged expert.