1.
Worldwide has instructed you to establish an
Enterprise Risk Management Program (ERM) program to assess all risks facing
your organization. Identify the main speculative and pure risk exposures the
company faces.
2.
What exposures would you retain or self-insure
and why? Provide a list of the insurance
policies you would purchase and briefly explain why you would purchase said
coverages.
3.
From what external and internal sources will you
obtain the insurance policy renewal information to present to your broker and
in turn, to insurers? How will you differentiate your company’s risks and risk
management approach from other insurance buyers’ (remember how the risk
managers said they “sell” their risks to the insurance market)?
4.
Would you use an insurance broker and if so, why?
How many brokers would you use (keep in mind risk managers typically only use
one broker for each insurance policy placement although at times they may
assign different brokers to specified insurers to obtain quotes) and if so,
why? How often will you conduct a “broker
competition” (“RFP”)? How will you compensate your brokers? What
services will you expect from your broker(s)?
5.
Would you have a captive insurance company? Why
or why not? If so, what would you use it for?
6.
What “best practices” did you learn about claims
handling?
7.
Describe underwriting, identify best practices,
and differentiate between commercial market and mutual insurers? Why would you
use a mutual insurer?
8.
What ethical challenges do you
think you will face as a risk manager? What ethical challenges do brokers and
insurers (underwriters and claims) face?
9. Reputation risk has become a major factor
for energy companies. How are the various companies you heard from managing ESG
risks and how do you think they are doing?
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