How to Design and Implement a Professional Liability Risk ......RLI PROFESSIONAL SERVICES GROUP...
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RLI PROFESSIONAL SERVICES GROUP PROFESSIONAL LEARNING EVENT PSGLE 104 How to Design and Implement a Professional Liability Risk Management Program for Your Firm
Transcript of How to Design and Implement a Professional Liability Risk ......RLI PROFESSIONAL SERVICES GROUP...
RLI PROFESSIONAL SERVICES GROUP
PROFESSIONAL LEARNING EVENT
PSGLE 104
How to Design and Implement
a Professional Liability
Risk Management Program
for Your Firm
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speaker is prohibited.
© RLI Professional Services Group
COURSE DESCRIPTION
This session will enhance your knowledge of
the core value of managing risk
and begin teaching how to express to each
member of the firm that managing risk
begins at the top and filters down
to each and every person in the firm.
This session will cover the key components of
a sound risk management program,
the importance of each component
to the success of the firm and
how to educate employees about them.
LEARNING OBJECTIVES
• Commit to Effectively Manage Risk
• Identify Current Capabilities
• Design a Risk Management Program
• Implement Structure and Enforcement
• Apply Specific Policies and Procedures
• Integrate Risk Management into Your Culture
• Monitor and Adapt as Needed
RISK MANAGEMENT 101
Financial Emergencies
HR Emergencies
Sales and Marketing Emergencies
Project Management Emergencies
Productivity Emergencies
COMMIT TO EFFECTIVELY MANAGE RISK
Centralize responsibility under one leader
Use all available resources
Include everyone in the firm
Commitment begins at the top!
IDENTIFY CURRENT CAPABILITIES
Audit to Assess:
• Where you are now
• Strengths
• Weaknesses
• Where you want to be
• How you’re going to get there
DetermineLessons Learned
PerformSelf-Critical
Risk Analysis
IDENTIFY CURRENT CAPABILITIES
Professional liability risks
Risk response approach
Risk response capabilities
Individual roles
Goals
TOOLS TO HELP IDENTIFY CURRENT CAPABILITIES
Self-Critical Risk Analysis
Risk Management
Capability Assessment
DESIGN A RISK MANAGEMENT PROGRAM
Identify / understand professional liability risk
Strengthen weaknesses
Enhance strengths
Improve ability to respond to risk
Vary approach
Assign individual responsibilities and accountability
Centralize risk management leadership
Determine resources
Monitor plan and adjust to yield measurable results
Help the firm meet business plan goals
DESIGN A RISK MANAGEMENT PROGRAM
• Key risks
• Project
• Client
• Business
• Insurance
• Tools
• Risk assessments
• Checklists
• Audits and risk analyses
• Key risks
• Project
• Client
• Business
• Insurance
• Tools
• Risk assessments
• Checklists
• Audits and risk analyses
Identify / understand professional liability risk
DESIGN A RISK MANAGEMENT PROGRAM
• Strengthen weaknesses
• Enhance strengths
DESIGN A RISK MANAGEMENT PROGRAM
• Identify specific risks
• Understand response alternatives
• Access resources
• Internal
• External
• Centralize leadership
• Develop proactive and appropriate
responses
Improve ability
to respond to risk
DESIGN A RISK MANAGEMENT PROGRAM
DESIGN A RISK MANAGEMENT PROGRAM
Vary
approach
to risk
response
Act aggressively
and proactively
React where effective
Centralize
Conform to your
business plan
Address both project and enterprise
levels
DESIGN A RISK MANAGEMENT PROGRAM
Assign individual responsibilities and accountability
Assign individual responsibilities and accountability
Develop defined, specific
objectives
Develop defined, specific
objectives
Embrace accountability
for accomplishing
those objectives
Embrace accountability
for accomplishing
those objectives
Encourage and reward
participation
Encourage and reward
participation
DESIGN A RISK MANAGEMENT PROGRAM
Determine resources
Internal and external
AccessibilityFacilitates the use of resources
Centralized leadership
RESOURCES FOR DESIGNING YOUR PROGRAM
External resources
Broker/Agent InsurerRisk
management consultant
Attorney
RESOURCES FOR DESIGNING YOUR PROGRAM
Internal resources
Executive leadership
Risk management
leader
Risk management
committee
Other highly experienced
professional staff
DESIGN A RISK MANAGEMENT PROGRAM
Monitor the plan
Adjust to yield
measurable results
Meet the firm’s
business plan goals
IMPLEMENT STRUCTURE AND ENFORCEMENT
Top-down
approach
Centralized
risk
management
leader
Employee
involvement
Understanding
of the roles
Individual
employee
responsibilities
Evaluations of
performance
SUMMARY
Identify
Design
Implement
Apply
Integrate
Monitor
YOUR RISK MANAGEMENT PROGRAM
This concludes the Professional Services Group Learning Event
Laurel Tenuto, Client Risk Management Coordinator
Barbara Sable, Director, Professional Enterprise Risk Solutions
THANK YOU!
