Insurance/Risk Management Audit
What is it and why is it required?
An insurance/risk management audit provides specific risk management advice to help reduce and maintain lower insurance claims on real estate portfolio(s).
The audit includes a management system desktop review of the property risk management policies, procedures and processes, including all practical management systems that are in place for managed properties and the overall risk management strategy.
The audit also includes an Asset Risk Management Audit – reviewing compliance and best practice against current safety, environmental and asset protection standards and loss control measures at site-specific level, for a specified number of properties managed by the property management company.
What are the benefits?
Insurance/risk management audits provide risk management advice to help reduce and maintain lower insurance claims on real estate portfolio(s) and ensure asset protection. In addition, clients also benefit from an independent assessment of risk management systems in order to establish and monitor management structures and procedures to ensure compliance with current legislation, including corporate manslaughter.
An insurance/risk management audit also aims to reduce the risk of accident and liability for claims to the lowest means possible, thereby also improving corporate social responsibility (CSR) image and protection of reputation. Such an audit can also improve tenant retention by offering practical help, advice and by raising the awareness of risk management issues.
How can the S2 Partnership help?
Our dedicated insurance risk auditors have vast experience and knowledge of providing risk management solutions across a wide range of industries throughout the UK and Europe. The S2 Partnership provides insurance/risk management audits tailored to our clients’ specific requirements, detailing site-specific risk improvements to identify areas of non-compliance or potential liability claims.
The S2 Partnership Insurance / Risk Management Audit will:
- define risk management objectives and targets with the aim of continuous improvement;
- establish controls for business activities that could have a detrimental impact on the business;
- establish emergency responses to fire, flooding, chemical spillages and any other emergency which could impact on the portfolio;
- establish levels of competency including statutory provisions;
- generate annual auditing and performance reviews to establish ongoing objectives and targets; and
- provide best practice advice to help clients develop a positive risk management culture.
In addition, our trained and experienced insurance/risk management consultants can also provide ongoing support to assist in the implementation and achievement of objectives throughout the UK and Europe.
Please contact us for more information.