nav-submenu-arrow

Our Process

PowerDesign Process

Risk management is a continuous cycle. Your business is dynamic, and so is Power Group’s approach. Our PowerDesign risk management cycle consists of:

  • Establishing context through data analysis
  • Identifying all internal & external exposures
  • Establishing risk Goals & Objectives
  • Investigating alternative risk management techniques
  • Implementing changes based on analysis
  • Continually monitoring the risk management plan

Enterprise Risk Consulting should be a specialized and integral part of the financial management philosophy of an organization. A risk manager has the fiduciary responsibility of protecting all the assets of an organization. Accordingly, risk management methods need to be in line with the organizations overall objectives. In general, financial management should be concerned with its ability to predict and control bottom line results. Therefore, the goal or objective of risk management is the attempt to choose the most cost effective strategy for protecting the organization from events which give rise to pure risks. These issues are addressed through the selection of financing alternatives and risk management programs. Typically, the best solution is a combination of the four basic risk treatment alternatives:

Avoidance

  • Choosing not to enter into or continue an operation or business practice

Reduction

  • Implementing a plan that reduces or better controls risk

Retention

  • An informed business decision to retain an appropriate level of financial risk

Transfer

  • Shifting the responsibility/risk by means of a contract to a different entity or third party.

We recommend an organization create a written Risk Management Vision defining their guiding philosophy.

Testimonials

I just want to let you know that I could not be happier with the support and efforts of Matt Weaver and all Power Group people I deal with.

Power Group is extremely well organized and knowledgeable about FSI’s insurance coverages.

Colby and Sharon did an excellent job of getting our renewal date changed, which will make it much easier for FSI in the future when we need to renegotiate the rates.

Also, Tara has been priceless in the assistance with Anthem.  She is on the ball as far as communication regarding issues with COBRA and coverage for employees.

So, Thanks!!!!

Jim Boehm – Vice President, Foam Supplies, Inc.

MORE TESTIMONIALS »