Free Risk Management
It becomes necessary for an organization to regularly
conduct comprehensive, focused assessment of potential
risks to the organization. This assessment should be done
at least twice a year by a team representing all the major
functions of the organization. Careful planning,
documenting and methods are carried out in the conduct
of the assessment.
Some organizations who may not have the time to make
such assessment do hire a check management company
to assess the potential risks of the organization. These
check management company aims is not to eliminate
every little danger but to optimize risk taking which in
return would yield a maximum reward. Focusing on the
petty risk has the tendency of running away with one’s focus
on the bigger risk which is considered material. Your
organization should also consider that unlikely events do
occur but if the risk is unlikely to occur, it would be wise
to just retain the risk and deal the outcome if the loss does
Engaging in a check management company will allow
organization to do away with lawsuits, and such other
problems that might involve personnel policies
i.e. wrongful termination, harassment and discrimination,
disagreements about promotions or salary actions, etc.
These companies provide a risk free towards any loss or
damage to the organization as these are losses/expenses
shouldered by check management companies.
Free risk management is beneficial to an organization
that other than achieving its objectives of attaining profit,
also, does take efforts to ensure that there is sound
risk management in place.