Strategies & Insights
Risk Management Programs
C-Risk views risk management as a process that follows a systematic methodology. We work collaboratively with clients to identify and quantify risks to develop a client-specific risk profile.
A key factor in this process is assessing a client’s risk appetite. Is a client a risk-taker or are they risk-adverse? Does a client prefer to assume or retain the risk burden or transfer the risk contractually or through the use of insurance or other risk financing mechanism?
To be considered is whether a client prefers to execute their projects using direct risk-transfer, making it a contractual requirement for the other party to have contractor-provided insurance, or do they prefer to use owner-furnished insurance, project-specific insurance, or an owner controlled insurance program, aka, a wrap-up program.
Wrap-Up Insurance Programs
C-Risk is a recognized expert in the formation and implementation of owner-controlled insurance programs (OCIPs), aka Wrap-Ups. C-Risk also advises on contractor-controlled insurance programs (CCIPs), but specializes on OCIPs as an Owner’s Representative.
C-Risk provides strategic insight on the preparation of wrap-up program feasibility studies, design of wrap-up insurance program structures, and the development of implementation requirements for wrap-up administration processes, procedures, and systems.
C-Risk offers project owners independent, objective and unbiased advice on the use of an OCIP as a project risk financing approach. More importantly, C-Risk provides project owners with candid and pragmatic advice with no conflict of interest because C-Risk is not directly involved in the placement of the wrap-up insurance.
Risk Financing Programs
C-Risk provides practical advice on alternative risk financing options for augmenting a traditional insurance and risk management program. Some of these options include the use of large deductibles, as well as other self-insurance methods such as captive insurance, reinsurance, and parametric insurance instruments.
Several of these risk financing techniques are recommended for clients who are are more knowledgeble in economics, finance and statistics, and skilled in probabilistic risk analysis as a decision-making tool.
C-Risk can assist in identifying certain risks that are viable candidates for using alternative risk financing. We collaborate with insurance and financial professionals, and with insurance brokers for designing and structuring a variety of alternative risk financing programs.