Risk Management Review

Oxford Risk Management Group – World Class Risk Management Services

Risk management is at the heart of every captive insurance implementation; yet for many clients, their senior management team may be unaware of the total cost of risk (TCOR).  The operating company should view management of risk as a process significantly more involved than merely purchasing traditional insurance policies.

The risk management process generally begins with the identification and quantification of all exposures, perils and hazards existing in the organization.  The captive insurance company may insure against insurance risks for which commercial insurance cannot be obtained, and thus the captive can be an integral part of the organization’s risk management process.

Ultimately, the decision to transfer or retain risk is a financial decision.  The risk manager must be knowledgeable about all aspects of the organization’s operations, as well as the business and regulatory environment in which they work.  The risk manager and insurance broker play an important role in the identification of perils and causes of loss in the organization. If a captive insurance company is selected during the risk management process, as the preferred way of financing the risk, much of the information gathered in the risk identification process will be utilized in the preparation of the captive’s feasibility study and business plan.

Oxford Risk Management Group provides risk management services to all clients as part of our turn-key pricing platform.  Complex client fact patterns may call for specialized risk management services.  Should this be the case, Oxford’s Best-In-Class advisor network brings World-Class risk management services to our clients on an optional basis.  Our independent risk management partners rank among the preeminent risk management firms in the country, and offer their services to clients of Oxford Risk Management Group under our World-Class pricing platform at an extremely compelling and discounted cost. They do not replace the role of the property and casualty broker or the commercial carriers; rather, they are a highly skilled, independent firm to work with senior management executives to evaluate the risk management operation and effect positive change.

It is not unusual for Oxford clients to elect to shift their risk management responsibilities to our World-Class services partners, enjoying the benefits of their own in-house risk management department on an outsourced basis. Our lead risk management services firm is an independent risk management services group working with Fortune 500 companies and small to mid-market enterprises with complex risk profiles. The firm has over 100 risk management professionals on staff, and provides turn-key services for an entire risk management department or any part of it.

Oxford Risk Management Group captives are a proven complement to risk management.  They offer many benefits to our clients seeking to reduce costs, protect themselves financially, take control over how their businesses are insured, and experience a more predictable and consistent cash flow.