What are the risks of not having a risk management system in place? One example is that you may overlook your most significant risks and fail to take appropriate measures to control them. Another consequence is that you may make ill-informed decisions because you don’t know what can happen if something goes wrong. John Ritenour, the co-Founder of IOA, explains how an integrated risk management system identifies risks before they become problems and helps organizations better manage their resources through proactive decision making.
Definition of Risk Management
Risk management is a process, not an event. It is an ongoing cycle of identifying new risks as they emerge, assessing their potential for damage to your organization, prioritizing them according to their relative impact on your operations and overall objectives, deciding how to react to the risk, implementing solutions designed to reduce or eliminate those risks, and monitoring the resulting situation to ensure that the risk doesn’t actually materialize. John Ritenour has developed an innovative solution referred to as the RiskScore that helps business owners to assess risks.
How the RiskScore Works
RiskScore works by subjecting applicants to a quick 10-minutes survey that looks at four different disciplines, pre-hire, post-hire, pre-claim, and post-claim, as encapsulated in the PX4 process. The team at IOA, led by John Ritenour, guarantees that the RiskScore tool alone can come up with substantial results for customers.
Implementing Risk Management Solutions
John Ritenour combines an excellent organizational structure with a good process to achieve success. His priority was the development of a team that could implement a solution for small and medium-sized businesses. This solution entails dedicated risk advocacy and claim solutions. He also wants his staff to be able to understand the culture, mindset, and business practices of small business owners so as to best serve their needs.
Ways of Minimizing Business Risks
Risks are inherent in the business world. That being said, risks can be averted by limiting loans, their value, and their length. Other risk management measures entail coming up with a spending plan and hiring a risk management team (such as John Ritenour’s Insurance Office of America).